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> My biggest concern is a fixed-supply currency gives no government the ability to provide stimulus if necessary. Good, that's the intention.

PragmaticPulp 6y ago
Ironically, the cryptocurrency world as a whole is constantly increasing the supply of cryptocurrency and crypto assets. The ultimate supply of Bitcoin and other coins might be fixed, but we’re seeing new cryptocurrencies rolled out all the time. The number of altcoins on the market is staggering and it has never been easier for someone to arbitrarily create their own coin. It’s not uncommon for popular cryptocurrencies to fork, doubling their supply overnight in absolute terms. One usually prevails, but several popular forks continue to chug along. Now we’ve even moved on to minting arbitrary NFT tokens of things to continue increasing the supply of crypto assets. If you look past singular cryptocurrencies, the entire cryptosphere has become a money printer.
- therein 6y ago
  But that's a better way of doing it, isn't it? A new currency poses the question of additional value to the relevant population and the population determines its value. This new supply in the form of another cryptocurrency will go through price-discovery and it may turn out that it will fail to reach or maintain any significant market capitulation. Rather than some central authority (ab)using their position to weigh into the answer to that question that they themselves are asking. I see this equivalent to updating a contract unilaterally and arguing it is an upgrade versus letting the contract that both parties agreed on stay intact and sign additional contracts. If the government had printed SARS-COV-2-USD, we could have collectively decided it is backed by hot air and valued it differently but instead we were forced to dilute the supply of our already existent supply.
  - africanboy 6y ago
    > instead we were forced to dilute the supply of our already existent supply the expenses to keep the system running are diluted too.

PragmaticPulp 6y ago

Ironically, the cryptocurrency world as a whole is constantly increasing the supply of cryptocurrency and crypto assets. The ultimate supply of Bitcoin and other coins might be fixed, but we’re seeing new cryptocurrencies rolled out all the time. The number of altcoins on the market is staggering and it has never been easier for someone to arbitrarily create their own coin. It’s not uncommon for popular cryptocurrencies to fork, doubling their supply overnight in absolute terms. One usually prevails, but several popular forks continue to chug along. Now we’ve even moved on to minting arbitrary NFT tokens of things to continue increasing the supply of crypto assets. If you look past singular cryptocurrencies, the entire cryptosphere has become a money printer.

therein 6y ago
But that's a better way of doing it, isn't it? A new currency poses the question of additional value to the relevant population and the population determines its value. This new supply in the form of another cryptocurrency will go through price-discovery and it may turn out that it will fail to reach or maintain any significant market capitulation. Rather than some central authority (ab)using their position to weigh into the answer to that question that they themselves are asking. I see this equivalent to updating a contract unilaterally and arguing it is an upgrade versus letting the contract that both parties agreed on stay intact and sign additional contracts. If the government had printed SARS-COV-2-USD, we could have collectively decided it is backed by hot air and valued it differently but instead we were forced to dilute the supply of our already existent supply.
- africanboy 6y ago
  > instead we were forced to dilute the supply of our already existent supply the expenses to keep the system running are diluted too.