Bitcoin was precisely designed to avoid Gold’s centralization problem. Once again storing your wealth in an inflationary coin simply makes no sense when a deflationary one exists. The latter is far more attractive as a SoV. And if its the biggest, people will demand it as MoE.
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Replying to @MustStopMurad @TFTC21
>Once again storing your wealth in an inflationary coin simply makes no sense when a deflationary one exists. If we can get high-scalability with BTC I agree that is good. 0.5s Instant Confirmation with easy-to-use Digital eWallets on smartphones (thinking of grocery checkout)
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Would you be a fan of Token that is 1:1 Backed (and Redeemable for) BTC via Smart Contact, with high scalability for grocery store payments? Retains all of the deflationary properties of BTC, allows instant transfer between that Token and BTC (for SoV), & allows instant payments
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Replying to @ColtonRobtoy @TFTC21
You just almost precisely described the Lightning Network
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Replying to @MustStopMurad @TFTC21
Yup, LN or some sidechain: Yes I am a fan of the '1:1 Smart Contract-backing & redeemability property with BTC' in order to get fast & instant payments. If it could be done without the Centralized LN hubs I would be even more of a fan, but maybe that's the only way it can work.
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1/ This is where we differ: I think a deflationary currency decreases the impetus for people to spend their money at businesses (bc they can buy more with that some money the following day), so there is no incentive to create businesses, so there is no incentive for job creation
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2/ I think that is overall bad for the economy, so I would like some small amount of inflation to be present (tie it to population growth over the previous week- we can do that now bc we can program money). You believe that the economy will be fine with deflationary currency.
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I don't believe there is anything that will change either of our minds. Do you agree? I think I will be able to understand your viewpoint better if I read "The Ethics of Money Production." /end
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Replying to @ColtonRobtoy @TFTC21
I think both of our minds are changeable. This is a new space and fixed-supply money is a grand monetary experiment. We are all learning and studying still.
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Replying to @MustStopMurad @TFTC21
>I think both of our minds are changeable. True...maybe/maybe not on this specific issue since we have different Information in our Brains
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You adjust as new information presents itself. I believe we have to be nimble with our views, especially in such a young, emerging, experimental industry full of uncertainty.
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