Re:What Bitcoin shows us about how money works
by xapata on Tuesday December 19, 2017 @12:27AM
(#15957994)
> cash balances would stay the same
You read the original comment differently than I did. I assumed some magical doubling, as if every dollar bill in someone's pocket duplicated itself.
If you want to play "What If?" I guess we need to figure out if we're magically erasing everyone's memory of their previous holdings. If not, the world would go a bit crazy. Journalists would report it, we'd learn about the existence of magic, etc. So, I guess we'll need to assume that the magic doubling also makes people forget what they had before.
Let's see ... there might be a bit of a wealth effect [0], but if we're saying people don't remember their old balances, would they really perceive themselves as wealthier? This question is just too nonsensical to really pursue. It could be a fun thought experiment, but it's hit the point where I'd rather get some work done instead.
You read the original comment differently than I did. I assumed some magical doubling, as if every dollar bill in someone's pocket duplicated itself.
If you want to play "What If?" I guess we need to figure out if we're magically erasing everyone's memory of their previous holdings. If not, the world would go a bit crazy. Journalists would report it, we'd learn about the existence of magic, etc. So, I guess we'll need to assume that the magic doubling also makes people forget what they had before.
Let's see ... there might be a bit of a wealth effect [0], but if we're saying people don't remember their old balances, would they really perceive themselves as wealthier? This question is just too nonsensical to really pursue. It could be a fun thought experiment, but it's hit the point where I'd rather get some work done instead.
[0] https://en.wikipedia.org/wiki/Wealth_effect