Re:Krugman's Baby-Sitting Co-op Explains The Design Flaw At ...
by danielweber on Friday April 05, 2013 @04:31PM
(#5500872)
You need to issue more currency so that the sum total of money available is equal to the sum total of value in the world. Any currency that doesn't do that fails.
I think many of the bitcoin fans reject this. They want to be able to hold (say) 1/1000th of the world's wealth, and be able to keep on holding 1/1000th of the world's wealth as long as they don't spend any of their hoard.
It's like trying to create a financial crisis because you expect to be on the right side of it.
I think many of the bitcoin fans reject this. They want to be able to hold (say) 1/1000th of the world's wealth, and be able to keep on holding 1/1000th of the world's wealth as long as they don't spend any of their hoard.
It's like trying to create a financial crisis because you expect to be on the right side of it.