@rogerkver I love the post but I will not engage in blockchain debates as I am not qualified. I would however like to comment on what you call externalities.
"It's also important to keep in mind that there are dozens of positive externalities from wide Bitcoin use."
It is my belief that there really needs to be more added to the list of "Positive externalities" that encourage or entices the layman as well as the shopkeepers or business owners to use bitcoin. Basically, what are the economic benefits to using Bitcoin? Who/where is this "advocate", where is this "Public " information ?
Most people in America don't even understand how a grocery store actually works, although they use it everyday, because the store owner has turned it into a pick & pay system that people do understand. What is the benefit to a store owner to accept Bitcoin ? What is the benefit to the consumer by paying in Bitcoin? This is an issue every store owner and consumer in the world needs to understand. Again, where is the Bitcoin advocate helping them to understand?
Imho, It is of NO VALUE for a store owner to post a sign "Bitcoin Accepted Here" if only .0001% of people have Bitcoin, and by the same token (lol) It is of NO VALUE if everyone has Bitcoin but no store owners are knowledgeable enough to accept payment in Bitcoin.
So where are the Bitcoin Seminars in cities to show the layman and the store owners ? Where/Who are the people going door to door to businesses explaining the benefits of using Bitcoin ?
BECAUSE UNTIL THIS HAPPENS there will be NO
Governments will no longer be able to inflate the money supply.
Capital controls will come to an end.
Wars will no longer be able to be financed by inflation.
It will be made much harder for governments to hide financial waste or corruption.
People around the world can interact financially with each other much more freely than they can today.
The value of bitcoin will go up, meaning the value of the block reward has gone up, meaning more resources will be devoted to mining, meaning Bitcoin is more secure, meaning more people will use Bitcoin. It's a self reinforcing feedback loop.
Just my .02 BTC