Replying to Avatar armstrys

Bitcoiners: I like to ask hard questions.

Generally, I see the tendency to complain about how the previous generation used the financial system to create debt and bring forward a wealth of assets at our expense today.

What keeps future generations from looking at the “HODLer” generation the same way? In 50 years when the mining fees have dropped significantly, the majority of redistribution would in theory would have to come from our generation and their heirs spending their wealth. Is this better for anyone but you and yours? What’s your best argument for a bitcoin with a hard cap over bitcoin with a fixed inflation rate - say at the current ~1.8% inflation paid to miners today?
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⚡A C V⚡ 2y ago

Inflation is theft.

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armstrys 2y ago

Go buy nano then! Miners are stealing from you every day

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armstrys 2y ago

Obviously sarcasm, but that’s a weak argument

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⚡A C V⚡ 2y ago

ok...

Since inflation is a tax, the question begs, what are the taxes for? You have onus to explain why a tax is needed and what it is that it is fixing, over not taxing? What economic situation are we punishing or promoting?

What does inflation do for our current financial system? Does it help anything? Anyone? The answer is yes. It helps banks and governments to borrow. You see, borrowing in a deflationary currency means your debts GROW as time goes on. If you borrow inflationary currency your debts shrink as time goes on.

You can see how the incentives would promote debt, paper Bitcoin, among governments and corporations, if we were to have a perpetual inflation in the unit of account.

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⚡A C V⚡ 2y ago

Why would Bitcoin, a base layer, globally neutral, want to promote debt and borrowing?

That would be choosing those today over those tomorrow, as your original post says. That is choosing the young, who are investing instead of saving like the old. That is choosing government and corporate and bank interests over the interests of the individuals of the world.

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armstrys 2y ago

1. Bitcoin exists because if social consensus - people have to choose neutral money over gov money and they will do so if it fits their ideals.

2. Debt is always going to exist in a functioning society, neutral money ensures that no group has unfair access to debt creation via monetary tools.

3. Bitcoin is inflationary and will be inflationary for the next century. Does that mean it is promoting debt?