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Last active August 29, 2015 14:07
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The following is a partial annotated bibliography of SNI Mempool, building the case for why Bitcoin will displace all competing currencies, including altcoins, fiat money, and precious metals:

In terms of monetary policy, Bitcoin is the greatest money the world has ever seen.

Unsurprisingly, it has gained substantial popularity, and there is no reason to believe it will not continue to grow.

Given expected growth, people have reason to hoard. This increases the value of the network, giving more reason to hoard.

This growth is not merely a bubble.

As it grows, the network effects of its competitors shrink, and ultimately there can only be one currency.

Volatility currently exists, but so what? If anything, that's a good thing. Hoarders are not swayed.

Those who are hoarding are already using Bitcoin as their unit of account, in order to calculate long-term opportunity costs.

As it grows, it will not only displace competing crypto-currencies but also begin engaging in speculative attacks against weaker fiat currencies.

Attacks on the system are possible, but they require entrepreneurship, which takes time. Meanwhile Bitcoin's growth creates agency problems in coordinated attacks by instead incentivizing defection.

In the end, we can expect Bitcoin to displace all other currencies, rapidly, in a process of hyperbitcoinization.

With hyperbitcoinization on the way, everyone becomes a scammer. Willpower is the hoarder's only defense.

Safe travels.

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