If you allow anyone to create currency by creating IOUs to buy stuff (which sellers can choose to accept), and you mean that the sellers create and accept that currency, then yes, hoarding is not much problem for overall society, until and unless the day when past hoarders rush to market at the same time (when they run out of durable goods or other income) causing sudden inflation.
This is fixed by removing the central authority monopoly over the printing of money and/or make them actually print the money.
>until and unless the day when past hoarders rush to market at the same time
This is no different than the status quo. Bill Gates could try to 'cash in' all his 50 billions into rice. Would that be 'causing sudden inflation'?
This is fixed by removing the central authority monopoly
over the printing of money and/or make them actually
print the money.
Why would I want to buy a loaf of bread from you today for 200 BTC when I assume next year I should be able to buy that loaf of bread for 0.01 BTC?
in a system when you generate currency from nothing, this
is true. But if you use currency as an actual IOUs, you
would need to generate value to generate currency, and
thus, if you were to hoard currency, you are providing
value to the economy for nothing in return, which is a
good thing.
Edit: Also: http://www.gridcoin.us/
Fortunately the free market of ideas has spawned innumerable competitors and many of them (etherium etc.) look to be very promising.
Although I don't think it was intended to be a 'genius ponzi scheme'. It just turned out that way.
>Inflation is incredibly healthy for an economy because it creates an incentive to invest money
in a system when you generate currency from nothing, this is true. But if you use currency as an actual IOUs, you would need to generate value to generate currency, and thus, if you were to hoard currency, you are providing value to the economy for nothing in return, which is a good thing.