Having to treat it as a stock or a commodity makes it a bad currency, but it was already a bad currency due to volatility. Using a currency that has major defla

Having to treat it as a stock or a commodity makes it a bad currency, but it was already a bad currency due to volatility. Using a currency that has major deflation is just as silly as using one that has major inflation. A currency's utility is directly linked at how many people use it as a unit of account, and it's really hard to become people's real unit of account when your value changes a lot, and is unpredictable. Just look at Argentina during the crisis: Even when taxes in the country were paid in pesos, people really used the US dollar as their unit of account.