[Crazy Theory] USA *government* debt is $22 Trillion. Japan ($13T), China ($5T), EU (€13T). One way out? Embrace Bitcoin and allow all fiat to devalue, hence making all debt easily repayable. Still collect taxes. Bondholders - shafted. Governments - debt jubilee.
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Bitcoin is deflationary and doesn't need a monetary substitute like gold backed notes issued by banks/govs, so adopting bitcoin means renouncing to credit expansion. Stablecoins are overrated. Volatility is only a problem if Sharpe ratio is <1 for your savings target period.
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How big would Bitcoin have to be in 2018$ terms to be usable as MoE? There are disicinventives to spend pre-hyperbitcoinization
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Deflation is not such a huge obstacle. People is spending bitcoin everyday, even when it was really inconvenient before LN, mostly for high value use cases like trading. I don't think size is very useful to calculate post-hyperbitcoinization target price.https://twitter.com/fnietom/status/986951378861002752 …
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You must realize many people are still not convinced of bitcoin hypermonetization. Otherwise everybody would move all their savings from fiat to bitcoin. There is a wide range of believers, willing to buy lambos as soon as their investment multiplies 10x the first time, the 2nd..
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What do you think are the biggest reasons people aren't 100% confident that hyperbitcoinization is a certainty?
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I'd say they are mostly political. People tend to think if most of them don't agree with a certain scenario, it won't happen. Democratic bias.
End of conversation
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