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Someone who knows more about this stuff than me: would it be possible to create a crypto-currency that avoids the problems existing currencies have with (inf|de
by chrisdevereux 14y ago
Someone who knows more about this stuff than me: would it be possible to create a crypto-currency that avoids the problems existing currencies have with (inf|def)lation?
I'm thinking of a system like bitcoin that also acts like a central banker in regulating the money supply, perhaps by linking the availability of new coins to the current supply/demand.
- danielweber 14y agoYes, and from what I understand some people have made Bitcoin competitors that tend to grow. They haven't taken off, because 1) we already have a crypto-currency, and 2) they don't have the "get rich quick with this new currency" because they aren't deflationary so they don't attract the speculators. Some people will say "we need the speculators in order to start the market," but the speculators have ruined the ability to use Bitcoin as a currency. Just because the light is better over there instead of here where you lost your keys doesn't mean you should look over there.