Bankless 140 - The Future is Fiat | Noah Smith (Noahpinion)
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Oct 17, 2022 
Noah Smith, an insightful writer and economist renowned for his independent analyses, dives into the complexities of geopolitics and cryptocurrency. He discusses the notion of an ongoing economic war and the shifting alliances globally. Challenging common misconceptions, Noah presents a compelling case for fiat currencies while examining the role of cryptocurrencies in conflict. The conversation also touches on the implications of U.S. and China relations, Taiwan tensions, and the influence of decentralized finance in the Web3 era.
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Oil Embargo and Pearl Harbor
- The US oil embargo on Japan contributed to their attack on Pearl Harbor, highlighting unintended consequences of economic warfare.
- Japan's initial plan to conquer Siberia for oil failed, leading them to target Indonesia and triggering conflict with the US.
Crypto's Role in Conflict
- Crypto's primary use case is facilitating capital flight during conflict, challenging nation-state control.
- Bitcoin, while valuable for this purpose, is unlikely to replace fiat currencies due to its volatility and fundamental misunderstandings of money.
Limits of Crypto and Network States
- Crypto won't replace nation-states because societies need more than just financial systems.
- Network states, while potentially weakening totalitarian control, often function as parasitic entities relying on existing infrastructure.
