Dear Creigh,

Thank you for your kind words and thank you for taking the time to post a response. I note your as well as Mr. Evans’s reservations. You are no doubt accurate in pointing out that no entity promises to accept Bitcoin in return for some specific benefit, but what I was alluding to was smart contracts, where transfer of title or execution of digital escrow-type contracts would be self-executing — something which the Ethereum protocol is able to achieve and which its developers are working on to improve (yes there are plenty of issues for now) and I perhaps could have been clearer in pointing that out.

The dollar on the other hand is a promise by the U.S. government (as you rightly point out) but one that is not immutable. While I am not suggesting for one minute that the U.S. government will renege on its promises, other governments have done so time and time again. The United States has also demonstrated during the period of the Trump administration that it is very much willing to roll back promises made. From NAFTA, to the Paris Agreement, NATO and Iran, if nothing else, the United States has shown itself to be an inconsistent bedfellow and it is against this backdrop that the world’s continued reliance on dollar dominance may be misplaced.

Thank you for taking the time to share and express your views as I appreciate and invite debate, to contribute to the quality of discussion.

Yours,

Patrick Tan