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.
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.
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.