Re:The problem Bitcoin solves
by Animats on Sunday November 11, 2018 @04:21PM
(#18428667)
I think of Bitcoin as being a Gold 2.0.
That may be a bug, not a feature. See William Jennings Brian, "Cross of Gold" speech. Having a fixed currency and economic growth forces deflation, which is really tough on debtors.
Gold, like diamonds, is a promoted rarity. The gold industry's "World Gold Council" puts effort into into getting gold safely locked up in safe uses like jewelry and off the trading market.
That may be a bug, not a feature. See William Jennings Brian, "Cross of Gold" speech. Having a fixed currency and economic growth forces deflation, which is really tough on debtors.
Gold, like diamonds, is a promoted rarity. The gold industry's "World Gold Council" puts effort into into getting gold safely locked up in safe uses like jewelry and off the trading market.