> The problem of MMT is it thinks that the collective is more important than the individual. Who said anything about MMT? I'm taking the monetarist position of

> The problem of MMT is it thinks that the collective is more important than the individual. Who said anything about MMT? I'm taking the monetarist position of Milton Friedman here. > Individuals who save money for a rainy day don't need inflation - they've already accounted for potential liquidity crises. The fact that the rest of you can't save is not my problem, it is yours. Please deal with it without devaluing my savings, thanks. I don't think you understand what a liquidity crisis is. Your view of economics seems to be that of a caricature of an early Austrian. > Fixed supply is important to savers of money, who don't want to see their savings devalued. Instead of their savings decaying with time, there's fair chance that they'll appreciate in value due to increased demand and deflation due to lost wallets. The point of a currency is not savings. Currencies are neither investments nor stores of value. If you want to invest, buy assets. If you want a store of value, buy gold. If individuals are so financially uneducated that they put their savings in currency, that's not my problem. > When you hold a stack of USD, you are investing in the dollar. No you're not. The stack of dollars doesn't do anything. It doesn't pay rent. It doesn't pay interest. It doesn't pay dividends. It doesn't appreciate. It's not an investment. > The "programmable money" thing is complete hogwash that doesn't need an expensive and inefficient blockchain to perform - it can be done with centralized services offering fiat. Sure, but those are controlled systems. Bitcoin is really good for one thing: Speculating on cryptocurrencies. Sure, you can trade BTC and maybe a handful other cryptocurrencies on ordinary broker platforms, but if you want to gamble on the latest shitcoin, the easiest thing is to just deposit some BTC on an unregulated trading platform. > Bitcoin is savings technology. That's a narrative that people came up with to deal with the fact that Bitcoin failed as a currency. It makes no sense. Bitcoin is a highly volatile speculative asset. There is no intrinsic value, no intrinsic demand in "rare numbers" like Bitcoin, no matter how "scarce" they are or whether the supply is fixed.