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7 sats \ 0 replies \ @2bithits 5 Oct 2023
trillion shmillion
Its all about quadrillions now
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0 sats \ 4 replies \ @mallardshead 5 Oct 2023
doesn't matter until demand for US debt goes away, forex volume thins, and something replaces it
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0 sats \ 3 replies \ @Chep OP 6 Oct 2023
I think the dollar will be the last fiat currency to fail, but fail it will. The question is do we have 10 years, 20, 50, 100, I don't know but exponential debt growth seems to indicate it might be quicker than many expect.
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7 sats \ 2 replies \ @mallardshead 6 Oct 2023
All fiat currencies eventually return to their intrinsic value: zero. Exponential debt growth is graded in relative terms, against every other currency, economy, and bond market. There's nothing to replace the US bond market and currency. Bitcoin is still in praxis and quite young, and has a nearly exclusive USD quote price. My opinion is that when the majority of the world's energy consumption is from free/cheap and renewable sources, and the world operates on an interconnected energy grid via uHVDC power lines, bitcoin will start losing its quote price rapidly.
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0 sats \ 1 reply \ @Chep OP 6 Oct 2023
Interesting perspective. When you say bitcoin will start losing its quote price do you mean that people will just use btc as the new unit of account instead of dollars? If so I do agree. I just attended an excellent meetup in NYC discussing how bitcoin is the solution to negative prices for energy during times of low demand (it still blows my mind there are actual times when energy producers must pay people to take energy off their hands). Bitcoin will completely eliminate this need since miners will be able to monetize all excess energy.
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121 sats \ 0 replies \ @mallardshead 6 Oct 2023
Yes exactly, I agree. I think energy storage (a solution for the renewable energy intermittence problem) occupies the same unique space that bitcoin miners do, and both of these will fuse together, transitioning between whichever is more profitable in any given hour, hell maybe even less, in any given block period. We should assume photonics (for microchips/silicon) will be standard within the next 20 years as well. That could mean there is no significant competitive advantage amongst mining silicon since the limit will always be the size of a light wavelength (photon).
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