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"I think cryptocurrency ought to be cheap, so people don't hoard it." More importantly it needs inflation. I just don't see how a currency with builtin deflati
by sputr 9y ago
"I think cryptocurrency ought to be cheap, so people don't hoard it."
More importantly it needs inflation. I just don't see how a currency with builtin deflation can ever be used for anything but a value store. I still don't get why this isn't more widely discussed. Am I missing something?
- neom 9y agoYou're right. I recently thought, if a bunch of very very wealthy people asked someone to create a new digital swiss bank account for them, this could be the result.
- abritinthebay 9y agoIt’s discussed at length by its critics. IMO bitcoin proponents can’t avoid this problem and mostly hand-wave it away with vague statements or long treatises about how the banking system should (but doesn’t) work. Blockchain is great tech and bitcoin is a wonderful speculation tool/pyramid scheme but the current situation is an anomaly (as the transaction speeds and prices are showing).
- sputr 9y agoAh, no matter how much we are aware of it filter bubble still get's us.
- nerdponx 9y agoAgreed on that point as well. The irony is that controlled inflation is perfectly possible with a cryptocurrency: just keep the block reward constant over time, don't decrease it. I'll never understand the "fixed supply" thing.