The "bitcoin is money" debate

 I recurs on the twitter streams.

Bitcoin is a provable public ledger in which any user, who pays the congestion fee, can register their fiat account, essentially, register how much invested at the time of the exchange onto bitcoin.

So in buying a bitcoin in some currency, the Btc seller acquires the fiat because she has fiat needed under  contract. The Btc buyer does not have pending fiat transactions . It s a liquidity exchange in the current fiat, and it is congestion priced in units of bitcoin. That congestion price is the universal congestion price for all fiats that find liquidity exchanges via Btc  efficient. 

Anyway, a central bank distortion is a split in the price distribution, some prices going up, some going down.  Hence the Btc exchange between those who buy goods now and those who wait, after the distortion in known.  

Central bank distortions cannot be hedged by neutral S/Ls in the same currency.   The distortion is across risk adjusted groups, and the effect is to see business drain from one S/L onto another.   Swift banks in the past cannot keep up with central bank shocks across sectors.  

But Swift banks could easily compete with Btc using the standard automated sandbox S/L with trivial costs. This is just another automated ledger with interest charges rather than miner fees; both congestion priced, both equivalent closed, stable, both profitable. But these automated S/Ls cannot be impaired with central bank taxes and regulations.  Then users can switch accounts at will, within the Swift ledger system.