You hit the nail on the head! With bitcoin our masters can’t co-opt the gains because in a currency with a fixed supply, the productivity gains go down to the workers via the increase in purchasing power. Power is taken away from the elites. Capitalists can still control their capital equipment but they can’t control the economy. The protocol controls the economy to benefit everyone!

I give them the same argument. 🤔

However it seems they believe that growth is what makes an economy healthy. The argument is that Apple, for instance, could not be successful without having prices rising. While it’s production efficiencies are increasing, it cannot repay its debts if it reduces prices. Apple has to have prices rise because it has to service its debts. The argument continues. How can Apple invest in greater amounts of capital equipment without borrowing money first? It would need debt for that. Then later, sales would provide the money to pay off the debt. My answer to that is Apple would have to save enough money to invest in the capital equipment first. The response to that is “fine for Apple… that have lots of money but how would a startup get going without debt? …and if the value of money keeps going up, why start a new business if the return on savings incentivizes just hodling?”

Jeff, while I agree with you, I get Stu’s argument from my friends all the time. How would an economy thrive with a deflationary currency? Their argument is that the economy would contract because everyone would hoard Bitcoins and stop spending. They would all just hoard bitcoins and not buy anything today because they would expect the prices to be lower tomorrow! And why would anyone invest in new businesses if the return on their investments only go down along with their products’ marginal costs? Being in the current system, I don’t have any convincing arguments against that!