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A comment on Flaws in Bitcoin make a lasting revival unlikely. Parent comment

Re:Flaws in Bitcoin make a lasting revival unlikely by jhoechtl on Thursday March 28, 2019 @01:27AM (#19509512)
> The 2% per annum is deliberate and useful; it means you have economic incentive to put your wealth to work on creating things-- new businesses, technology, public infrastructure-- by investing it, rather than passively sitting on it.

I think that's what the child poster meant by bug. It's artificial and still: Why?

Mankind came to what it is 99.9% of time without artificial devaluation.

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Re:Flaws in Bitcoin make a lasting revival unlikely by bildung on Thursday March 28, 2019 @05:46AM (#19510652)
> Mankind came to what it is 99.9% of time without artificial devaluation.

Because productivity was practically constant for this 99.9% of human history. Therefore the monetary base could be practically constant, too. With the industrial revolution, growth became obviously exponential.

Have a look at the following graph (nominal GDP):

http://3.bp.blogspot.com/_VO-2HbQsbSU/S9BbLF6MxBI/AAAAAAAAAR...

Or this one (real gdp):

https://ourworldindata.org/uploads/2013/11/GDP-per-capita-in...

Inflation means the value of money stays coupled to the changes in GDP, just as in the millenia you apparently value for exactly this constant money <> gdp relationship.

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Re:Flaws in Bitcoin make a lasting revival unlikely by TomVDB on Thursday March 28, 2019 @01:49AM (#19509605)
> Mankind came to what it is 99.9% of time without artificial devaluation.

Mankind came to what it is 99.999% of time without antibiotics too.

Arguments like this are rarely constructive.

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Re:Flaws in Bitcoin make a lasting revival unlikely by dTal on Thursday March 28, 2019 @07:51PM (#19517818)
No, we had natural devaluation. Most resources, hoarded away, will spoil. Everything has an expiry date, even social capital - do me a favour today, and I might return the favour tomorrow. But by next year I'll have forgotten about it.

It makes sense, really. Why should finding a old penny under the floorboards, nearly worthless when it was minted, make you rich?

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