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The word 'hoarding' demonizes 'saving,' which in most Keynesian economies is considered leakage. It's really a question of values. Inflationary currencies encou
by kajumix 8y ago
The word 'hoarding' demonizes 'saving,' which in most Keynesian economies is considered leakage. It's really a question of values. Inflationary currencies encourage consumption; deflationary ones encourage savings. High consumption does increase demand, and apparently a faster growth in the economy. One could argue that this almost forced consumption for the sake of faster economic growth is what causes malinvestment and the associated boom-and-bust cycles.
One could be hesitant about spending away their Bitcoin to buy a shiny new bigger TV, while they'd happily part with USD for the same expense. Former, I'd say, has a more natural alignment with our incentives to spend thoughtfully.
Also, I am not sure if everyone shares the value of eating the planet at a faster rate for employment and GDP numbers.
- empath75 8y ago> Inflationary currencies encourage consumption You mean "investment" > deflationary ones encourage savings I'm not sure why encouraging people to bury their wealth in the ground instead of doing something useful with it is something we want to be doing.
- loco5niner 8y ago> I'm not sure why encouraging people to bury their wealth in the ground instead of doing something useful with it is something we want to be doing. Savings is not "burying their wealth in the ground", it's building a safety net for the future. At least for everyday people. Most people would be better off doing that than blowing it on big screen tv's, boats, and cigarettes. If more people did that, society would be better off too.
- cpplinuxdude 8y agoI don't really get why when it comes to crypto energy consumption, the discussion board becomes reactionary. I mean portugal is now running on 100% renewables. Shouldn't this point be more about renewables? You know, what about the electric car? That'll consume lots of energy too.
- s73v3r_ 8y agoThe electric car has a use for most people, though. If you don't think BTC is worthwhile, then the energy spent on it is wasted.
- nerfhammer 8y agothe difference between saving and hoarding: https://www.quora.com/What-is-the-difference-between-saving-and-hoarding-money https://www.quora.com/What-is-the-difference-between-saving-...