Fiat in the event horizon of BTC....thats how you explain it.

[jubalix]

Ever wondered how to explain BTC's effects on FIAT [once BTC reaches critical mass / [it's] Schwarzschild radius ..., which may have already passed]

now you have it....

....Fiat in the event horizon of BTC....

Fiats not coming back

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[Sutters Mill]

What?

[cr1776]

How does this square with the grey hole that Hawking is now proposing as replacing the black hole?  ;-) 

[Meuh6879]

BTC's effects on FIAT [once BTC reaches critical mass]

Simple.
No credit card, no bank account.

It's startrek time.
http://en.memory-alpha.org/wiki/Money

[Johnny Bitcoinseed]

I think what he may be hinting at is that at some point in general adoption, Bitcoin may become so ubiquitous that fiat currencies such as the US dollar will no longer be used much at all, perhaps never.

[Sutters Mill]

I think what he may be hinting at is that at some point in general adoption, Bitcoin may become so ubiquitous that fiat currencies such as the US dollar will no longer be used much at all, perhaps never.

Right, I didn't glean that. What's 'the event horizon'? It confuses my English syntax. Lol.

[cr1776]

I think what he may be hinting at is that at some point in general adoption, Bitcoin may become so ubiquitous that fiat currencies such as the US dollar will no longer be used much at all, perhaps never.

Right, I didn't glean that. What's 'the event horizon'? It confuses my English syntax. Lol.

I think he was saying that once you hit the event horizon you hit the point where there is no going back.  So in a black hole the theory is/was that once you pass the event horizon no information can come out. Of course things have become more complicated since then with various other theories, including Hawking's in the last few weeks about grey holes vs black holes.

[Gabi]

I love that "In no one we trust" image, the position of the arms of the man exactly express what we think.

He means what will happens once bitcoin become mainstream, once pretty much everyone use it, once the virtuous circle, the snowball effect reach its maximum. Well it is simple, less and less people will use fiat, this will make fiat value to drop, thus even less people will use it, until it finally will reach it real value: that of a piece of paper with some numbers printed on it.

[empoweoqwj]

Ever wondered how to explain BTC's effects on FIAT [once BTC reaches critical mass / [it's] Schwarzschild radius ..., which may have already passed]

now you have it....

....Fiat in the event horizon of BTC....

Fiats not coming back

If you believe that, sure. Personally I think bitcoin will complement rather than place fiat currencies for a very long time. Other things have to "fall in place" for governments to accept their sovereign currencies disappearing.

[marcus_of_augustus]

... it is fast approaching, once passed there will be no going back. No one will want to be left holding devaluing currency, history is replete with many, many examples. This is what makes central bankers so nervous, they know history and they are trying with all their might to prop-up an unstable equilibrium. Wealth and value always naturally flow to the medium of most utility, best store of value (i.e. the best money). The forces they are fighting are immense and powerful, the tide of human nature will not be contained.



USD$100 trillion notes are the kind of crazy things you will witness inside the fiat black hole ...

[empoweoqwj]

You choose Zimbabwe as a good example, because its a totally screwed up country run by a total evil, screwed up dictator. Perfect for a bitcoin revolution. But how many Zimbabwians actually hold bitcoins even given their inflation rate? Argentina is falling over but no evidence Argentinians are buying bitcoins in any numbers.

The revolution is coming. But it won't be parabolic. It will be a long hard fight to be free.

[nodroids]

Nice! Now I have another way to tell ppl that the risk is NOT holding Bitcoin. Let's see these 'elite' perform a bail-in now! Just go ahead and try it. Come on, pick up that gun!

[marcus_of_augustus]

You choose Zimbabwe as a good example, because its a totally screwed up country run by a total evil, screwed up dictator. Perfect for a bitcoin revolution. But how many Zimbabwians actually hold bitcoins even given their inflation rate? Argentina is falling over but no evidence Argentinians are buying bitcoins in any numbers.

The revolution is coming. But it won't be parabolic. It will be a long hard fight to be free.

... the long hard fight has already been. Cryptographers have been working on this concept for ~ 20 years. The end will come quicker than you can imagine and fiat will simply expire with a whimper not a bang, like snailmail, when was the last time you wrote a love letter?

[illpoet]

event horizon is a good analogy.  I see bitcoin slowly swallowing up all fiat.