Cryptomacroeconomics. Let the future macro textbooks record Patri as having coined the term.https://twitter.com/patrissimo/status/958437694572392448 …
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My answer to
@patrissimo's question: same as fiat-denominated demand deposits at commercial banks: almost no effect, because the central bank adjusts the quantity of fiat to keep inflation at 2%.
Well, if you're just stealing from the central bank (more precisely, taking some of its seigniorage profits), that's a thoroughly honorable activity! (As a libertarian, I mean that mostly non-sarcastically).
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Yep. Insofar as there's a substitution in money demand away from currency towards crypto (just like demand deposits), seigniorage is reduced, and we move a little closer to Optimum Quantity of Money (subjective quality-adjusted).
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