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> Also, a currency with massive deflation is not usabl You got it backwards. Its currently inflation (BTC getting less-and-less valuable over the recent past).
by dragontamer 4y ago
> Also, a currency with massive deflation is not usabl
You got it backwards. Its currently inflation (BTC getting less-and-less valuable over the recent past).
Deflation was 2020, when BTC climbed in price dramatically.
Neither deflation, nor inflation, makes for a good currency. That "1000 ether" bet could be $1-million if executed today, but it was $3-million just a few months ago.
Because there's no stability in cryptocoins, they are neither stores of value (they decline too quickly), nor currencies (they go up and cause price changes).
- timkam 4y agoI think you are right. But my argument was addressing the crypto-bullish assumption that crypto goes up (i.e., assuming long-term deflation) and that one should 'invest' in it as a responsible parent (as implied by the parent comment that I was responding to). So assuming a (potentially counterfactual) deflation was a strategy for my argument (like in a formal proof by contradiction).