Tech bros: we're gonna change the world with untraceable, low-latency, digital currency! Narrator: it was none of those things, in the end, but they did "change the world"...https://twitter.com/EricHolthaus/status/938114707160027137 …
It's worse than that: purchasing-power volatility is *built in* to most of these systems. You can't say "audit the Fed!" and then imagine that somehow crypto-whatever-these-things-are will deliver us from inflation (volatility) with zero evidence.
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I don't agree that purchasing power volatility is "built in". Can you justify that?
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Deflationary effect is basically key to mining. Or do I misunderstand the artificial scarcity of coin mining divorced from productive allocation of capital?
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