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> there was no global currency of fixed supply controlled by computer algorithms That is not good in itself. > That simple academic experiment Original descr
by matkoniecz 6y ago
> there was no global currency of fixed supply controlled by computer algorithms
That is not good in itself.
> That simple academic experiment
Original description by its author intended it as a replacement for a payment system and currencies, not as an academic experiment or as a store of value useless for normal transactions
- atweiden 6y agoEvery aspect of cryptocurrency save for one either fails to solve any societal issue, exascerbates existing ones, or is otherwise hype entrepreneurship. But the deflationary global economic system Bitcoin facilitates disincentivizes mass consumerism — mass consumerism which is destroying the world’s natural ecosystems. This is only possible via a global currency of fixed supply controlled by computer algorithms. Bitcoin’s creator invented this. It is an innovation, in every sense. Deflationary economics discourages capital investment, because it rewards saving — i.e. “hoarding” — not spending or investing. Assuming a Bitcoin-based economic system, as the pace of technological advancement continues to quicken, and more products and services hit the market, absolute BTC-denominated prices will have to decrease. More products and services on the market, with a fixed supply of money, equals lower absolute prices. In addition, global adoption of a free-market money like Bitcoin would eliminate the ability of governments to fund weapons of war and public works projects by printing their own money. That would no longer be possible. Bitcoin throttles humanity, and with it humanity’s ecological destructiveness could be kept at bay. No other aspect of cryptocurrency is of societal value in any way.