Good summation of the situation. This take: > Bitcoin is deflationary: it gains value over time (assuming it doesn’t crash). is extremely popular but not near

Good summation of the situation. This take: > Bitcoin is deflationary: it gains value over time (assuming it doesn’t crash). is extremely popular but not nearly as straightforward as its proponents presume. The author continues. > Deflationary money is not good money. It restricts what can be done with it, rewards dead money (people who just sit on what they have), and empowers (again) people who won the past, not people who are doing good things in the present. A planned decreasing money supply does not automatically mean the per-unit value increases over time. There is less demand to participate in a deflationary economy. Currencies will be better off in the long run with monetary policy based on increasing the health of their economies. This means no mass-exodus inducing inflation and no steady deflation. If there is no economy there is no demand in the long run.