> If you call these currencies, then you need to recognize
> that they are extremely deflationary and will never be used as
> fiat currencies are.
For me, one of the best things about bitcoin is that it is actually going allow a lot of arrogant economic dogma to finally be put to the test, including that:
- currencies must be inflationary or the universe will explode and people will save so aggressively that they will die of hunger
- printing free money and giving it to rich banks is a good thing and doesn't totally fuck the little guy
- monetary stimulus smooths out economic cycles, and totally isn't part of the cause of the ridiculous boom-bust cycles we are having now
For me, one of the best things about bitcoin is that it is actually going allow a lot of arrogant economic dogma to finally be put to the test, including that:
- currencies must be inflationary or the universe will explode and people will save so aggressively that they will die of hunger
- printing free money and giving it to rich banks is a good thing and doesn't totally fuck the little guy
- monetary stimulus smooths out economic cycles, and totally isn't part of the cause of the ridiculous boom-bust cycles we are having now