Ethereum’s unknown monetary policy is a positive for me. It’s still too early to know what its optimal monetary policy is. Plus Proof of Stake isn’t even live. I trust that its thoughtful community will eventually arrive at the right answer. There’s no reason to rush.
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Will it not lead to hoarding of money
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After BTC reaches $10T+, people will start spending it, partly because disincentives to spend will be reduced (due to less gains left ahead) and partly because *other* people will demand to get paid in it / for their goods and services
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If everyone *demands* to get paid in BTC, people will have to spend BTC even if it gains a litte value every year.
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It is pretty obvious Bitcoin Cash was created for this purpose. Hard to imagine “demanding” to use an over complicated, expensive fork.
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Bitcoin cash is A dump but Anyway. I don’t see people spend their btc for regular purchases. Rather bitcoin backed-Lightweight stable coins and btc just sits in vaults like gold doing nothing.
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Assuming Bitcoin is a massive success, people will be more likely to demand Bitcoin payments than stablecoin payments in my view. In 1600-1900 you just paid with gold itself. Paper notes were backed directly with precise number of grams of gold
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But how do you think fee's will be with a 10 trillion marketcap and several dificulty adjustments. I think you need something lightweight. Than btc will really be gold right. Its doesn't make sense to pay with gold,
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Lightning Network
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What about constantly reducing supply?
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You can’t reduce supply without deleting people’s balances; no one would invest in such a scheme
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Imagine each bitcoin transaction burning 1% of the tx fees - to prevent miners from filling the blocks with fake transactions.
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How is that definitionally true? I get that a small minority of economists are Austrian and believe some version of that, but how can you say it is true by definition?
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Why would anyone voluntarily *WANT* their wealth to be diluted?
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In case of bitcoin no 1 reason is security.
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I assume you know that you’ll get diluted for the rest of your life if you store your wealth in bitcoin.
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Any amount of money will do. It's the predictability that's important.
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Indeed: https://twitter.com/dlacalle_ia/status/1020725676394065920?s=21 … If it isnt fixed in the rules you have to trust the good faith of those in power. Didn’t some Ethereum devs already suggest creating a new token to pay gas? I thought ETH was meant to be for that and not “as money” as they explain themselves once
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Uncertainty about the value of my money is preferable to certainty-said no one ever
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You cannot know that. You can just say it.
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Amazing
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