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Governments across the world have debased the currency over the past decade which has especially accelerated since Covid. The inflation has finally started to t

Governments across the world have debased the currency over the past decade which has especially accelerated since Covid. The inflation has finally started to take off. Most people in HN who are among the wealthy end of spectrum have no idea how inflation is affecting most people lives. Most are desperately looking for opportunities to make enough returns. They don't give much thought about climate change when they can't pay for education or medical bills. While most shitcoins and NFTs will tumble, the topcoin rallies are not going to stop until the economy gets roaring back and inflation is controlled.

xunn0026 5y ago
People on HN probably understand inflation very well but have portfolios that are not impacted by it. If anything, the past 2 years have shown great stock gains. It's hard for a person to understand a solution when its fortune depends on not understanding it. The Fed just mentioned they might raise rates for a blip on the stock market. Imagine what they do if they actually raise them. Oh, noes, the USD might actually hold some value! How will the economy recover if people's savings aren't stolen?!
PragmaticPulp 5y ago
> Most people in HN who are among the wealthy end of spectrum have no idea how inflation is affecting most people lives. There are numerous articles every week about the “great resignation” and staffing shortages in foodservice and other industries as everyone leaves for higher paying jobs. Wages are going up. It’s not the end of the world. > Most are desperately looking for opportunities to make enough returns. Stock market has been outpacing inflation just fine. Classic investment advice still holds. Those “returns” in crypto can only come from selling coins to someone else in the future. It relies on a constant stream of convincing new people to turn over their real money in exchange for virtual money. > While most shitcoins and NFTs will tumble, the topcoin rallies are not going to stop until the economy gets roaring back What a weird thing to say when the economy is roaring, unemployment is low, and top cryptos are steadily declining.
immibis 5y ago
Non-inflationary currencies cannot work as currencies. Period. People will buy them and hold them just because of their non-inflationary nature, distorting and destabilizing their value, making them useless for short-term holding and payments which are the point of a currency.
- deleted 5y ago
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- Acrobatic_Road 5y ago
  People will spend them as they need to spend them. Nobody is going to forgo buying groceries and go hungry because of a deflationary currency.
- jkepler 5y ago
  US history prior to World War 2 says otherwise. The gold-backed dollar was slowly deflationary for multiple periods, precisely because a hard money standard enables entrepreneurs' economic calculation and real growth. HN readers generally understand inflation, but when I see questioning bitcoin's energy cost, I wonder if those questioning it really understand the high costs of manipulating the price system through inflation: that manipulation causes the boom and bust cycles due to malinvestments.

xunn0026 5y ago

People on HN probably understand inflation very well but have portfolios that are not impacted by it. If anything, the past 2 years have shown great stock gains. It's hard for a person to understand a solution when its fortune depends on not understanding it. The Fed just mentioned they might raise rates for a blip on the stock market. Imagine what they do if they actually raise them. Oh, noes, the USD might actually hold some value! How will the economy recover if people's savings aren't stolen?!

PragmaticPulp 5y ago

> Most people in HN who are among the wealthy end of spectrum have no idea how inflation is affecting most people lives. There are numerous articles every week about the “great resignation” and staffing shortages in foodservice and other industries as everyone leaves for higher paying jobs. Wages are going up. It’s not the end of the world. > Most are desperately looking for opportunities to make enough returns. Stock market has been outpacing inflation just fine. Classic investment advice still holds. Those “returns” in crypto can only come from selling coins to someone else in the future. It relies on a constant stream of convincing new people to turn over their real money in exchange for virtual money. > While most shitcoins and NFTs will tumble, the topcoin rallies are not going to stop until the economy gets roaring back What a weird thing to say when the economy is roaring, unemployment is low, and top cryptos are steadily declining.

immibis 5y ago

Non-inflationary currencies cannot work as currencies. Period. People will buy them and hold them just because of their non-inflationary nature, distorting and destabilizing their value, making them useless for short-term holding and payments which are the point of a currency.

deleted 5y ago
[deleted]
Acrobatic_Road 5y ago
People will spend them as they need to spend them. Nobody is going to forgo buying groceries and go hungry because of a deflationary currency.
jkepler 5y ago
US history prior to World War 2 says otherwise. The gold-backed dollar was slowly deflationary for multiple periods, precisely because a hard money standard enables entrepreneurs' economic calculation and real growth. HN readers generally understand inflation, but when I see questioning bitcoin's energy cost, I wonder if those questioning it really understand the high costs of manipulating the price system through inflation: that manipulation causes the boom and bust cycles due to malinvestments.