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> The difference is, if a cryptocurrency is mismanaged, people can sell their holdings and buy a better-managed currency, decreasing the value for those who have the most to lose

You can so the same with fiat, which is why people in badly managed countries tend to use USD instead of their worthless currency.

The fact that Americans are not flocking to Euros, British Pounds or what not shows you that only a minority think that dollars are worthless paper. And yes, you need to buy bread and pay taxes, I'm talking about savings which americans keep in dollars.