Winklevii: the problem with the dollar is its price isn't predictable like the price of Bitcoin is:http://www.businessinsider.com/bitcoin-state-currencies-us-dollar-2013-12 …
@stevedekorte he changed the subject. The VC guy sitting next to them acknowledged the validity of Bitcoin's volatility
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@bascule ...anyone saying "that can't happen here" needs a more convincing argument than "well, it hasn't happened in a while" -
@stevedekorte well, in the case of Bitcoin it happened a few days ago, heh -
@bascule when the USD has had 6000% yearly deflation, we can compare apples -
@stevedekorte I think the fact this isn't an apples to apples comparison is the point. 6000% deflation benefits hoarders not spenders -
@bascule You use those terms as if they are asymmetric, but every "spender" is a "hoarder" of whatever asset they buy. -
@bascule More to the point, prices are a product of demand and supply flow, so "hoarding" doesn't reduce the amount of usable resources. -
@stevedekorte there's tons of people with vast Bitcoin reserves who aren't selling because they're speculating about even higher prices -
@bascule Right, and that doesn't prevent any resources or labor from being used as prices adjust for demand/flow. - 2 more replies
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@bascule There are several fiats in hyperinflation at any given time. Usually via printing to fund gov or pay gov debt...Thanks. Twitter will use this to make your timeline better. UndoUndo
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@bascule Fwiw, I agree with his point that people tend to underestimate long term fiat volatility...Thanks. Twitter will use this to make your timeline better. UndoUndo
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