Re:Bitcoin Surges Past $7,000 to Extend Record Rally
by tom_mellior on Thursday November 02, 2017 @02:22PM
(#15612891)
> can even function as an effective "buying stuff" currency because they are all deflationary
Yes. Exactly how US dollars cannot function as effective "buying an iPhone" currency since they are deflationary: In a year, the same amount of dollars will get me a better iPhone, or more iPhones of the same quality.
This super-simplified deflation argument is mostly bullshit, no matter how often it's repeated in economics textbooks. People have needs, and they are fine with fulfilling some needs later, but others they want fulfilled immediately.
Yes. Exactly how US dollars cannot function as effective "buying an iPhone" currency since they are deflationary: In a year, the same amount of dollars will get me a better iPhone, or more iPhones of the same quality.
This super-simplified deflation argument is mostly bullshit, no matter how often it's repeated in economics textbooks. People have needs, and they are fine with fulfilling some needs later, but others they want fulfilled immediately.