Didn't those crypto.com guys buy a 10-year contract?
I really think this is wishful thinking by the author.
I'm not a crypto fan, but it's undeniable that serious investments are now involved, and really, why is crypto much different than gold, or sovereign currencies?
They're all only worth what everyone agrees they're worth, ultimately.
Gold has some intrinsic value but is more similar to Bitcoin.
> many of us choose crypto for this reason, it isnt backed by military force. it is backed by the work and collaboration and agreement of people all over the world.
You're missing the point. It's not about aesthetics.
i dont think that for aesthetic reasons. It IS more robust, there is a better chance of survival.
(And FWIW cryptocurrencies now have some debt repayable in them which helps stabilise their price somewhat, but the markets are relatively thin and short term, and the companies taking on crypto repayment obligations are generally trying to obtain the crypto by swapping for other volatile tokens in a zero-sum bet rather than borrowing to produce real world goods and services to trade or securing their debts against valuable real estate)
The military is useful to ensure property in general is still a thing (including ensuring people aren't rounded up and tortured by enemy soldiers hunting their crypto keys) but doesn't play much role in ensuring that people sell their labour to meet mortgage repayments.
Debt repayment is enforced by exactly the same rule of law and exactly the same law enforcement as the property ownership of anyone else, including cryptofantasists.
Tax collection is backed by force.
Try not paying your taxes and see what happens
the world continues to do things.
The unit of account has nothing to do with actual production.