Re:Bitcoin World’s 30th Largest Currency, Market Cap Closes ...
by Radim on Monday November 27, 2017 @05:08AM
(#15786201)
In case anyone's wondering: $1,000,000 in 1960 would be more than $8,000,000 today. (things feeling 8x "more expensive" to these old timers)
https://www.dollartimes.com/inflation/inflation.php?amount=1...
1) Your tax office requires your taxes to be paid with local currency
2) Because of this, you are obliged to routinely measure your economic activity relative to the yardstick of your local currency
Bitcoin doesn't have the same special place. My beefs with quantitative easing are:
1 - Whoever spends the money first is treated by the economic system as having done something useful for their money; when they have not.
2 - it distorts the yardstick we measure everything with. Eg, someone born in the 60s probably hasn't really adjusted their gut-feel for how much $1,000,000 is really worth these days. This just seems like confusing people for no reasons, and hence a bad idea.
Bitcoin ain't doing neither of these things. It is fine by me. Wealth creation even, if it doesn't bust spectacularly.