3) Inflation indexed store of value -- basket of items representative for me.
4) Rapid transactions
Can we do it?
#BTC failed to be currency, open-Ponzi speculative game. A currency must earn interest: currencies weren't born from govt design but from commercial credit. A deflationary currency blocks borrowing. #BTC is just an open Ponzi scheme: money made by someone is taken from someone else.
Stephen Diehl explains it better: Because on top of the zero-sum mechanics, if it siphons wealth off to insiders then the pool to pay out returns shrinks. What @nntaleb said is right, it's economically equivalent to an open Ponzi scheme.
https://twitter.com/nntaleb/status/1382446478539550727
WHAT WE WANT CRYPTO & CURRENCY FOR:
1) Currency w/o a government
2) Stable/reliable for contracts
3) Inflation indexed store of value -- basket of items representative for me.
4) Rapid transactions
Can we do it?
#BTC failed to be currency, open-Ponzi speculative game. A currency must earn interest: currencies weren't born from govt design but from commercial credit. A deflationary currency blocks borrowing. #BTC is just an open Ponzi scheme: money made by someone is taken from someone else.
Stephen Diehl explains it better: Because on top of the zero-sum mechanics, if it siphons wealth off to insiders then the pool to pay out returns shrinks. What @nntaleb said is right, it's economically equivalent to an open Ponzi scheme.