Dear Joseph,

Merry Christmas and Happy Holidays! Thank you for taking the time to read my work and to post a response. You are right in suggesting that Bitcoin is opaque, I would argue of course that at least insofar as Bitcoin is concerned, that opacity is shared. Whereas when it comes to the dollar, that opacity is specific to various interest groups. That is not to say that Bitcoin is not itself also subject to the potential for similar manipulation, but if we do not consider the thought experiment of the possibility of righting global inequity with a new system, we cannot advance as a human race.

As you rightly point out, Bitcoin is far from ready to take up the gauntlet to assume the role as the world’s global currency, but I would argue that denominating oil in dollars is a compromise, one that if unfairly favors specific powers and interests.

Yours,

Patrick