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A comment on Crypto, the Left and Technofeudalism. Parent comment

Re:Crypto, the Left and Technofeudalism by tphyahoo2 on Saturday April 23, 2022 @11:20AM (#31134996)
I think a bitcoin economy in stablestate would have about the same amount of lending as a gold economy under the gold standard. There is enough history during gold standard periods to have some idea how this would be.

https://en.wikipedia.org/wiki/Gold_standard

These times weren't perfect, but no time ever is.

In short there would be less lending than under fiat with MMT, but certainly not zero lending. On the plus side, much more stability, and no hyperinflations, ever.

Seems worth it to me.

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Re:Crypto, the Left and Technofeudalism by espadrine on Sunday April 24, 2022 @08:58AM (#31143519)
> [Bitcoin will have] much more stability [than fiat]

Why would it reach more stability?

Historically, cryptocurrencies have been significantly more volatile, not less. Arguments were made back in 2013[0] that:

> this volatility will decrease as Bitcoin markets and the technology matures

But volatility has remained consistent over the past 10 years[1], seemingly uncorrelated to its adoption, market cap, and coin supply. In the same period, USD was an order of magnitude better[2].

[0]: https://web.archive.org/web/20130916231759/https://bitcoin.o...

[1]: https://vlab.stern.nyu.edu/volatility/VOL.BTCUSD%3AFOREX-R.G...

[2]: https://vlab.stern.nyu.edu/volatility/VOL.DXY%3AFOREX-R.GARC...

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