Replying to Avatar splinter

That's fair, in general though the effects of deflation are fairly well understood and they absolutely kill economies, since people are incentivized to hold on to their bucks instead of spending them.

My argument is not that Bitcoin is useless, but rather that it's a speculative asset which makes it unfeasible as a currency.
Avatar
GrumpyGardener 1y ago

Depends on your school of thought and by what metric you use to measure an economy. Deflation is catastrophic to debt based systems.

We know, that's why we Bitcoin.

The goal is not to drive the Lambo... it's to stop the erosion of our purchasing power and remove the power of the central banking system. Full stop.

Perhaps you are too young to understand the implications, but real wage growth stopped in 2001 and the affects of our exploding monetary system has been the erosion of the middle class and the expansion of government.

If you're measuring the economy based on GDP alone, then yes. Inflation is good.

But if you stop to consider the deteriorating quality of life form the middle class... the answer is obvious.

Reply to this note

Please Login to reply.

Discussion

Avatar
vinney...axkl 1y ago

Not to mention the fact that GDP is completely misleading. Fake govbux printed to pay itself on its own debt comes out as "GDP increase" in the numbers, while that phenomenon is actually making 99% of people effectively poorer.