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# Lyn Alden vs Jeff Snider!

## Snider believes:

- Bitcoin is not perfect, as good money needs to be elastic to meet supply and demand

- Black markets and quasi money will be created in a system with fixed inelastic money

- The economic system does not adjust through prices, it adjusts through activity

- If you go through a deflationary period with inelastic money entrepreneurs will have to fire all their workers (because they don't have the funds to pay them)

- If you remove elasticity, it will be at the cost of economic growth, as debt is a factor, historically speaking, in creating economic prosperity for society ("imagine having a 2008 without all the economic growth of the 80's & 90's," he states)

## Alden believes:

- Bitcoin is good money as divisibility is the tradeoff for elasticity

- By having a hard and quickly verifiable deflationary money, less debt is injected in the system and it causes less problems during deflationary cycles

- Only highly indebted individuals or companies would suffer in a deflationary period

- Banks are incentivized to push inflation in a highly indebted system at a cost to society

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Overall, Snider asks "the age old question", do you want a system that minimizes the downside of deflationary periods at the cost of attainable economic growth, by limiting the amount of debt? **Is it worth limiting the downfall at the cost of future growth?**

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I've pondered this before and believe growth may be slower under a ₿ standard, but it would be more deliberate and less wasteful. Thoughts?

💜🫂🧡

https://www.youtube.com/watch?v=EoCfYifNswg

#Bitcoin

#plebchain

#inflationvsdeflation

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Discussion

Robertrobert 2y ago

Watched this and believe as you do. Great dialogue on both sides though.🤙

Crizzo 2y ago

Elasticity of money only matters to people who want to be able to continue to manipulate it and borrow against our children's futures. We already have elasticity in supply and demand and we can allow those to react more organically to market forces of we stop fucking with the money.

Snider seems to think that the economy needs powerful people at the helm to "guide" it with monetary policy, but the reality is we really would be better off without any guidance at all. The people running the show are at best incompetent and at worst straight up malicious, because if they know what actually happens to billions of people living in the global south when the Fed constantly fucks with the money that's used as WRC they would have to be evil to not speak out against it.

Dave 2y ago

The US economy did OK during periods when the currency was backed by gold or silver. And yes, it would result in deflation; but deflation is OK as long as most people are expecting it and are positioned for it.

🇩𝔢𝔠𝔢𝔫𝔱 🇼𝔦𝔰𝔡𝔬𝔪 2y ago

Maybe some privileged individuals will cry for change if they don't prepare under a deflationary system and cause changes. I could see them selling a story.

Sherry 2y ago

this is a good one