Ofc 1 BTC = 1 BTC alone doesn’t make for sound money. The point economists miss is that #Bitcoin is like a ruler. Finite supply allows us to measure other things. Fiat supply keeps growing, so measuring in $’s is meaningless. Can’t measure things with a ruler that keeps changing.https://twitter.com/lawrencehwhite1/status/1099427956131287040 …
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Replying to @Excellion
This doesn't account for variation in demand, which is what produces Bitcoin's volatility. It will very likely decline, eventually even below the volatility of fiat, but it will never be zero. There is no such thing as a ruler in economics, and can't be.
15 replies 17 retweets 145 likes -
Replying to @NickSzabo4 @Excellion
"There *is* such a thing as a ruler in economics, and the thing that measures is time" --You, basically. cc
@ScandalOfMoneypic.twitter.com/jTRUm1a7bv
2 replies 2 retweets 27 likes
Basically not me. Time is only a proxy measure, using the objective to estimate the subjective. Works only in certain supervised contexts, where other aspects of the value are being locally estimated and separately incentivized. https://unenumerated.blogspot.com/2011/06/of-wages-and-money-cost-as-proxy.html … http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/measuringvalue.html …
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