If Bitcoin fans think it's easy for workers to "adjust to a world in which their paychecks shrink, so long as their money grows in value even faster," they need to explain why that didn't happen in 2008-9, or 1930-33! https://reason.com/archives/2018/07/22/bitcoin-standard-ammous-blockchain-gold#comment … @DavidBeckworth @NickSzabo4
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When others dismiss deflation as *never* being a problem, it is appropriate to point to cases that contradict that facile opinion. You need to consider the whole string before suggesting that I'm claiming that deflation is always terrible--a claim I'm known to have denied. 1/
It's a very multi-causal and imperfect world. Planes have been known to crash, but that doesn't motivate me to use calculus and Greek prefixes and never-ending analyses of Tenerife 1977 to prove that we should all travel to conferences in rubber dinghies and motorcycles.
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Nor should you. But neither should anyone suppose that we need not discuss the possibility that a Bitcoin stand. may call for some non-trivial wage deflation on occasions, and that this could prove troublesome. This isn't dismissing Bitcoin.
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Far more than we can possibly contemplate is possible. Almost all of it must necessarily be ignored, especially by those who obsess over a single financial effect during a single very uncommon decade, to the exclusion from finite brains of knowledge & common sense in general.
End of conversation
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