> The problem here is not Bitcoin per se, it is the current state of the real world

If Bitcoin doesn't work in the real world, that's a problem of Bitcoin.

> Bitcoin, in a world where it is the sole currency, has the benefits you quoted.

If Bitcoin doesn't offer sufficient benefits in the real world as it is without being the sole currency in the world, there's no plausible route to it becoming the sole currency.

“My clever idea is great if everyone wakes up one day and abandons all other alternatives for it, but not otherwise” is a long winded way of saying “my idea sucks”.

It may be a process rather than an abrupt change, just like most evolution.

Adoption/revolution.

If the design of bitcoin requires it to be the only currency in the world, then it will never function correctly.

No true Bitcoin has this problem, of course.

No. There are currently two super powerful individuals fighting and are allegedly dragging down every thing on the market just because they don't like each other. What makes you think that this would be a good state of affairs for a world currency?

>There are currently two super powerful individuals fighting and are allegedly dragging down every thing on the market just because they don't like each other.

Kind of like how nations compete and in the process to drag everyone else down: Like US and China trade war.

According to this explanation those super powerful individuals "sell" Bitcoins for fiat in order to pay the energy (electricity) they use in order to mine another currency. It is only possible because Bitcoin is not the sole currency.

The current financial system faces such battle-ordeals and isn't immune, remember the Black Wednesday.

> According to this explanation those super powerful individuals "sell" Bitcoins for fiat in order to pay the energy (electricity) they use in order to mine another currency. It is only possible because Bitcoin is not the sole currency.

Doesn't it? What changes if you take out the fiat intermediary and buy energy (a fungible, near-universal production input and end-consumer product in one) directly and the competition is about a commodity that is not a currency?

The Bitcoin "value" (the buying power it confers) will be mainly determined by bulk transactions and by factors of high-inertia (changing them radically and fast is impossible), not by investors. One of such last factors is the cost of energy production and storage, another is the efficiency of mining equipment and the associated willing to amortize it. Therefore it will be much more stable, and it seems to be the main problem at hand.

Ah, of course. Bitcoin can never fail, it can only be failed.