So, let me get this straight. By holding fiat money I have the ownership of debt. And with ownership of debt, I have the following guarantee that, in for e.g. five years, the borrowers will return me the things (goods, services, labour) that I can live off of: a) bank capital b) loan contracts c) borrowers collaterals d) legal enforceability
By holding bitcoin, I have the ownership of a number(monopoly money), and faith that in five years, unknown people will voluntarily trade me things that I can live off of for monopoly money.
And you are trying to convince me that the second deal is better than the first? And all that because someone gave fancy name to monopoly money and because a crypto community and people like franky1 write poems about it?
1. holding fiat money promises you nothing. a bank note does not earn you interest. infact each year you lose value holding fiat.
also, if you deposit fiat into a bank. you are giving in your bank note in exchange to allow them to fractional reserve it to create new loans where they might pay you 0.01% of their profits if you leave it with them for a year
2. bitcoin in 2009 had like a penny of true cost of creation value. where people liked it because it had features that were different to bank notes. it had a purpose/function/benefit/utility. this incentivised more people to want it. and so the competition to create it(mining) increased the cost of creating it. which then translated to the market value of acquiring it to increase.