[logifail]

> a lot more decentralized than the US/Fed monetary system [..]

The distribution of USD cash across the world would appear be (almost uniquely?) decentralized... If the Fed were to decide that as of midnight tonight, negative interest rates apply on all USD cash balances, how exactly could that affect the suitcase full of USD you buried at the bottom of your garden? [Spoiler: it wouldn't...]

[ur-whale]

Physical cash is a tiny portion of the USD mass in circulation.

[logifail]

> Physical cash is a tiny portion of the USD mass in circulation

We appear to be using the term "in circulation" somewhat differently.

"Currency in circulation refers to the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses"[0]

"As of February 10, 2021, there is approximately US$2.10 trillion in circulation, $2.05 trillion of which is in the Federal Reserve Notes (the remaining $50 billion is in the form of U.S. notes and coins)"[1]

...of course you're correct to note that this ~$2 trillion is only a proportion of total money supply (assuming we can agree on which measure to use for 'money supply') but it's still a substantial sum. It's also decentralized.

How does ~$2 trillion of decentralized money compare with the total supply of one's favourite (allegedly decentralized) cryptocurrency?

[0] https://www.investopedia.com/terms/c/currency-in-circulation...

[1] https://en.wikipedia.org/wiki/United_States_dollar