It still amazes me that most people involved in bitcoin are not cognizant of the ramifications of a deflationary currency. In a deflationary currency the best decision when deciding to purchase anything is usually to decline to make the purchase. That is because whatever you intend to purchase will cost less next week than it does today, the exact opposite of an inflationary currency. The best strategy is almost always to be a hoarder.
It still amazes me that people over-sell the hoarding aspect of deflationary currencies. What you guys forget is that there's a difference between minimum spending and zero spending, and you consistently present an argument that doesn't take proper account of the difference between the two. ASIC miners are never going to be a neccesary big ticket purchase, but what about a car? Or the deposit for a home loan? Life insurance? Medical procedures? Emmigration fund? The hoard will take a backseat when it costs you a more important opportunity.
You assume everyone will hoard. This is purely an assumption.
Everyone has a price. Some people sold at $1, some at $10, some at $100. Some people will sell at $200, some at $500, some at $1000. Some will sell at $2000, $5000 and up. As the price rises, the probability and perception of "expotential gains" decreases. At some point it is perceived to be better to spend bitcoin to gain the things you desire now over hoarding it for potential % increases in the future.
It is a process.
However, your deflationary argument is valid. But bitcoin as a store of value has always had more potential than as a currency.
To assume it will become a "major" currency is far more of a reach than assuming it will become a "major" store of wealth.