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There's a fixed quantity of it like gold and gold worked as a currency for a very long time. If Bitcoin fails its certainly not because of its "deflationary nat
by fthssht 13y ago
There's a fixed quantity of it like gold and gold worked as a currency for a very long time. If Bitcoin fails its certainly not because of its "deflationary nature." What you think it a basic understanding of economics is obvious nonsense. How could people have it so twisted?
- chad_oliver 13y agoIt also failed as a currency in a very bad way. Part of the reason why the Great Depression was so bad is because most countries still used (or used the mindset associated with) the gold standard. Monetary policy is a very good way of stabilising the economy, and any currency which removes monetary policy as a tool is not likely to be stable in the long term.
- fthssht 13y agoYou're dead wrong but even if you werent the fact that it worked for thousands of years completely invalidates the author's point.
- gnaritas 13y ago> There's a fixed quantity of it like gold and gold worked as a currency for a very long time. And that time has passed, the world moved on.