4 ms·

I was kinda following you and then the hitler thing came out of nowhere. Why exactly will bitcoin lead to the next hitler? Asking for a friend.

• BenoitEssiambre 6y ago
  I understand that I kinda Godwin'd myself but if you read the wikipedia page on the Weimar Republic: "The Great Depression, exacerbated by Brüning's policy of deflation, led to a surge in unemployment.[8] On 30 January 1933, Hindenburg appointed Adolf Hitler as Chancellor at the head of a coalition government. " or "In 1933, the American economist Irving Fisher developed the theory of debt deflation. He explained that a deflation causes a decline of profits, asset prices and a still greater decline in the net worth of businesses. Even healthy companies, therefore, may appear over-indebted and facing bankruptcy.[59] The consensus today is that Brüning's policies exacerbated the German economic crisis and the population's growing frustration with democracy, contributing enormously to the increase in support for Hitler's NSDAP." https://en.wikipedia.org/wiki/Weimar_Republic#Br%C3%BCning's_policy_of_deflation_(1930%E2%80%931932) https://en.wikipedia.org/wiki/Weimar_Republic#Br%C3%BCning's... Now the above paragraph puts emphasis on businesses with debt but even non-indebted businesses can get caught in these currents if they are put in a position where it's more advantageous to hoard currency than to invest in maintaining or growing production. It's a fairly low probability that cryptocoins could create this kind of disastrous Nash equilibrium without the involvement of a powerful central bank. However, when I see the fervor in parts of the cryptocurrency movement and the fact that businesses are starting to hoard large amounts, I wonder...