> Things that are backed by a government and guaranteed by a national bank. Things that are protected by laws and monitored to prevent large value shifts. I'm

> Things that are backed by a government and guaranteed by a national bank. Things that are protected by laws and monitored to prevent large value shifts. I'm no crypto-anarchist, but plenty of currencies do not meet this definition, and have failed as a result. Indeed, it's a time honored method of spurring growth to simply create money, and it's a time tested cause of instability. Certainly a well managed central bank is an asset, but it's hardly a reliable method of keeping currencies useful. There are plenty of reasons to be concerned with bitcoin's deflationary nature, but arguing that it's not as inflationary as government backed currencies is an argument that can damage both side of this debate.