<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"><span style="font-family: Calibri, sans-serif; color: rgb(31, 73, 125); font-size: 11pt;">spike:</span></div><div style="font-family: Calibri, sans-serif; font-size: 11pt; color: rgb(31, 73, 125); background-color: transparent; font-style: normal;"><span style="font-family: Calibri, sans-serif; color: rgb(31, 73, 125); font-size: 11pt;"><br></span></div><div style="font-family: Calibri, sans-serif; font-size: 14.44444465637207px; color: rgb(31, 73, 125); background-color: transparent; font-style: normal;"><span style="font-family: Calibri, sans-serif; color: rgb(31, 73, 125); font-size: 11pt;">> This is a powerful argument... </span><span style="font-size: 11pt;">Gordon you have convinced me: bitcoin is not on the verge of replacing
fiat currency.</span></div><div style="font-family: 'times new roman', 'new york', times, serif;"><div style="font-family: 'times new roman', 'new york', times, serif;"><div id="yiv908049028"><div class="yiv908049028WordSection1"><div><div class="yiv908049028MsoNormal" style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt; background-color: white; background-position: initial initial; background-repeat: initial initial;"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"> </span></div><div class="yiv908049028MsoNormal" style="background-color: white;"><span style="color: rgb(31, 73, 125); font-family: Calibri, sans-serif; font-size: 14.44444465637207px;">Well, the idea behind bitcoin is that it can or should replace fiat currency. I think what you really mean is that I have convinced you that a digital currency that replaces what we now call fiat currency will still be a sort of
fiat currency. I hope I'm wrong.</span></div><div class="yiv908049028MsoNormal" style="background-color: transparent; color: rgb(31, 73, 125); font-size: 14.44444465637207px; font-family: Calibri, sans-serif; font-style: normal;"><span style="background-color: transparent;"><br></span></div><div class="yiv908049028MsoNormal" style="background-color: transparent; color: rgb(31, 73, 125); font-size: 14.44444465637207px; font-family: Calibri, sans-serif; font-style: normal;"><span style="background-color: transparent;">If I'm not wrong then another question comes up: is a decentralized fiat currency created somewhat haphazardly by the people better than one created by a central bank? Offhand I would think not, but it's a possible argument. </span><br></div><div class="yiv908049028MsoNormal" style="background-color: transparent; color: rgb(31, 73, 125); font-size: 14.44444465637207px; font-family: Calibri, sans-serif; font-style:
normal;"><span style="color: rgb(31, 73, 125); font-family: Calibri, sans-serif; font-size: 14.44444465637207px;"><br></span></div><div class="yiv908049028MsoNormal" style="background-color: transparent; color: rgb(31, 73, 125); font-size: 14.44444465637207px; font-family: Calibri, sans-serif; font-style: normal;"><span style="color: rgb(31, 73, 125); font-family: Calibri, sans-serif; font-size: 14.44444465637207px;">Gordon</span></div></div></div></div><br> </div> </div> <style><!--
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