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"Growth" isn't always helpful. See: LA

shkkmo 4y ago
True, but artificially limiting growth based on your ability to mine gold (or steal it from other countries) is still silly. If you want to constrain growth in a controlled fashion, you still need a central bank managing the supply of currency.
- JohnJamesRambo 4y ago
  “The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." -Satoshi Nakamoto Feb. 11, 2009 I have to agree with Satoshi that these central banks have not done a great job at that haha.
  - compiler-guy 4y ago
    Although central banks definitely have their problems, the US bank scandals in the 1800s make the central bank's failures look positively benign.
  - afroboy 4y ago
    And the circus of cryptocurrency is better?
  - shkkmo 4y ago
    The economy requires trust to work, including the cryptocurrency economy. Cryptocurrency supporters like to mythologize about everyone managing their own wallet and running their own nodes, but practical reality shows that to reach any kind of scale you need trust. Somehow all the cryptocurrency advocates who pan trusting central banks don't seem to have nearly the same issues with trusting a company like Tether or Binance who have far less accountability..
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the_lonely_road 4y ago
We are not in control of what happens. No one is at the console pressing buttons. We are growing because millions of individuals are making individual decisions resulting in run away growth. The best we can do is alter the incentives and hope we did it well enough that those individual decisions change. Given that, sticking to a system where you know the population is growing at a rate where you cannot keep up by growing the supply of gold is locking yourself into deflationary currency. That is BAD for everyone in the system considering we want money moving not sitting idle.
nemothekid 4y ago
>See: LA I'm not even sure what this is supposed to mean? Los Angeles? What does Los Angeles have to do with Growth? Or is this some crypto coin?

True, but artificially limiting growth based on your ability to mine gold (or steal it from other countries) is still silly. If you want to constrain growth in a controlled fashion, you still need a central bank managing the supply of currency.

JohnJamesRambo 4y ago
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." -Satoshi Nakamoto Feb. 11, 2009 I have to agree with Satoshi that these central banks have not done a great job at that haha.
- compiler-guy 4y ago
  Although central banks definitely have their problems, the US bank scandals in the 1800s make the central bank's failures look positively benign.
- afroboy 4y ago
  And the circus of cryptocurrency is better?
- shkkmo 4y ago
  The economy requires trust to work, including the cryptocurrency economy. Cryptocurrency supporters like to mythologize about everyone managing their own wallet and running their own nodes, but practical reality shows that to reach any kind of scale you need trust. Somehow all the cryptocurrency advocates who pan trusting central banks don't seem to have nearly the same issues with trusting a company like Tether or Binance who have far less accountability..

deleted 4y ago

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the_lonely_road 4y ago

We are not in control of what happens. No one is at the console pressing buttons. We are growing because millions of individuals are making individual decisions resulting in run away growth. The best we can do is alter the incentives and hope we did it well enough that those individual decisions change. Given that, sticking to a system where you know the population is growing at a rate where you cannot keep up by growing the supply of gold is locking yourself into deflationary currency. That is BAD for everyone in the system considering we want money moving not sitting idle.

nemothekid 4y ago

>See: LA I'm not even sure what this is supposed to mean? Los Angeles? What does Los Angeles have to do with Growth? Or is this some crypto coin?