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A comment on IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency. Parent comment

Re:IMF Head Foresees the End of Banking and the Triumph of C... by DennisP on Monday October 02, 2017 @03:02PM (#15386837)
That would be a problem if we only had one cryptocurrency, but actually we have hundreds, and can add more anytime. Rather than a gold standard, we have something like the system of multiple privately-issued currencies advocated by Hayek. He thought it would self-adjust without any need for central administration.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by xapata on Monday October 02, 2017 @03:54PM (#15387352)
Hayek wasn't familiar with modern research into chaos and non-linear dynamics. He assumed an equilibrium and stable growth path, though he didn't use such terms.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by DennisP on Monday October 02, 2017 @04:49PM (#15387812)
I'm not claiming he was right, just that his system is what cryptocurrency is building.

But I do think it makes at least as much intuitive sense to say "we can make as much money as we need, and competition between currencies will limit inflation" as to say "we won't have enough money so the economy won't grow."

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Re:IMF Head Foresees the End of Banking and the Triumph of C... by xapata on Monday October 02, 2017 @11:51PM (#15389990)
The trick with intuition is that we need the right metaphor for it to work. The one in my mind is an inflating balloon.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by Fjolsvith on Tuesday October 03, 2017 @01:58PM (#15394493)
But doesn't the principle of being able to add more cryptocurrencies grant the balloon infinite expansion?
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by xapata on Wednesday October 04, 2017 @02:49PM (#15403234)
That's more like having many balloons. Tho I don't know much about the coins other than Bitcoin. Are they all doomed to deflation?
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