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>Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building Yes, if you see bitcoin as a m
by FatalLogic 12y ago
>Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building
Yes, if you see bitcoin as a meme (in the traditional Dawkins sense of the word), then the unit of account aspect makes it a self-financing meme. The speculative frenzy may be unpleasant, but it is necessary bootstrapping mechanism, and not accidental.
- SilasX 12y agoExactly. This is the point that's under-appreciated. People talk about the economic optimality of a currency that has an intelligent issuer who can adapt the supply as needed, and how Bitcoin locks you into a specific (and depreciating, yikes!) supply path -- but that's just the nature of bootstrapping a currency, let alone one without huge guarantors! If someone had said, "Hey, I'm starting a very thinly-traded currency and we're going to appoint an elite circle to have arbitrary authority to issue more whenever" ... eh, it's a much weaker sell, to put it mildly -- even if some ideal currency does have that property.