"The point is that by not building in an inflation, of say 2% per annum in the global supply of Bitcoin, you almost doom it as a currency, because people will start hoarding it, knowing that it’s going to be worth more next year than it is this yr" - @ 51mhttps://asiasociety.org/hong-kong/should-people-invest-bitcoin …
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Replying to @cryptow1re @panekkkk and
"A hard supply cap or built-in deflation is not an inherent strength for a would-be money. A money’s strength is in its ability to meet society’s needs."https://www.economist.com/blogs/freeexchange/2014/04/money …
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are you really quoting the notoriously Keynesian "the economist"?
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Replying to @MustStopMurad @cryptow1re and
absent governments to continuously print more, a free market would never converge around an inflationary coin. fixed supply would be the schelling point. picking an inflationary one is irrational.https://www.youtube.com/watch?v=WL9BHDEf0dI …
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It’s impossible to make such a strong statement. We really don’t know. The market may converge around a mildly inflationary currency if it’s a more widespread MOE. Nothing exists in a vacuum except for your theories.
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are u gonna pick a form of money whose supply increases 1% per year or 20% per year in supply? exact same logic with 0% and 2%. why would you voluntarily dilute your own wealth? its like burning money
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We're not talking about what makes the best short-term SOV. It's possible that the lack of distribution or usage as an MOE/rise of a more ubiquitous currency turns investor interest away from BTC and this happens *before* it stabilizes/transitions to MOE. You think in vacuums.
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you're grasping at straws and ignoring basic monetary theory. im done educating you if you're unwilling to learn. what distribution? BTC is more well-distributed than ETH. what investors? How do you not understand that payments don't matter. all they care about is SoV for now
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There's nothing basic about macro-economic theory combined with digital, cryptographically secured money so basic theory has min application. You need to consider broader/current context: we have fiat money, incomplete roadmaps, min distribution, tech/econ limitations, etc.
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Replying to @panekkkk @MustStopMurad and
These are variables that piss all over basic Austrian economic theory. Thinking it will play out exactly according to theory is a recipe for disaster.
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keep telling yourself that if it makes your bags feel less heavy transcending 'avoidance' is the first stage to recovery.
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