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I wrote this about the absurdity of bitcoin's (and other naive cryptocurrencies’) finite amount of money a while ago, and have posted it a few times in threads

by qubex 9y ago

I wrote this about the absurdity of bitcoin's (and other naive cryptocurrencies’) finite amount of money a while ago, and have posted it a few times in threads (so please forgive me if you have already seen it). I try to explain in layman's terms (I am a macroeconomist) why finite-supply (thus deflationary) and non-fractional-reserve-banking-enabling currencies are toxic to the economy. https://medium.com/@jamesjunghanns/my-0-00000173120-btc-a-practicing-orthodox-macroeconomists-unsolicited-views-on-bitcoin-543da352fc49?source=linkShare-229012a5fba0-1513957626 https://medium.com/@jamesjunghanns/my-0-00000173120-btc-a-pr... I specifically mentioned BaseCoin as being a reasonable and macroeconomically valid currency.

mooneater 9y ago
> absurdity of bitcoin's (and other naive cryptocurrencies’) finite amount of money Bitcoin can be seen as a middle finger to inflation, more than a basis for primary currency. If nothing else, it certainly as helped advance the conversation on the nature of money supply.
- qubex 9y ago
  Cryptocurrencies (at least the first ones, those before BaseCoin) aren’t really currencies at all. They’re ’just’ clever decentralised ways of manufacturing scarcity in this day and age of infinitely copiable digita information.