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I love bitcoin. The concept is right up the alley of some of the anti-inflation ideals of milton friedman, locke, keynes, and hayek. The only problem I see is t
by ggwicz 15y ago
I love bitcoin. The concept is right up the alley of some of the anti-inflation ideals of milton friedman, locke, keynes, and hayek. The only problem I see is that many people are incentivized to invest in it and hoard it, not to spend it.
Maybe something like a major global economic collapse would actually result in adoption of something like bitcoin; maybe in the long run it'd be good....
- nextparadigms 15y agoHoarding may happen only in the growth phase. As soon as that becomes stagnant (as a long term trend) people will stop hoarding them. And isn't hoarding kind of a different word for saving money? The current financial crisis came from huge loans that incentivized careless spending. Maybe a currency that doesn't let you spend on impulse isn't such a bad thing.
- ggwicz 15y agoHoarding may happen only in the growth phase. As soon as that becomes stagnant...people will stop hoarding them. Yeah, that seems to be the trend. It's opening up more and more (thankfully!). And isn't hoarding kind of a different word for saving money? Well, I'm not saying the hoarding is necessarily a bad thing. I just mean that hoarding, yes, like saving, limits the available quantity of bitcoins. That raises the barrier to entry for many, many people, but as you pointed out that will deflate over time, hopefully.