Does anyone have a good argument why a deflationary monetary system would be superior to the one most people use today?

Mine goes like this: If we had a “magic ledger” that reliably stored everyone’s relative monetary wealth over time, the nominal value (think price) of the cumulative wealth would be irrelevant because at the end of the day, you always need to trade some fraction of your monetary wealth for real goods and services. The moment in time a trade occurs, there’s a fixed supply of money anyway, so this “redistribution” of monetary wealth is perfectly balanced with a redistribution in material wealth. More goods and services divided by a fixed supply of money just means lower prices. Fewer goods and services… higher prices. There’s no voodoo magic here that says we must use absolute numbers to track wealth among the population over time.

So there’s nothing really special about a fixed money supply other than the fact that it eliminates the Cantillon Effect. What’s really important here (and superior to fiat monetary policy) is moving away from nominal measures of value towards a system that uses a “magic ledger” to measure relative wealth, i.e. the value we’ve bestowed to our fellow man. #bitcoin