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Yes, like precious metals. The history of precious metal economies is pretty bad -- decades-long recessions and wars triggered by fluctuations in the commodity

by maaku 11y ago

Yes, like precious metals. The history of precious metal economies is pretty bad -- decades-long recessions and wars triggered by fluctuations in the commodity markets. Deflationary currency is not a good thing, and bitcoiners will eventually realize this. (Note I work on Bitcoin Core and co-founded Blockstream, a prominant bitcoin company. The value of Bitcoin is not the currency, but rather what censorship-resistant, distributed global consensus gives us.)

lmm 11y ago
> (Note I work on Bitcoin Core and co-founded Blockstream, a prominant bitcoin company. The value of Bitcoin is not the currency, but rather what censorship-resistant, distributed global consensus gives us.) You can get that while being less deflationary though, e.g. Dogecoin.
- maaku 11y ago
  Or Freicoin, which I co-authored with another Blockstream founder. But neither has the network buy-in and security of Bitcoin.
CyberDildonics 11y ago
The value of bitcoin is in properties of ideal money. > decades-long recessions and wars triggered by fluctuations in the commodity markets As opposed to now where we have no recessions and no wars? A deflationary currency doesn't cause a recession, the unwinding of practices like fractional reserve banking or the deleveraging of debt do. When these spin out of control the financial system becomes fragile because none of the intermediaries are resistant to any sort of failure to be able to keep their promises. If no one person in an organization is really accountable, why would they care? They can make short term gains, and when things fails they all fail together and no one really has to claim any substantial responsibility - they can say 'it just happened'. So what you are talking about is a problem with certain systems, not with money that doesn't lose value. Then again it doesn't come as a surprise that a co founder of a company so misguided and desperate doesn't really understand systems, accountability, or even bitcoin/cryptocurrencies. That is like saying 'the value of the discrete cosine transform isn't JPEG but what it lossy compression gives us'. They are separate things, and denying the impact of one is a simple, easy, and wrong answer.

by maaku 11y ago

lmm 11y ago

> (Note I work on Bitcoin Core and co-founded Blockstream, a prominant bitcoin company. The value of Bitcoin is not the currency, but rather what censorship-resistant, distributed global consensus gives us.) You can get that while being less deflationary though, e.g. Dogecoin.

maaku 11y ago
Or Freicoin, which I co-authored with another Blockstream founder. But neither has the network buy-in and security of Bitcoin.

CyberDildonics 11y ago

The value of bitcoin is in properties of ideal money. > decades-long recessions and wars triggered by fluctuations in the commodity markets As opposed to now where we have no recessions and no wars? A deflationary currency doesn't cause a recession, the unwinding of practices like fractional reserve banking or the deleveraging of debt do. When these spin out of control the financial system becomes fragile because none of the intermediaries are resistant to any sort of failure to be able to keep their promises. If no one person in an organization is really accountable, why would they care? They can make short term gains, and when things fails they all fail together and no one really has to claim any substantial responsibility - they can say 'it just happened'. So what you are talking about is a problem with certain systems, not with money that doesn't lose value. Then again it doesn't come as a surprise that a co founder of a company so misguided and desperate doesn't really understand systems, accountability, or even bitcoin/cryptocurrencies. That is like saying 'the value of the discrete cosine transform isn't JPEG but what it lossy compression gives us'. They are separate things, and denying the impact of one is a simple, easy, and wrong answer.