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So far around 90% powerless, considering the combined market cap of all the altledgers compared to the economic majority ledger (Bitcoin).Likewise bitcoin is 99.9% powerless against the fiat ledger.
Explain why, other than "technical considerations" (as in how the hell do you do it) perhaps, Bitcoin should not have been created as a spin-off of the fiat ledger. Economically speaking, Bitcoin essentially did exactly what altcoins are accused of doing: failing to respect the existing ledger and instead attempting to impose its own. This gets attacked
in both cases as pump-and-dump scams. The similarity should be quite apparent.
Vitalik makes an argument somewhere that you can get a sort of equilibrium if coins done as spin-offs only respect the ledgers of other coins that have themselves respected previous ledgers. By that standard no one should spin-off from Bitcoin.
... existing ledgers were clearly and irrevocably broken in 2008 when Congress suspended GAAP for the major money center banks so they could trade while insolvent without fear of criminal prosecution. Others would also say the ledgers were broken earlier when USA (Nixon shock) reneged on international gold convertibility commitments in 1971 or earlier still when Fed suspended convertibility of Federal Reserve "redeemable" debt notes for gold to private citizens in 1933.
What obligation does any new ledger really have to "respect" any existing ledger?