XFool wrote:So, are you saying you feel Crypto is what Hayek meant by "
good money"?
Nowadays there's a big difference between money and currency. Deposit money into a bank or brokerage and it becomes the banks/brokerages - a loan. Distinctly different to when currency was money (gold/silver/copper).
Money nowadays might be stocks, gold, bitcoin, etc. things backed by tangible assets (well yes bitcoin is outside of that but you get the drift) that at any time can be converted into currency (Pounds) for transactional purposes. Currency (Pounds) isn't something you want to hold for anything other than shorter time periods for ease of making transactions. The state is also increasingly implementing controls over that currency and when others (state) knows where and how much you have its no longer yours its just a loan that in a digital form could be called in/confiscated at any time by the state via a single button press.
The next gen are increasingly moving away from traditional older style choices towards the likes of 5% bitcoin, 10% 3x stock, 50% gold, 35% cash or suchlike
https://www.portfoliovisualizer.com/bac ... BGrZ1WIRUe rather than the old-school traditional stock/bond blend choices.
Parliament might try and legislate against the demise of the Pound/currency, however demand might overrun that. If for instance a global entity such as Google came out with a 'googlecoin' or whatever that was commonly accepted/used globally for transactions then the Pound might be relegated to a currency that was only used for paying tax bills or receiving state benefits before otherwise being quickly converted from/to googlecoins. Where then would that leave the central bank - pretty much down and out.
Nowadays I rarely hold any Pounds/currency, mostly spend using credit cards (a form of zero cost borrowing of digital Pounds), sell some stocks or gold or whatever each month to cover converting that to Pounds to pay off the credit card bill. With the likes of a PaxOS/PAXG account (regulated in New York) you can do internal transfers between PaxOS accounts directly/instantly, don't even have to bother to convert to Pounds/Dollars/whatever and transfer via 'conventional' banking pathways. If Asda/Tesco/whoever started accepting that form of paying for groceries I suspect a initial trickle using that means of payment could turn into a torrent. The state can only do so much to impede its loss of control but that's up against demand, a single large global entity that had common/widespread adoption of a alternative could impose the state having to accept that, somewhat similar to how the fight against illicit drugs is pretty much a lost cause, illegal but so widely/commonly available/traded that in some cases its becomes legalised, a lost war.
