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Bitcoin solves a lot of the biggest problems. Fractional lending isn't possible because you can't make bitcoin out of nothing then charge interest on the nothi
by hajile 6y ago
Bitcoin solves a lot of the biggest problems.
Fractional lending isn't possible because you can't make bitcoin out of nothing then charge interest on the nothing you lended.
Inflation is out of government control and no longer works as an unofficial tax. Related, money can't be printed at-will.
Large banks and corporations can't outright prevent transactions from happening.
The money can have value as a universal reserve currency without any specific political ties.
Removing big banks from the equation takes their hands at least partway off the politicians.
Seems like at least a decent upgrade to me.
- imtringued 6y agoYou need inflation to at least match productivity improvements. Otherwise your economy will slow down over time.
- hajile 6y agoI agree on the importance of inflation, but with a difference in how it happens. Bitcoin currently inflates slightly. I think it should target a 1-2% steady inflation forever both to encourage spending and to replace lost coinage. At the same time, inflation should not be a spending power advantage. By distributing inflation among miners, you don't give disproportionate advantage to any one group like governments currently enjoy. I view this as more fair and it removes the incentive to attempt to change inflation rates in the future.