>>If Bitcoin becomes very popular and valuable For this to happen, you need this to be a fiat currency. Other wise the rest of the world has no obligation to

>>If Bitcoin becomes very popular and valuable For this to happen, you need this to be a fiat currency. Other wise the rest of the world has no obligation to trade in a currency where there already exist people who own bulk of the wealth and others enter poor by default. The non-bitcoin crowd can go to a new currency, which doesn't have mining kind of a setting. At that point in time bitcoin will lose its value rapidly and all the money spent mining and acquiring bitcoins would have gone for nothing. There is reason why currencies have to be backed by governments with massive militaries. If they didn't the poor can simply walk out the current scheme, leaving the existing ecosystem in tatters. Fiat currency is a necessary evil. People who come later, care nothing for people with prior advantage. Bitcoin's goals are too ideal to work in the real world.