That view assumes that when bitcoin is used as a store of value, it will never be spent. The point of store of value is that expenditure is delayed and will be applied to its best future use. This fosters the best kind of industrialization.
Discussion
History is a proof ! When currency was pegged to gold , world was a terrible place ..
The moment currency was unpegged , growth engines started pumping..
And physics too - manifestations happens only when massless ( photons ) are separated from massful ( nucleus) .. without separation, universe decimates into singularity !
Think of currency as massless photons .. and assets as massful nucleus..
I disagree that the world was a terrible place. Un-pegging the currency from gold led to easy debt slavery.
For one , I have lived in that world :-) ..
And second - what do you mean by debt slavery ? .. no one is forcing you to have debt ! I don't have any ! Nada ..
The majority of people in the West can't afford to buy houses and cars because of monetary supply inflation. Debt is the only way to do it. That's the reality.
car ownership is all time high .. there are literally two cars per home in US .. 15 million new cars are bought every year in a population of 350 million !
I have lived in a world where I had to borrow money ( from three different friends) to buy a television! There was an eight years waitlist to buy a scooter ! And cooking gas cylinder needed standing in mile long line !
In the U.S., there are roughly 0.42 homes per person, meaning with a population of roughly 330 million and around 141 million homes, the US is slightly below the OECD average of homes per capita but still there is a home for a family of two !
Renting or ownership is a personal choice ..
ownership and possession are two completely different things. Where ownership is high, it is people 65 and older that were able to take advantage of a low interest and a higher correlation to wages and prices than what we see now. Non-boomers cannot make enough money to own things that foster the growth of families.
Interest rates are coming down .. Trump is fixing that .. but still .. home ownership is not an indicator of prosperity.. and 65 % ownership is very good .. I mean , there is hardly anything to complaint
I have seen this website .. it is grossly misguided! Probably done by someone born after eighties ..
Misguided? It's just data, man.
The idea that we're better off because of fiat is a total joke.
Only 40% of American homes are owned mortgage free, not 65%. It's really easy to find that number. More importantly, those homes are owned by boomers. No one else can afford them due to the divergence of wages and prices. Real inflation in the US in just the past 5 years is close to 30%. Store of value assets like homes have inflated by 200-300%. This is due to fiat money printing and isn't sustainable. In this system, people will never get out of debt.
As you said ..it is really easy to find the numbers .. I can give you data for any case you want to make .. the truth is what we experienced .. personally..
For me .. I wouldn't want to go back to fifties or sixties ..
I can't stop counting my blessings of this modern life !
But you don't need to trust my experience!
Just the fact that ... unpegged dollar gives you option to invest in asset of choice ... is enough... It is literally the definition of #freeMarket ..
If it is pegged to bitcoin then you are giving people a default setting .. not good !