[michaniskin]

Also consider that the price of crypto is determined by people's expectations of future price; since it pays no dividends the only way to make a return is to sell it or rent it out. What effect do you think this "perpetually moving and atomizing target" would have on investors? How would a rational investor price this completely unpredictable asset? Clearly there would be a discount for risk, like a shitcoin.

[mikeblackson]

That is irrelevant because the main point is, the attack will be unsuccessful. People will pay a premium for a coin/payment network that defeated the Fed and proved its censorship resistance.

How long can the fed fight a few hundred million (soon to be few billion) people?

In the war of attrition, this small group of people with incentives that are not aligned with the majority of the humans on this planet will lose, it's just a matter of time.

I expect Bitcoin will destroy/neuter most central banks in your lifetime.

[michaniskin]

> That is irrelevant because the main point is, the attack will be unsuccessful.

Is your claim here that the Fed cannot afford to buy the 51% attack? Keep in mind that they printed about 6 trillion dollars last year.

If the Fed can buy a 51% attack then they will be successful. They will demonstrate beyond a doubt that an entity with the power to print fiat can always take down a decentralized, permissionless network by exploiting those very features.

[michaniskin]

> How long can the fed fight a few hundred million (soon to be few billion) people?

The same way sovereigns have since the dawn of time--divide and conquer. In the 20th century they discovered the secret, international socialism.

Give millions of people stimmys and enhanced unemployment checks. Destroy the savings of responsible, productive people so they can't afford to take risks without the promise of government bailouts. Make the people dependent on the state in every way.

Deficit spending and the money printer is the only way to fund all of these social programs the people are addicted to. Do you really believe that these millions of people hate the central banks who fund the welfare state?

They are winning. Their power increases every day, and it never decreases. They are ruthless, and I think it's reasonable to expect that they will not think twice about nuking bitcoin from orbit with a 51% attack, and print as many billions as they need to succeed.

[mikeblackson]

They are not winning. The fiat standard is imploding as we speak, have you not recognized that yet? Any attack on a popular network exposes a larger audience to the fraud that central banks engage in. Hence, central banks don't survive in the sunlight.

[michaniskin]

How are they not winning? They have repeatedly exceeded even the most paranoid fears of people who value sound money. They are increasing the scope and magnitude of their interventions every day. They are continually eroding any checks or balances that were in effect historically. Sovereign debt is at levels that have never been experienced in the history of mankind, and they continue to bask in the glow of favorable public opinion. The average person is thankful that the Fed is here to save the economy from disaster. In America we have a treasury secretary who is literally a Fed chairman.

The fiat standard may be imploding, but the central banks are definitely winning. The Weimar hyperinflation, for example, did not destroy the Reichsbank; it empowered it. When the currency collapsed they did not replace it with sound money, they replaced it with new fiat of a different color with less zeroes on it. It's the same with all the other hyperinflations we've seen in the past century. The mantra of "this time is different" makes a pretty bold claim and requires some evidence to back it up.