Bullish Apocalypse

Are you like me? Do you also have some live Bitcoin price ticker active on your screen at all time? Well, I do, not for trading purposes but out of habit; when I first started out in this space, I tried mining. This was when video-cards were astronomically priced and almost not available, so I just used my own two GeForce 1060 cards for the job...

_{source: Max Pixel}

If you know anything about mining crypto (Ethereum mostly), you know this is not earning a lot of Satoshi. I started at the beginning of the 2017 bull-run, in July or August, so income was good, difficulty levels weren't too high, but I had only the two cards and the utility bills are high here in the Netherlands; so my mining adventures lasted a couple of months only, because soon the electrical bill was larger than the income generated by the two 24h a day running cards. The end of the mining period was when this habit started; I watched prices and difficulty levels constantly to get out in time.

But the habit never died; now I only invest the little money I can spare each month, as investing in Bitcoin is way smarter than putting money in a savings account; the rent gained on such accounts doesn't even keep up with yearly inflation, it's a sure way to lose money. Much better to invest in something that's deflationary an can only go up in value. This combination of the constant price-watching of Bitcoin, the sure knowledge of fiat's ultimate demise caused by rampant inflation of the money-supply, and the magnificent response I got from Smitty (@waleswood) on my post about stackin' Sats, got me thinking about the scenario I tried to convey in today's post's title, the "Bullish Apocalypse"... Let me show you what Smitty said:

However, when one BTC has value equal to ten million US dollars then those dollars will have much less perceived value than they do now. When this point in time comes I can think of many items that might have more ‘value’ than they do now. Such as tools that you can use to build things with (production ability), arable land (food production), precious metals (local economy), and last but not least- our personal well being (physical and mental ability). It’s important not to get stuck on BTC being the monetary savior of mankind.
_{source: Trybe}

Thanks for that great addition Smitty! He's so right. These last couple of days we've seen some crazy movements by Bitcoin's price; I believe we even had a 1,800 dollar price-drop in less than one hour at some point. After reading Smitty's comment this scenario flashed before my mind's eye:

Say you're watching the prices move up one day in the far, but not too far future. Maybe in an even more pronounced way than it did at the end of 2017. You get caught up in the euphoria and pay attention to little else than the ever increasing value of your crypto-portfolio; you gleefully watch the price hit all time high after all time high, and you just can't believe your luck when you see Bitcoin pass some ridiculous (for now) mark of, let's say 5 million dollar. Oh man! Let the good times begin!

But then the phone rings and it's one of your friends who asks: "Hey dude, did you see the news?" You start laughing and answer: "Man, I've been all over the news! I'm so happy right now! Hey didn't you always want to go on a world trip? What about..." "No, no, no," your friend interrupts. "You're talking about the BTC price, right? I'm talking about the synchronized hyper-inflation that's started in all the world's economies! Your Bitcoin may be worth 5 million dollars, but the dollars are worth nothing! ... Hello... Hello, are you still there? ... Hello!?"

This is purely fictional of course; there will be a slow buildup towards fiat becoming worth only the paper it's printed on, and this might still be a long way off into the future. But Smitty is right: we'll eventually have to come up with completely different understanding of what is worth what. We should be thinking in terms of "what can a Bitcoin buy me" and forget about Dollars or Euros. One Bitcoin is 100,000,000 (100 million) Satoshi. The question will become what can be acquired by spending a Satoshi. A newspaper? A bread? An electric razor? A mobile phone? A Tesla automobile? A Lambo? Or will the Satoshi-economy bring us Freedom? I hope and guess it's the latter, and that's priceless ;-)

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