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I mean, with inflation you could always just work a job if you want money. Deflation on the other hand encourages hoarding and is not good for currencies while it happens.

John Balkam 1y ago

People will save what they want to save, but they will eventually spend their Bitcoin. We all need to have a place to live, food on the table, and clothes on our back.

We won't just hoard Bitcoin and never spend it. If nothing else, we will get bored, and spend some on an experience just to get some novelty in our lives.

The point is, all of those important goods will continue to get less expensive. And the folks who work, and provide valuable goods and services will earn less money on each job but their money will have more purchasing power over time.

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Discussion

Scoundrel 1y ago

Is that Bitcoin's use case? Is that where all it's value is supposed to come from? People getting bored with using actually passible currencies and deciding to spend it for the giggles? I've seen how that plays out, with all the people paying pennies to updoot some post on Nostr. I have to say, I'm not impressed.

You are right that people need a place to live, food on the table, and clothes on their back. But they will buy all of those things with fiat, since fiat doesn't deflate.

As someone who has actually needed to use crypto as a currency, I can testify as to just how few people are actually in my position.