3 ms·
I see what you mean by it's a new money but it isn't really printing any more wealth, they're just saying "this is a better store of value because there isn't a
by TimJRobinson 4y ago
I see what you mean by it's a new money but it isn't really printing any more wealth, they're just saying "this is a better store of value because there isn't a special class of privileged people that get to print money while everyone else suffers".
Bitcoin maximalists hate all other cryptos for the same reason, most are just giving money printers to a different group of people.
Creating new Bitcoin is more analagous to digging gold than printing, because no one gets to decide how much gets created. The amount that will ever exist is already set and most likely will never change, you just need to invest electricity in fetching it from the ether.
- MrMan 4y agothe money supply in crypto increases across all cryptocurrencies as more are created. so there is no fixed money supply. further, any cryptocurrency which at this moment is deflationary, can decide to become inflationary, and vice versa. there is no way to constrain the economy to availing itself of only the fixed supply of one cryptocurrency like BTC.
- TimJRobinson 4y agoYea that's exactly the argument behind Bitcoin as a store of wealth - any other currency can change their inflation schedule, Bitcoin will not. It is basically impossible to change bitcoins supply because to change it you have to get at least 50% of the community to agree and that's not happening any time soon, if ever. You can fork Bitcoin but that doesn't create any additional wealth, it's just making more bits that aren't Bitcoin. Some people may value them but they won't have the value of Bitcoin.
- AnimalMuppet 4y agoThat's also the argument for gold. It's really hard to change the chemical composition of the earth's crust.