Comment: Yep that's what he's saying.

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Yep that's what he's saying.

I would add that while bitcoin is not a fiat currency (no fiat, no fiat currency) and did emerge without central authority, I do not believe it would have if not for pre-existing fiat currencies which it competes with. It is a free market reaction, or solution, to a fascist problem, which is fiat currency. It would not evolve in a free market.

I don't think anything would ever compete with gold or silver backed debit cards in a free market, possibly hayekian asset basket backed debit cards.