3 ms·

I did not say anything about gold being used as a currency, just that it has always been recognized as valuable, divine, even. I think your references to China

I did not say anything about gold being used as a currency, just that it has always been recognized as valuable, divine, even. I think your references to China probably backs me up: it was used in ceremony for a reason. Using gold as a currency has many problems: chief among them is scarcity as you mentioned. Yet we want to pretend it will be different with Bitcoin?

latchkey 2y ago
> Yet we want to pretend it will be different with Bitcoin? Bitcoin is scarce, gold is not. For example, El Salvador just found trillions worth. It would take a majority of the miners to vote (by running a fork of the software) to increase supply, which goes against their own economics.
- throw0101d 2y ago
  > Bitcoin is scarce […] Which is a bug: * https://en.bitcoin.it/wiki/Deflationary_spiral https://en.bitcoin.it/wiki/Deflationary_spiral * https://isps.yale.edu/news/blog/2014/06/the-perils-of-bitcoin-as-currency https://isps.yale.edu/news/blog/2014/06/the-perils-of-bitcoi...
  - latchkey 2y ago
    How is it a bug? “Bitcoin is not affected by this because it is fundamentally different from popular currency.” The other arguments given are unproven and doubtful.
    - throw0101d 2y ago
      > How is it a bug? See the links in the post about the problems with deflationary currencies. See also the links of events that were made worse by finite/deflationary currencies; reposting: * https://en.wikipedia.org/wiki/Great_Bullion_Famine https://en.wikipedia.org/wiki/Great_Bullion_Famine * https://en.wikipedia.org/wiki/Long_Depression https://en.wikipedia.org/wiki/Long_Depression
      - latchkey 2y ago
        I did read the links and even quoted how one of them says bitcoin isn't affected. > the problems with deflationary currencies That's where you are mistaken, Bitcoin isn't a currency. How is it a bug?

3 ms·

I did not say anything about gold being used as a currency, just that it has always been recognized as valuable, divine, even. I think your references to China

by itsalwaysgood 2y ago

latchkey 2y ago
> Yet we want to pretend it will be different with Bitcoin? Bitcoin is scarce, gold is not. For example, El Salvador just found trillions worth. It would take a majority of the miners to vote (by running a fork of the software) to increase supply, which goes against their own economics.
- throw0101d 2y ago
  > Bitcoin is scarce […] Which is a bug: * https://en.bitcoin.it/wiki/Deflationary_spiral https://en.bitcoin.it/wiki/Deflationary_spiral * https://isps.yale.edu/news/blog/2014/06/the-perils-of-bitcoin-as-currency https://isps.yale.edu/news/blog/2014/06/the-perils-of-bitcoi...
  - latchkey 2y ago
    How is it a bug? “Bitcoin is not affected by this because it is fundamentally different from popular currency.” The other arguments given are unproven and doubtful.
    - throw0101d 2y ago
      > How is it a bug? See the links in the post about the problems with deflationary currencies. See also the links of events that were made worse by finite/deflationary currencies; reposting: * https://en.wikipedia.org/wiki/Great_Bullion_Famine https://en.wikipedia.org/wiki/Great_Bullion_Famine * https://en.wikipedia.org/wiki/Long_Depression https://en.wikipedia.org/wiki/Long_Depression
      - latchkey 2y ago
        I did read the links and even quoted how one of them says bitcoin isn't affected. > the problems with deflationary currencies That's where you are mistaken, Bitcoin isn't a currency. How is it a bug?