Even if it's purchasing power will appreciate at 2% per year, people will still spend it. Yes, consumerism might lower than today. But that can even be for the better. People still need to eat, sleep, drink. And they will likely invest in longer-term projects instead.
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How so ? it's just lost 65% of it's value since January. That is close to an order of magnitude worse than the USD has ever seen over the same time frame. You're all theory- but this is not borne out in practice.
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Jesus Christ, it’s only 9 years old. It’s still undergoing a process of slow monetization. Gold took millenia to fully monetize. You’re comparing a mature currency with an extremely young one.pic.twitter.com/8Sh6LfA9qe
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Do you think GOLD was stable 9 years after it was first discovered? Of course not!
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No but it wasn't a store of value and likely wasn't a means of transaction either. But most importantly - gold's market cap 9 years after discovered wasn't $200B in 2018 dollars.
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That’s not the point, the point is that Gold wasn’t super stable until full adoption and full monetization as money.
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And also, it *was* a store of value since time immemorial in the form of jewelry and ornaments which are a form of a SoV. And it Was also a Medium of Wealth transfer (infrequent MoE) Recommend Szabo on this: https://nakamotoinstitute.org/shelling-out/
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Bitcoin isn’t a MoE yet either, it’s not even a full SoV yet, but it’s getting closer to being a SoV as it gets bigger, more liquid, more saleable, which it had throughout last 9 yearspic.twitter.com/2uBvAWQRyu
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this chart is wishful thinking - right now the use case is greater fool speculation and even those volumes have been going down all year.
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“Theft” isn’t about the current inflation, it’s about whether a supply cap credibly exists or not.
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