This post said nothing about fiat other than that people trust it.
Fiat is not the L2 in this system. It is the L1 state issued currency.
Bitcoin is analogous to fiat in the crypto world and the exchanges/custodial wallets the L2
Fiat is not the L2 in this system. It is the L1 state issued currency.
Bitcoin is analogous to fiat in the crypto world and the exchanges/custodial wallets the L2
The crypto exchanges do not have any such rules, reporting or auditing requirements and can self-report as L2 but in fact be some custom self-defined push the boundaries of acceptability Layer (a la FTX advertised as L2 but loaning the customer balances to its Alameda Research "hedge fund" partner).
"Both" is because guns beat bits. Or, to put it another way, if the USA had used Bitcoin instead of dollars in 1960, the Soviet Union would've been just as much a threat, and similarly the forced nationalisation in Cuba after the revolution would've happened no matter who recorded what on any blockchain.
"Neither" is because petroleum is just one of the major energy sources of the last century, vital for the industrial strength of the US economy and its capacity to actually make things worth buying (in addition to uselessly trinkets), but not the power source of the next century.