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Trust and security considerations are far more important than speculations about aggregate human behavior. Psychologists have a hard time making their experiments on individuals repeatable. Macroeconomists speculate about vast numbers of interacting individuals, no repeatability.
High inflation causes savers and creditors large tangible harms, as we see today in Venezuela, Iran, Sudan, Nigeria, Argentina, &c. But alleged harms caused by much lower levels of "bad deflation" are very causally remote from monetary decisions -- it's ideological speculation.
While macroeconomic debates are very popular in the fiat central banking world, where monetary decisions are highly political, they are nevertheless ideological speculations not science.
For these reasons, I strongly urge those developing or maintaining cryptocurrencies to focus on trust minimization and security. Protect holders against internally caused loss of value, but treat macroeconomic considerations with many grains of salt and very low priority.
Concur. Additionally I'd suggest the important difference isn't just "low vs high" but "predictable vs manipulable".
Won't predictability require, to some extent, an ability to respond to current conditions and thus be manipulable?
That's not the kind of predictability I meant. I think you mean predictable prices and interest rates? I meant basically non-manipulable money supply.
I can see predictable/non-manipulable new money creation, but I'm not so sure about the supply in general. That would require adjusting creation in response to a large-scale loss/destruction event, no?
You could require proof-of-life from old coins, and if they don't show in time then invalidate them and generate new coins.
So, yes. But this would be very predictable.
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