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> 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
by 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 agoHow 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 agoI 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?