the #1 value prop of Bitcoin is it's fixed supply. that's the biggest beauty of it.
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If its not controlled by the STATE then who does the inflation go TO? If the expansions & contractions are preprogrammed, WHEN do you decide to expand or contract? How does this info reach the Blockchain? Have you solved oracles problem? When you contract how do you BURN coins?
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these are all hard questions that are still unsolved. I know this because I am personally invested in people trying to solve them and its *NOT* easy. Even if it *IS* solved. an inflationary currency will always lose to a fixed-supply one on the free market.
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The latter preserves wealth much better / is a much better Store of Value.
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Replying to @MustStopMurad @arjunblj
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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Replying to @ground_0_econ @arjunblj
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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Replying to @MustStopMurad @arjunblj
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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Replying to @ground_0_econ @arjunblj
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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Replying to @MustStopMurad @arjunblj
first, how do you know that? I think that is just speculation on your part. second, I'm going to speculate there wasn't a lot of alternatives back then (barter?) so the bar was a little lower for gold adoption vs bitcoin today.
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dude there were plenty of alternatives. There were hundreds of other things used as money but there is a reason why the world converged on gold - it was the hardest to inflate.
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Replying to @MustStopMurad @arjunblj
since you were why don't you tell me the other currency options they had? i'm pretty sure at first gold was attractive not only because of limited supply (ot her metals were also limited supply) but also low melting point making it easy to divide.
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Replying to @ground_0_econ @arjunblj
Throughout history, gold, silver, copper, cowry shells, salt, peppercorns, tea, cigarettes, barley, rai stones, belts, paper were all used as money... they had plenty of choices.
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