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> currency debasement ... is how the people are impoverished I agree that's the heart of the Bitcoin thesis, but I am convinced the evidence does not support t
by xapata 6y ago
> currency debasement ... is how the people are impoverished
I agree that's the heart of the Bitcoin thesis, but I am convinced the evidence does not support that claim. In fact, quite the opposite. Much of the original Bitcoin discussion had its roots in von Mises' theories and beliefs, one of which was the rejection of empiricism. It's tough to fruitfully discuss a topic when the conversants disagree over epistemology. We can try nonetheless.
> Currency debasement ... creates wealth inequality.
I see it the other way. The government can print money and distribute it uniformly, such as with this year's CARES act (which is about as uniform as one can ask for in this political climate).
Regardless of government policy for how it distributes newly created currency, inflation is fundamentally beneficial for debtors and bad for creditors. Are "the people" predominantly creditors or debtors?
- ric2b 6y ago> The government can print money and distribute it uniformly, such as with this year's CARES act (which is about as uniform as one can ask for in this political climate). It can, but it almost never does. Usually it just subsidizes or bails out businesses. > Regardless of government policy for how it distributes newly created currency, inflation is fundamentally beneficial for debtors and bad for creditors. If the inflation rate is stable/predictable (which is the goal for the USD) it makes no difference for creditors/debtors, it gets baked into the interest rate spread.
- xapata 6y agoIn the US, we have Social Security, Medicare, Medicaid, and countless other programs. Yang got mildly popular this election season with a basic income plan. I'm hopeful.