Peter Schiff talking about this on Joe Rogan
Go to 2hrs 13mins 20secs for the start of that part of the conversation
https://www.youtube.com/watch?v=by1OgqQQANg
In his attempt to explain why it won't work I think he convinced me that it will.
Standard money is just a medium of exchange with no intrinsic value since the gold standard was abandoned and whose notional value is bound to collapse when the fractional reserve banking dodge, built on debt-based funny money collapses as it inevitably must.
If contracting entities in sufficient numbers agree to use bitcoin as a medium of exchange, the only difference in comparison to money is in the fact that bitcoin's notional value is not artificially inflated as debt-based money's is.
The fact most if not all currency are now just concepts with public buyin mean that it doesnt have to be based on anything to succeed.
With public confidence and buyin they could take off but would they suceed? If left to the free market IO fancy they could be headed for a crash.
Sovereign currencies are backed up by central banks and governments and that's a key difference as far as long term success goes. Personally I think it will take off, head towards a crash and subsequently regulation that will likely kill them being used widespread, but if you get in and out before the crash it could be a good investment.
I know SFA about them tho TBH
