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I see what you mean now. Interesting thought to peg inflation to difficulty. I think the main issue is that Bitcoin is not, and will not be, a means of payment.
by thinkloop 5y ago
I see what you mean now. Interesting thought to peg inflation to difficulty. I think the main issue is that Bitcoin is not, and will not be, a means of payment. So price stability doesn't matter much. The nature of the system favors few, large transactions. The small-block size crystalized that. Bitcoin is truly suited as a clearing layer. Eventually it will process just the largest most expensive transactions in the world. Which is good since that's the only way miners will get paid and the high transaction costs will ensure continued security.