Though the applications and adoption rate have a long way to go if Bitcoin is going to achieve its maximum potential, the third-ever subsidy Halving was an opportunity for Bitcoiners to celebrate its more than 11 years of life. In addition to hosting technical demonstrations, discussions with leaders of Bitcoin’s premier Layer 2 protocol and high-level presentations, Bitcoin Magazine’s BitcoinHalving.com live stream was a chance to focus on one of the community’s favorite topics: hyperbitcoinization.
Further Reading: What Is The Bitcoin Halving?
Fundamental Bullishness and the Bitcoin Halving
In one of its most lively and extensive sessions, the BitcoinHalving.com live stream was host to “Fundamental Bullishness,” featuring Robert Breedlove of Parallax Digital, Matt D’Souza and Sam Chwarzynski of Blockware Solutions, Plan B and Preston Pysh of the Investor’s Podcast Network. The group was assembled to discuss the specifics around why bitcoin is poised to become one of the most valuable assets in history.
In addition to the Halving, which significantly reduces the subsidy that miners receive for contributing their fundamental efforts to the network, this was a particularly fruitful time to discuss bitcoin’s role in the world economy, as uncertainty abounds in the wake of the novel coronavirus.
“Going into the Halving, the supply side economics improve significantly,” D’Souza explained during the panel. “That’s a positive catalyst. And then just what’s developed over the past three or four months with central bankers, the Federal Reserve, how there’s discretionary, undisciplined spending or manipulation — really the ability to create your own artificial monetary policies. I think these radically impact the demand side.”
Despite (or because of) the turmoil in traditional financial markets, the third-ever Bitcoin Halving was a time of celebration for the original cryptocurrency and its community. This excitement buzzed and crackled throughout the live stream and was a natural part of the conversation during the “Fundamental Bullishness” panel.
“Bitcoin is the first incarnation, or the closest thing we have, to perfect economic information,” Breedlove said. “We know it’s supplied perfectly forever. You can’t say that for any physical commodity on earth. And again, another product of that is it’s absolute scarcity… As Mark Twain said, I think I’m paraphrasing, ‘To make something valuable, you just have to make it scarce.’ And Bitcin sort of perfects that once and all for money.”
How Do We Imagine the Bitcoin Moon, Post Halving?
Beyond seeing bitcoin adopted as the world’s preeminent asset, hyperbitcoinization will eventually involve fundamental changes to the ways we live, interact and tap into the vast potential of human ingenuity. To explore these lofty impacts, the BitcoinHalving.com live stream hosted “Define Your Moon,” a discussion among Bitcoin Magazine’s Brandon Green and David Bailey, author Gigi and hyperbitcoinization philosopher BitcoinTINA.
“If you’re wondering why I’ve assembled you guys here, it’s because I think we have three of the most bullish people on this call right now in Bitcoin,” Green, who was moderating the panel, said in his introduction. “What does Bitcoin’s ultimate success look like to you? What is Bitcoin’s ‘moon’? What are the societal and economic implications of that success?”
The resulting conversation was wide ranging, exploratory and reflective. After establishing why they believed hyperbitcoinization appears inevitable, the panelists each touched on the wide ranging implications that new status quo will bear. It was about much more than the personal riches early bitcoin investors may reap.
“Imagine when you bring two, three billion people into the global production of ideas, goods and services, what that is going to do to lift the wealth and the ability of humanity to harness existing resources and to do more with those resources than they were currently able to do,” BitcoinTINA said. “Bitcoin, because of what it is and because of its unique qualities, will encourage man to better use the resources that we have.”
To see more of the BitcoinHalving.com live stream content, visit our YouTube page.
The post Hyperbitcoinization Comes into Focus During the Bitcoin Halving appeared first on Bitcoin Magazine.
On this episode of "Fed Watch," the hosts discussed the latest news from central banks around the world and how Bitcoin fits in.Listen To This Episode:AppleSpotifyGoogleLibsynOvercastIn this episode of Bitcoin Magazine’s "Fed Watch" podcast, Christian Keroles and Ansel Lindner gave an update on central bank news in relation to bitcoin. This is the only podcast…
Cryptocurrency miners in Iran could be charged with higher electricity bills should the country’s government begin calculating their electricity prices in “real prices,” according to The Financial Tribune. Iran’s Deputy Energy Minister Homayoun Haeri is pushing for cryptocurrency miners to pay power bills at rates equivalent to those charged for electricity exports, per the report.…
The state-owned bitcoin dollar account has over half a million users, 200 ATMs in El Salvador, 50 ATMs in the U.S.The President of El Salvador, Nayib Bukele, has shared updated information on the state-owned bitcoin and dollar wallet Chivo on Twitter, as well as some news regarding the country’s work towards facilitating BTC usage and…
This video takes us on an animated journey into Knut Svanholm’s Bitcoin Magazine piece about Bitcoin and the State.In this video, we examine how human societies managed to exceed Dunbar’s number. With the invention of belief in the supernatural came the ability to rally large groups of humans around a common cause. Power-hungry sociopaths have…
Bitcoin’s price is down over 10% from its all-time high and its critics are taking victory laps this week as bitcoin has plummeted all the way back to… $97,000. It is still practically almost $100,000 for a single bitcoin. It is crazy to me to think that the “dip” is back to just under that
CEO Michael Saylor struck a defiant tone during a Q2 investor call, pledging to add more Bitcoin to its balance sheet while continuing to advocate for the cryptocurrency.Publicly traded business intelligence firm MicroStrategy is pledging to add more Bitcoin to a corporate balance sheet that already includes 105,000 BTC worth roughly $4 billion. In a…
Viennese cryptocurrency exchange Bitpanda has launched Bitpanda Pay, a service designed to let users transfer funds directly from their Bitpanda accounts into EU bank accounts and to pay their bills. Announced in an official blog post on October 16, 2019, the new service lets customers send funds from their exchange accounts to any International Bank…
The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.Riot increased its mining fleet to over 44,000 miners and still has more than 3,000 left to deploy. The company’s bitcoin production rose 107% YoY. A $14 million bitcoin…
India has been one of the most notable emerging economies in the world in the last few decades. It currently stands at seventh place with a nominal GDP of $2.72 trillion and it is expected to overtake the United Kingdom in years to come. India’s PM Narendra Modi envisioned a dream of making India a…