Quote from: CamelToeBob on June 18, 2011, 09:43:04 PM

Quote from: philipp on June 18, 2011, 06:19:43 PM

Hyperinflation.
Everyone will want to get rid of their remaining fiat currency as quickly as possible. Many people will end up with bags of dollar bills and nothing to eat.
Maybe the governments will step in and offer to buy fiat currency at a fixed rate (and subsequently destroy the bills and coins) using tax Bitcoins, so fiat currency holders won't end up starving.
The transition period will feel like after a world war. After a few years the wounds will have healed, power and welth will have shifted to new owners, just like a few years after the world wars.

Philipp

Can you explain how you came to the hyperinflation conclusion?

Not a hyperinflation of Bitcoins, a Hyperinflation of all remaining fiat currencies. When bitcoin succeeds people will want to buy them, resulting in lots of dollars being put onto the market, thus the value of the dollar will fall.

Philipp