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But Bitcoin is not needed. It currently provides little to no positive value to society and a lot of negative value so it is hard to classify it as society prog

But Bitcoin is not needed. It currently provides little to no positive value to society and a lot of negative value so it is hard to classify it as society progressing.

kreetx 6y ago
The positive value is that it protects from inflation.
- aetherane 6y ago
  Inflation is highly important to productive economies. Countries can default when there is no control over their money supply and inflation is needed to avoid stagnation.
  - smashem 6y ago
    All economies eventually fail due to inflation and central planning. I'm not saying we don't need national currencies, but bitcoin is the perfect hedge against central banking.
    - raclage 6y ago
      Wait how can you make that claim?
      - smashem 6y ago
        Just look back at all of the fallen economies. They fall from inflation. "Although the Emperor Constantine (reigned AD 306-337) is considered by many to be among the greatest of the later Roman emperors, he was unable to fix the failing Roman economy. The inflation persisted for nearly two hundred more years, during which time taxes were massively increased. Internal problems were further compounded by the economic situation, such as the concentration of wealth in fewer and fewer hands, which often led to mob riots. Eventually, the Roman government was unable to pay its armies, which then often turned their swords on Rome itself. In the end, it was primarily Germanic tribes, such as the Goths and Vandals, who dealt the final death blows to Rome, but that would not have been possible if Rome’s economy were not weakened by a particularly excessive and long lasting inflationary cycle." https://dailyhistory.org/What_Role_Did_Inflation_Play_in_the_Collapse_of_the_Roman_Empire https://dailyhistory.org/What_Role_Did_Inflation_Play_in_the... "The Ottoman economy was disrupted by inflation, caused by the influx of precious metals into Europe from the Americas and by an increasing imbalance of trade between East and West. As the treasury lost more of its revenues to the depredations of the devşirme, it began to meet its obligations by debasing the coinage, sharply increasing taxes, and resorting to confiscations, all of which only worsened the situation." https://www.britannica.com/place/Ottoman-Empire/The-decline-of-the-Ottoman-Empire-1566-1807 https://www.britannica.com/place/Ottoman-Empire/The-decline-... "Wampum is a traditional shell bead of the Eastern Woodlands tribes of Native Americans... Eventually, the Colonists applied their technologies to more efficiently produce wampum, which caused inflation and ultimately its obsolescence as currency." https://en.wikipedia.org/wiki/Wampum https://en.wikipedia.org/wiki/Wampum "The Nazis planned to bomb Britain with clouds of forged bank notes." https://www.smithsonianmag.com/smithsonianmag/nazis-planned-bomb-britain-forged-bank-notes-180958258/ https://www.smithsonianmag.com/smithsonianmag/nazis-planned-... I could go on and on..
  - fastball 6y ago
    This is the claim. Unfortunately, macroeconomic theories are more religion than science.
- D13Fd 6y ago
  Many things protect from inflation. Any fiat currency can be made completely proof against inflation. We've just made a judgment as a society that a small amount of inflation is good, in part because it drives economic growth.
  - kreetx 6y ago
    I didn't say that there were no alternatives, but just that bitcoin does provide value. If you are part of the "we", then you got what you wanted I suppose. Everybody who didn't want the inflation were left out.
viklove 6y ago
I could say the same thing about Twitter. The thing is, who gets to decide what types of power usage are "needed" and "not needed?" Clearly you and I have different opinions on the matter.
deleted 6y ago
[deleted]

But Bitcoin is not needed. It currently provides little to no positive value to society and a lot of negative value so it is hard to classify it as society progressing.

kreetx 6y ago

The positive value is that it protects from inflation.

aetherane 6y ago
Inflation is highly important to productive economies. Countries can default when there is no control over their money supply and inflation is needed to avoid stagnation.
- smashem 6y ago
  All economies eventually fail due to inflation and central planning. I'm not saying we don't need national currencies, but bitcoin is the perfect hedge against central banking.
  - raclage 6y ago
    Wait how can you make that claim?
    - smashem 6y ago
      Just look back at all of the fallen economies. They fall from inflation. "Although the Emperor Constantine (reigned AD 306-337) is considered by many to be among the greatest of the later Roman emperors, he was unable to fix the failing Roman economy. The inflation persisted for nearly two hundred more years, during which time taxes were massively increased. Internal problems were further compounded by the economic situation, such as the concentration of wealth in fewer and fewer hands, which often led to mob riots. Eventually, the Roman government was unable to pay its armies, which then often turned their swords on Rome itself. In the end, it was primarily Germanic tribes, such as the Goths and Vandals, who dealt the final death blows to Rome, but that would not have been possible if Rome’s economy were not weakened by a particularly excessive and long lasting inflationary cycle." https://dailyhistory.org/What_Role_Did_Inflation_Play_in_the_Collapse_of_the_Roman_Empire https://dailyhistory.org/What_Role_Did_Inflation_Play_in_the... "The Ottoman economy was disrupted by inflation, caused by the influx of precious metals into Europe from the Americas and by an increasing imbalance of trade between East and West. As the treasury lost more of its revenues to the depredations of the devşirme, it began to meet its obligations by debasing the coinage, sharply increasing taxes, and resorting to confiscations, all of which only worsened the situation." https://www.britannica.com/place/Ottoman-Empire/The-decline-of-the-Ottoman-Empire-1566-1807 https://www.britannica.com/place/Ottoman-Empire/The-decline-... "Wampum is a traditional shell bead of the Eastern Woodlands tribes of Native Americans... Eventually, the Colonists applied their technologies to more efficiently produce wampum, which caused inflation and ultimately its obsolescence as currency." https://en.wikipedia.org/wiki/Wampum https://en.wikipedia.org/wiki/Wampum "The Nazis planned to bomb Britain with clouds of forged bank notes." https://www.smithsonianmag.com/smithsonianmag/nazis-planned-bomb-britain-forged-bank-notes-180958258/ https://www.smithsonianmag.com/smithsonianmag/nazis-planned-... I could go on and on..
- fastball 6y ago
  This is the claim. Unfortunately, macroeconomic theories are more religion than science.
D13Fd 6y ago
Many things protect from inflation. Any fiat currency can be made completely proof against inflation. We've just made a judgment as a society that a small amount of inflation is good, in part because it drives economic growth.
- kreetx 6y ago
  I didn't say that there were no alternatives, but just that bitcoin does provide value. If you are part of the "we", then you got what you wanted I suppose. Everybody who didn't want the inflation were left out.

viklove 6y ago

I could say the same thing about Twitter. The thing is, who gets to decide what types of power usage are "needed" and "not needed?" Clearly you and I have different opinions on the matter.

deleted 6y ago

[deleted]