raiflip

12 ms·

91.
by raiflip 9y ago
Indeed people will hold onto deflationary currency, and spend inflationary currency: https://en.wikipedia.org/wiki/Gresham%27s_law Hence in a world of rational actors the only currency in circulation will be inflationa
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by raiflip 9y ago
"Nope! Starting from a position of only having BTC (because you've already got rid of the USD you had, and you immediately convert any USD you receive into BTC), what is the advantage of buying USD to spend instead of spending you
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by raiflip 9y ago
Yep that is exactly my point. Hence USD would stay in circulation and bitcoin would not.
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by raiflip 9y ago
"Like I said, you can't eat bits of currency. I would spend the deflationary currency but I would be more hesitant to spend it. I would buy stuff that I really want or need. People aren't going to starve to death or go homele
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by raiflip 9y ago
Deflation means the value of the currency is increasing. It does not mean the amount of units of that currency is increasing.
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by raiflip 9y ago
They are not socialist in nature. Socialism is a system in which workers own the means of production instead of capital holders. I mean this in the friendliest way possible, you are not using the word socialism correctly. If you have a curr
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by raiflip 9y ago
That's a good point, but for the case of illegal online activity bitcoin currently has a kind of anonymity guarantee that no other system does, and is as such an apples to oranges comparison. If the USD had the same anonymity guarantee
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by raiflip 9y ago
See https://en.wikipedia.org/wiki/Gresham%27s_law . If given the choice between holding bitcoin and USD people will hold bitcoin, but they will still want to buy stuff. People then have an incentive to use USD to buy st
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by raiflip 9y ago
What you are describing is an ancient economic law known as Gresham's law: https://en.wikipedia.org/wiki/Gresham%27s_law . It states that bad money drives out good because people hold onto good and spend bad. Bad
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by raiflip 9y ago
Is it obvious? That is the kind of arrogance people accuse tech people of having. The whole point is we DON'T want people to just hold onto a currency. If everyone stops spending their USD and just saves them, the economy will collapse
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by raiflip 9y ago
The reason Bitcoin will never be a replacement for a Central Bank based currency like the USD is the fact that it is in permanent deflation.
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by raiflip 9y ago
Cool, thanks! Checking it out.
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by raiflip 9y ago
As much as FP has made my life easier, have to disagree with you on OO. Any language/paradigm is capable of producing bad code. In my first job a high up manager brought in Clojure to a department filled with Java and OO acolytes. Whil
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by raiflip 9y ago
I'm confused as to why he doesn't put functional programming as a yes. He writes "Functional languages are still quite niche, but functional programming ideas are now mainstream, at least for the HN/reddit/twitter c
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by raiflip 9y ago
I think he pins it to future price instead of current price because of the time lag between the decision to mine for bitcoin and the time you actually get the coin. If you think bitcoin is going to crash by the time you start making a profi
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by raiflip 9y ago
I think the mistake he's making is in that while his hierarchy is correct in that one bug from a category further up is far worse than any bug in a category below it, if you have many more bugs from lower categories they can start to b
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by raiflip 9y ago
Honestly I've never understood this argument that choosing types is too complicated. Most often I've seen it come from people without much experience in statically typed languages and imagine that having to determine the type will
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by raiflip 9y ago
That article is pretty bad. Even at this point in the article it is clear he does not understand why a small amount of inflation is good. For example he says: "According to popular thinking, in response to a high rate of inflation, con
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by raiflip 9y ago
"Innovation in a specific area slows or stops all the time" Yes, but the general pace of innovation in the entire economy including areas that are slowing down or starting up is pretty consistent. One thing I'd like to make c
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by raiflip 9y ago
Problem is interest rates are still very close to the 0 bounds. Even a few years ago interest rates could simply not go any/much lower. Since we had the same problem when interest rates could not go any lower, I don't think its in
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by raiflip 9y ago
If there was ever a point where our current run of innovation starting with the Industrial Revolution were to slow down or stop, then you are correct. However arguing that it's not proven to be sustainable because the fact that it hasn
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by raiflip 9y ago
The business cycle may look perfectly cyclic to the point where it appears predictable, but a closer look at the data shows that it is not. Exhibit 7 is not a great way to show the data because the compressed x axis gives the optical illusi
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Studies show science does not support Damore claims(recode.net)
5 points by raiflip 9y ago|1 comments