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A comment on I, Token: The untold story of the hole in Bitcoin's heart. Parent comment

Re:I, Token: The untold story of the hole in Bitcoin's heart by analog31 on Saturday July 31, 2021 @10:31PM (#28023315)
As I understand it, there are countries where people may set some of their national currency aside to pay taxes, but make an effort (often illegal) to move their wealth into the currency of some other country such as the US or EU, either by holding cash, or securities denominated in those currencies.

In my view, money is a technology, and people will choose to use money that "works" if they can. A technology can be designed to suit particular purposes, and without claiming to be an economist, I think the major government money systems as US and EU are designed to provide a medium of exchange, temporary store of value, and tool of economic policy.

What I see as the main promise of US money is that it will be roughly the same tomorrow as today, to the point where thinking about the value of things in dollars is useful.

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Re:I, Token: The untold story of the hole in Bitcoin's heart by therein on Sunday August 01, 2021 @01:09AM (#28023932)
> What I see as the main promise of US money is that it will be roughly the same tomorrow as today, to the point where thinking about the value of things in dollars is useful.

I think it is safe to consider that promise has not been kept.

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Re:I, Token: The untold story of the hole in Bitcoin's heart by lmm on Sunday August 01, 2021 @01:46AM (#28024086)
Compared to Bitcoin the USD is an extremely stable store of value.
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Re:I, Token: The untold story of the hole in Bitcoin's heart by alwillis on Sunday August 01, 2021 @02:54AM (#28024348)
That’s only true if you price things in USD. If you price things in BTC, 1 bitcoin still equals 1 bitcoin.

If you price items in BTC, those items continue to get cheaper; if you price them in USD, they get more expensive.

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Re:I, Token: The untold story of the hole in Bitcoin's heart by lxgr on Sunday August 01, 2021 @03:36AM (#28024529)
> If you price things in BTC, 1 bitcoin still equals 1 bitcoin.

Do you realize that you are looking at only one side of the equation you are implying? 1 USD is also always 1 USD. A tautology is also a tautology.

> If you price items in BTC, those items continue to get cheaper

Which is not stability.

Now look at the absolute value of that change over time and you‘ll notice a difference between USD and BTC.

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Re:I, Token: The untold story of the hole in Bitcoin's heart by analog31 on Sunday August 01, 2021 @10:51AM (#28026631)
There's only one "thing" that's stable relative to BTC, and that's BTC. There are many "things" that are stable in the short term, relative to USD, such as bread, electricity (to make BTC's), wages, and so forth.
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Re:I, Token: The untold story of the hole in Bitcoin's heart by bottled_poe on Sunday August 01, 2021 @03:06AM (#28024397)
Huh? Purchasing power of BTC is obviously volatile.
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Re:I, Token: The untold story of the hole in Bitcoin's heart by lxgr on Sunday August 01, 2021 @03:38AM (#28024534)
Bitcoiners are often using a fringe definition of inflation not based on purchasing power.

In that framework, it really is just equal to issuance, disregarding even the velocity of money.

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