Another way to think about this thread: Money is the economic system’s equivalent of “working capital”. It’s a buffer between capital inflows and outflows. Blockchain tech enables faster settlement, reducing the need for working capital.https://twitter.com/tusharjain_/status/989653842257154048 …
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It seems the question is whether we are currently overvaluing physical capital relative to financial capital (money). My original thesis was that we are overvaluing the need for money. Are you saying that we are overvaluing physical capital & more wealth will be stored as money?
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Money is “working capital” in an inflationary system because there is a cost to holding it. Things change under a strictly deflationary paradigm
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Do you have a counter to the deflationary economic death spiral argument? It seems that’s what happens as more and more of an economy’s wealth is stored in money.
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That's a prescriptive, Central Bank-administrator style question, not a descriptive, praxeological one. Irregardless of the deflationary concerns, this doesn't have any bearing on whether massive value would accrue to Bitcoin in the medium-term or not (individual preferences)
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Whether a deflationary spiral will or will not occur post-hyperbitcoinization has little bearing to the probability of hyperbitcoinization happening or not
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Yes it does. Many people won’t support Bitcoin because of the fear of a deflationary cycle wrecking the whole economy.
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