Topic: Hyperbitcoinization is coming! (Read 994 times)

It is a not very adequate concept which is frequently bad used on crypto. And it must be changed to something more natural as "global use" for example  as well as other currency instruments. No more no less. 

I wonder if the idea has full fruition properties but I'm sure it's something to think about and invest in.

Most of the regulations are already done. I mean it's already pretty shit, how'd they make it even shittier?

Well regardless, something is happening with bitcoin. Either it's bitcoinization or antibitcoinization. I'm going to pick the former.

Hiperbitcoinization is pure speculation at this point, we have not indicators that it will really happen. There is no way that governments will allow free rule of bitcoin, they will probably find a way to regulate it in a way that will scare most new users from testing and using bitcoin on daily basis. As much as I want it to happen it is overly positive expectation in my opinion.

There are plenty of altcoins that are already objectively better than bitcoin. But this hasn't been enough to compensate for the huge network effect bitcoin has. Bitcoin doesn't need to be the best to continue to dominate all altcoins, just 'good enough'.

I think that bitcoin can be never the only currency in the world. I think that it, will be never able to substitute not only all but even only one of the national currencies of the world.

First of all it is not enough bitcoin already and will be not even more in the future when the needed for currency will be always higher and higher. Every economy is supposed that will grow (less or more or continuously or not have not mush importance; the resultant will be always the grow) and this need always new money.

Maybe the economists can find new ways to overpass this gap (maybe using the credit cards or other ways) but bitcoin has yet another big defect: it is only an internet money. Don't have a physical form. Even this can be surpassed inventing maybe the credit/debit card with bitcoin (which yet have a problem the currency will be yet bitcoin and not the credit card; as so will born again the need for necessary increasing supply of bitcoin which must argues all the expenses made with this cards, thing this impossible to be fulfilled).

And the end no one country can accept to have as a national currency a currency not own by itself. Cannot be managed the economy of one country if the currency of that country is not owned and managed totally by the Authorities of that country. Never cannot be accepted such thing and cannot be over passed in no one way. Only if could be created only one nation which can have within all the world countries. Only in this way bitcoin can be national currency of this country world. Thing this totally impossible.

I see only one future for bitcoin. World currency but beside all the other existing or new ones. Its status: King of all the other currencies.

Every day btc remains above ground makes that less likely. It certainly has some major issues to address which may well scupper it but if it can get past that then it'll make the grade.

Better doesn't count for anything if it hasn't earned any trust.

This is something that's surprisingly quite likely. Maybe Greece will change their currency and piggyback to pay off their debts :3

Maybe the small countries will stay using bitcoin, and just like the butterfly effect, other countries hop on. We're already seeing this happen, but on a smaller scale.

But this won't be soon. Probably in a few decades.

But equally likely, is another cryptocurrency or online currency that is better than bitcoin that comes up.

Probably some South American country like Argentina or Venezuela or some African country.       

Or if one of the euro countries steps out of the euro zone.       

Probably will take a few years though. Maybe decades.

Great article, like the above post says, when do you think we will see the first "hyperbitcoinization" ?  looking forward to that event

Thats some idea, How long until you think this can actually happen though. i dont think we are at that point quite yet.

Hyperbitcoinization

Bitcoin-Induced Demonetization

This article is about Bitcoin-induced currency demonetization, or hyperbitcoinization, which is what will happen to any hapless currency that stands in Bitcoin’s path of total world domination. The currency will rapidly lose value as Bitcoin supplants it. What will such an event be like and how can it be understood economically?

http://nakamotoinstitute.org/mempool/hyperbitcoinization/