Thread by @arbedout

Still digesting the #FinCENFiles dump, but going over it so far has helped crystallize something for me:

I don't think the dollar is going to be replaced anytime soon, but I don't have the same kind of confidence in the dollar *system*.

I don't quite grok how dollars can continue to exist without the dollar system.

But I also don't get why Tether trades pari passu to the dollar (even after Bitfinex admitted it was less than 100% reserve backed!)

I don't get why mafiosos continued to trade in Italian Lira well after it was demonetized. bloomberg.com/news/articles/…

And I really, really don't get why we still use Genghis Khan's unit of account.

Old threads on future paths for international monetary system:

Also the petrodollar theory of currency recycling and China's attempts to internationalize their currency:



Closing out with some Eichengreen:

Adding this on b/c I feel it's related:

Turning this into a Bitcoin thread in the last tweet:

Coordinating a migration to a new international monetary regime is almost impossibly difficult

Convincing kids growing up today that the $ symbol stands for satoshis is comparatively way easier