Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]
by mrb on Saturday December 09, 2017 @12:02AM
(#15884389)
This has been said many, many times, but I will say it again: the criticism of Bitcoin being deflationary would be valid only if Bitcoin was to replace the entire financial system. But it's perfectly fine for it to be deflationary if it's replacing only parts of the system.
Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]
by Udik on Saturday December 09, 2017 @02:40AM
(#15884748)
Could you explain briefly why? I don't see how it can be deflationary and used as a currency, period, be it the whole system or part of it.
Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]
by ric2b on Tuesday December 12, 2017 @01:14PM
(#15907938)
Can you give any other data-point that shows the dangers of deflation that didn't happen during during a world war and wasn't actually caused by fractional reserve banking and government interference?
Gold has existed for thousands of years, surely this commonly accepted idea is based on more than one or two heavily flawed data-points.
Re:Bitcoin: A Peer-to-Peer Electronic Cash System (2008) [pdf]
by etherael on Saturday December 09, 2017 @05:47AM
(#15885217)
Or perhaps it is you that is wrong, and all the illusions you cling to amount to nothing more than the indignant declarations from seventeenth century clergy of the intolerable social consequences if it were to be widely accepted that god may not exist.
Things do not endure merely because some social engineer has a tortured explanation for them he trots out at every opportunity to justify the construct.
You explain the importance of monetary policy, why the gold standard is problematic, why this means Bitcoin will not replace modern currencies, yet they don't really hear. They just don't like "The System" and want to subvert it.
Bitcoin is great, but it will not change 'the system'. It is a novel and ingenious asset, nothing more.