Yeah, it actually is. Currency isn’t supposed to appreciate. If currency does appreciate, everyone has the tendency to stop spending as much as possible becaus

Yeah, it actually is. Currency isn’t supposed to appreciate. If currency does appreciate, everyone has the tendency to stop spending as much as possible because it’ll be worth more tomorrow. This causes the money supply to drop, reinforcing the deflation, and dropping the demand for labor as the real cost of wages rises, triggering more savings as consumers worry about losing their jobs. Oh, and if you have any debt denominated in BTC, it’ll bankrupt you. There’s that too. This is a classic example of there being no free lunch; you can’t have an economy based on a currency like Bitcoin deflating rapidly without there being serious side effects. The idea that currency could become 1,000% more valuable in a year without those side effects being disastrous is just laughable. Secondarily, one has to ask why is Bitcoin going up 1000% year over year. Bitcoin isn’t a stock, it can’t generate revenue. It’s a pretty awful currency at 4 transactions a second. So what’s the underlying thing that makes it worth so much in USD? Usually the answer is “something something finite”, but rarity doesn’t confer value, it sure doesn’t look like anyone is actually using it for anything other than speculation. When you get down to it, it sure looks like the value prop is “it went up a lot in value last year, maybe it’ll do it again”, which sounds extremely bubble like to me.