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The problem is that this illustrates what's wrong with highly deflationary currencies. Who wants to spend a currency that could appreciate by over 10,000X if yo
by api 7y ago
The problem is that this illustrates what's wrong with highly deflationary currencies. Who wants to spend a currency that could appreciate by over 10,000X if you just "hodl" it? That's why Bitcoin has actually been abandoned for a lot of commerce. Why spend it ever?
- tom_mellior 7y agoI would still spend it if it were easy. I bought my first Bitcoins when they were around 10 USD, so anything I buy is at one 1000th of the dollar price. Could it go to a 2000th? Yes, but apart from something huge like buying an apartment it would be hard to care about the difference. But yes, this is not an answer that applies to deflationary currencies in general, nor to people who came later to Bitcoin than I did. Edit: Although again, the only way Bitcoin can appreciate is if people do spend it. Tragedy of the commons.