> A thought experiment: how would an economy run solely on a Bitcoin-like currency behave? And how would it respond to business cycles? A perhaps better compar

> A thought experiment: how would an economy run solely on a Bitcoin-like currency behave? And how would it respond to business cycles? A perhaps better comparison would be to "cryptocurrencies" instead of Bitcoin itself. Bitcoin is, by design, deflationary, but not all cryptocurrencies have to be, and once the infrastructure for widespread Bitcoin use is in place, it will be quite easy to support other cryptocurrencies. I'd be more interested in what an economy would look like when people can choose which currency to hold and spend while payment processors abstract away the rough edges (e.g. price anchoring, conversion) around accepting different cryptocurrencies. For example, if virtually all PoS systems in the US could handle both USD and Bitcoin, would virtually everyone choose to stick with USD? Or not? What if they also accepted Ethereum, Litecoin, Nano, and other crypto? And how would that economy behave during a boom/bust cycle? Or during hyperinflation like in Venezuela?