> The boom/bust cycle is caused by what we declare to be the solution: active management and printing of the money supply as desired to achieve short-term economic or political goals.
That seems like quite an extraordinary claim without much evidence.
Re:Bitcoin still makes no sense
by jerrymiller on Sunday December 06, 2020 @10:04AM
(#25323876)
> extraordinary claim without much evidence
"Much evidence", smh. How about the work that won the Nobel prize on this exact topic? https://en.wikipedia.org/wiki/Austrian_business_cycle_theory
It shows exactly how the boom/bust cycle is caused by the active management of money.
Huh? Whoever has the most capital has the most capital? I don't get it.
> Citation needed
The boom/bust cycle is caused by what we declare to be the solution: active management and printing of the money supply as desired to achieve short-term economic or political goals.
> an anonymous market manipulator caused bitcoin to top $20k
I was speaking about the money supply, not the price. Dunno if you meant to misinterpret or not. But regardless, even that criticism isn't really doable at the scale Bitcoin will achieve.
> I'm sure that'll work...
I don't consider this to be a real criticism. I don't consider any scaling criticism to be valid, because they all come from the perspective of "Bitcoin hasn't scaled already, therefore it will never scale." 80% of software engineering is scaling. It's what we do, it's what's being done. It's a lazy argument. For it to be interesting, you have to tell me why Bitcoin can't scale, ever, in principle.