Searching For a Critical Mass In Bitcoin
For a physicist, the “critical mass” is the amount of radioactive material that must be present for a nuclear fission explosion to occur.
For a Bitcoiner, the “critical mass” is the number of individuals that must adopt Bitcoin for the commanding heights of finance and government to adopt true “fiscal responsibility,” thus leaving bitcoiners be…
Critical mass occurs in different ways for different people. The analysis of the economist generally assumes independent decision making. Other analysis assume interdependent decision making. I assume the the latter for the purposes of this blog. Wherefore? Well, individuals wish to remain relevant. Bitcoin will catch on in a similar way as the fax machine, only much quicker due to the prevalence of instant communication. The fax machine had been around for nearly 150 years before it became widely used when “Americans began to assume that everybody else had a fax machine.” As soon as people begin assuming that everybody else has some bitcoins, they too will want in.
Collective action depends on a “critical mass” that behaves different than the greater whole of a society. This is the role of bitcoiners. Critical mass refers to a sufficient number of adopters of an innovation in a social system so that the rate of adoption becomes self-sustaining and creates further growth.
Social factors influence critical mass, such as size, interrelatedness and level of communication in a society or one of its subcultures. Another is social stigma or the possibility of public advocacy.
Critical class is approximately majority consensus in political circles, where the most effective position is more often that hed by the majority of people in society. Small changes in public consensus can bring about swift changes in political consensus, due to the majority-dependent effectiveness of certain ideas as tools of political debate.
Bitcoin serves individual interests more than it serves the best for the collective whole. This will lead individuals’ away from those tools that serve the best for the collective whole into Bitcoin. Like the fax machine for older generations, the younger generation will want bitcoins as they sense they are a new fad. Many people won’t even be thinking of the future as they obtain bitcoins. This will become a self-sustaining process wherein even the older generation – those who are alien to the digital space – wants in.