"The third block subsidy halving is behind us and it now takes the network about 90 seconds to create a single new bitcoin. This means that the entire world will have to fight for this new bitcoin for at least one and a half minute before there’s another one to fight for. No one knows what this really means. But it could mean the end of the world as we know it and the dawn of a new era. If the fear of missing out on Bitcoin starts to scare institutional investors and nation states, we will see a prisoner’s dilemma type of game play out before our eyes. An event so bizarre that it’s almost impossible to imagine what it will look like. Imagine the price of a bitcoin doubling every week. 10k USD, 20k, 40k, 80k, 160k, 320k, 640k, 1 mil, 2 mils, 4, 8, 16 mils and so on. At first, you’ll be very happy that your bitcoins now equal a sum of money large enough to pay off your entire mortgage. But what happens when they’re able to buy you a small city? When they can buy you not only friends but armies? When you realize that you’re richer than, say, Tibet?"
Saturday, May 23, 2020
You Are Not Prepared (for potential Hyperbitcoinization)
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