They're TOO GOOD as a store of value http://szabo.best.vwh.net/shell.html#Attributes%20of%20Collectibles … and maybe other attributes of money as well.
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Replying to @sarahdoingthing
So they solve the problem of pushing resources into the future http://modeledbehavior.com/2011/11/26/the-paradox-of-thrift-and-the-fable-of-the-ant-and-the-grasshopper/ … in the short term...
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Replying to @sarahdoingthing
But underincentivize productive investment. A too-reliable store of value means maybe not enough stuff gets done/built.
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Replying to @sarahdoingthing
@sarahdoingthing productive investment doesn't need to be incentivized1 reply 0 retweets 0 likes -
Replying to @sarahdoingthing
@sarahdoingthing because a fiat currency increasing in volume is inherently inflationary1 reply 0 retweets 1 like -
Replying to @sarahdoingthing
@sarahdoingthing certainly it means that it will be more useful as a store of value than a medium of exchange in the short term1 reply 0 retweets 0 likes -
Replying to @sarahdoingthing
@sarahdoingthing otohoh the consumers were probably all high1 reply 0 retweets 0 likes
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