Bitcoin has deflation baked into the system. Deflation is _terrible_ for the economy because it encourages people to hide cash under mattresses instead of spending it on useful projects. (Or in more abstract terms, deflation raises the minimum viable rate of return on investment.) We've learned this lesson well. All the really terrible depressions --- the 1870s, the 1930s --- featured crippling deflation that kicked the economy while it was already down. When Williams Jennings Bryan seared "you shall not crucify mankind on a cross of gold", he was talking about how using gold for money kept inflation too low and hurt ordinary people in the economy. (Bryan's "free silver" movement would have been inflationary and beneficial.)

One important thing stopping the current depression from being as catastrophic as the great depression is the policy of the Federal Reserve (which is hugely influenced by Goldman Sachs) of printing money and keeping interest rates at 0%. If they didn't do that, we'd be far worse off right now.

So yes, as far as regulating the money supply goes, I'd trust the directors of Goldman Sachs over some algorithm any day, especially when that algorithm seems to have been designed by people with a very dogmatic theory of value, a theory that history demonstrates is incompatible with happiness.