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They can but generally they don’t allow inflation to exceed 3% - ideally keeping it with 1-3% - as the destruction of the currency is not worth it long term.
by worrycue 5y ago
They can but generally they don’t allow inflation to exceed 3% - ideally keeping it with 1-3% - as the destruction of the currency is not worth it long term.
- fsflover 5y agoSo with USD, you trust that people care about long term consequences over short-term profit? With bitcoin, you trust math.
- FabHK 5y ago> With bitcoin, you trust math. No, you trust the 50 miners that control the majority of the hash power not to mess with the code that embodies your math (or doesn't, as the case may be).
- fsflover 5y agoNo, you trust the majority of people running the code, not just miners: https://news.ycombinator.com/item?id=29012699 https://news.ycombinator.com/item?id=29012699.
- FabHK 5y agoWhat if the majority of people running nodes disagrees with the majority of hash power holders? Running a node is cheap.
- bart_spoon 5y agoWith Bitcoin, the math says that deflationary currencies are destined for failure.