Great thread, inaccurate conclusion. #Inflation redistributes wealth from those holding non-indexed local currency assets e.g. cash and bond holders (including mortgage creditors) to those with local currency liabilities e.g. the government, mortgage debtors. https://twitter.com/paul_btc/status/1012353178116022281 …
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Come on, can't even name 5 around this big world of ours in the 150 years since the Austrian School came to be? I'm also quite sure politicians care more about votes and getting elected than maintaining the monopoly of money, at least quite a few do.
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So if we name 5 marxists in the past 150 years with that role/title, does Marxism deserve credibility?
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Out of topic. That's twisting the argument. I was responding to the ludicrous statement of "Real economis is austrian economics."
End of conversation
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Murad, how would a btc economy after 30 years? Those who missed out on it would be at a disadvantage. Gold standard is deflationary isn’t it ?Btc is a great alternative asset class, but to say that it can enable a dynamic world economy is a stretch. It’s like buying manhattan RE
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People thought they missed the train every year since 2011. Same story, different price and year. Even when at some point this becomes true you can always earn bitcoin by working or producing something of value. There is no "equal distribution" about anything, nor is it needed.
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So how will a deflationary economy work out for everyone? Bitcoin like gold is a bet against America, it has not worked for the last 100 years. Bitcoin will be a new asset class. Or a currency like Euro. I envision a multi currency universe
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I don't think bitcoin or gold is a bet against America. It might be a bet against fiat money monopoly and political stupidity, and a great digital alternative to gold. Also I think it will co-exist with fiat, as gold has coexisted. Each have its own use cases.
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Deflation is an issue for debt-based fiat systems, not for the deflationary asset. But people exiting fiat and entering bitcoin has the effect of inflation in fiat and deflation in bitcoin. They can coexist but the wealth transfer will be great.
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Murad liked 2 out of 3 of my replies, possibly hinting at a "winner-takes-all" attitude in favor of
#bitcoin. Maybe that's why I'm following him!
But if this proves to be the case let's hope it is a (relatively) slow and completely non-violent transition. -
I think almost certainly it will be a very sudden and fast spike as big dogs rush to grab some BTC. “Slowly at first... and then suddenly.”
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