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monk_cactus

lol, it absolutely is not the blockchain not bitcoin argument.

If the bitcoin protocol was created with a 1% perpetual inflation rate, I would still be here.

Are you saying you would hold out for a shitcoin copy of bitcoin with a fixed supply?

⚡A C V⚡ 2y ago

I'm saying in the age of private money we're entering, monetary policy will compete over the long haul, 100s of years.

When all the governments of the world are targeting 2% inflation, a Bitcoin with 2% inflation would not be sufficiently different in this competition, once the governments upgrade their network tech stack.

A different Bitcoin without that 2% inflation would win the monetary policy competition, so yes, I would 'hold out' for a Bitcoin copy that has the right monetary policy.

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Discussion

graycat 2y ago

How could Bitcoin be modified to guarantee x% inflation? Inflation is when the money supply grows faster than production. (Deflation is the opposite.) Where is the measurement of the growth of production going to come from? Some sort of Ethereum-style oracle?

monk_cactus 2y ago

In these types of conversations, people generally use the more accurate definition of inflation; growth in money supply.

Production is not really relevant

graycat 2y ago

Your definition implies that inflation can happen while the average price of goods and services falls. That doesn’t sound like common usage.

monk_cactus 2y ago

You’re correct, but bitcoiners are not common people

armstrys 2y ago

Yes, I was speaking strictly about inflation of the bitcoin supply not relative inflation in price of a CPI basket or something like that