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_Vimothy_'s profile
Vimothy
Vimothy
Vimothy
@_Vimothy_

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Vimothy

@_Vimothy_

Joined May 2013

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    1. Noah Smith‏Verified account @Noahpinion May 28

      The number of bitcoins is capped. A BTC transaction costs more than a fiat transaction. Thus, each bitcoin transaction neither increases the amount of usable currency, nor lowers transaction costs. Thus, electricity spent on mining bitcoin seems like a waste of real resources.

      53 replies 97 retweets 544 likes
      Show this thread
    2. Russell Roberts‏ @EconTalker May 28
      Replying to @Noahpinion

      Ignores potential benefit of the difficulty of inflating bitcoin.

      5 replies 1 retweet 34 likes
    3. Noah Smith‏Verified account @Noahpinion May 28
      Replying to @EconTalker

      Seems more like a cost than a benefit.

      4 replies 0 retweets 16 likes
    4. Russell Roberts‏ @EconTalker May 28
      Replying to @Noahpinion

      That’s because you have never lived in Zimbabwe or Weimar Germany or other places where the country fell apart in the wake of hyperinflation. But maybe you believe no risk of it here?

      8 replies 0 retweets 27 likes
    5. Noah Smith‏Verified account @Noahpinion May 28
      Replying to @EconTalker

      I think the risk of those things is not decreased by any given BTC transaction.

      1 reply 0 retweets 18 likes
    6. Chris O'Leary‏ @thepainguy May 28
      Replying to @Noahpinion @EconTalker

      Not by any BTC transaction. Rather by the fact that BTC is independent of any central bank. The spawning algorithm and mining process are inherently inflation-resistant.

      8 replies 1 retweet 13 likes
      Vimothy‏ @_Vimothy_ May 28
      Replying to @thepainguy @_Kevin_Pham and

      Its not inherently inflation-resistant. It's supply is fixed, so there's no way to contract it's stock when demand falls. Which means its pretty susceptible to inflation, actually

      11:50 AM - 28 May 2018
      • 1 Like
      • next_ghost
      0 replies 0 retweets 1 like

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