ramontayag

It's actually useful in places that don't have great financial access. I'm guessing your estimate of "very few people" is from a place that has good access?

I think it is solving some man-in-the-street problems for people who aren't in countries with good financial systems.

I see. Thanks for clarifying!

Trust in it to do/be what?

Even if miners could change the rules and print more, do you think the users would continue to use it?

I understand - I'm not aware of an asset class like bitcoin and the other cryptocurrencies, so I have to go with opinion and extrapolation for a lot of the thinking. :)

It sounds like what you said is that the singularity may not happen because cryptocurrency deflation will make cryptocurrencies more attractive to hold compared to inflationary fiat. I'm fairly certain I understood it wrong.

Won't people move more of the money into deflationary currencies if they are accessible and exchange friction between the inflationary one and deflationary one is acceptable?

I appreciate the appreciation!

Yes, it may feel volatile, but how volatile is it compared to other currencies? For example, my country's currency fell 10% in the last three months.

Intrinsic value discussion aside (which is its own discussion worth having), I would certainly like to keep more of my money in gold vs my local currency if gold were easy to get and keep. Peter Schiff says goldmoney.com does this, but I'm not interested in owning a certificate.

You bring up a good point though. The closer I imagine ourselves being at the event horizon, the fuzzier the details become. For example, I don't know what "stable enough" is exactly. I guess the question is now, will it ever get close enough to go past the event horizon?

By "effects of deflation", are you referring to the claimed ill-effects of deflation, that will grind the economy to a halt? If so, mind helping me understand why I can't disregard that?

I appreciate your replies - not sure if I mentioned it earlier to you, but I posted it here in HN because there is no shortage of smart people willing to express their thoughts.

I didn't bring it up because I suspect that we'll eventually find a scaling solution, whether it be sidechains, tree chains, riding on Moore's law, multiple cryptocurrencies connected through an interleger.

It's a more long term view of the impact of cryptocurrencies concerning government issued currencies.

This is certainly interesting. Could the same principle be applied to gold which has been fairly stable?

I don't think gold is the right medium for the singularity because it is not easy to obtain and subdivide. It needs to be in the the vicinity of choosing the inflated coin on one hand, and the more valuable coin on the right.

Perhaps it's this trait that will keep Bitcoin volatile? Because it's easy to go in and out of it, volatility will remain high?

The interesting part for me is the more people speculate, the higher the price becomes, and the higher the price becomes, the more useful it is in the institutional level because the markets are deeper.

Thank you! I knew I was just lacking in Google-fu when searching for other articles that expressed this idea I had been forming in my mind.