Why control it? Crypto currencies are so attractive right now because of volatility and speculation, there are non volatile coins and don't generate much interest
I think I do agree with it, most investors see potentials on things they can't control it's like a new thrill. In bitcoin you can't get bored to it, for other stocks they have the tendency for a repetitive trend everyday. And most users are used in gamble and uncertainty. It is like, a game play to them in some cases but eventually profiting the end. Cant argue much on what should be good for bitcoin, is good to be volatile or stable?. I think I will accept bitcoin as it is.
If you want Bitcoin as a speculative currency used to grow your money, it's true, there is no reason to control the volatility, but if you want to use it as currency on your daily life there should be some stability... People won't like to use 1 Bitcoin today to buy a computer as tomorrow this person can use the same 1 Bitcoin to buy a car... People will tend to hold and only hold, without making the BTCs circulate on the market
Bitcoin is no exception here
Any appreciating currency (i.e. a currency rising in value) leads to this effect, that is, to people hoarding money instead of spending it. This is called price deflation (since one unit of a currency can buy more over time), and this is dangerous to the economy overall, by far more dangerous than small or moderate inflation (small and stable inflation is considered good and beneficial to the economy). In such conditions producers are disincentivized to produce, thus people are laid off, and the whole economy is set to spiral down. In other words, Bitcoin, with its number of coins hard capped, would be one such currency if it were used universally and instead of inflating fiat
Something like this happened on my country on the 80's. Saving account was too good and generated too much interest %, then many people just sold everything they had and put all their money on these accounts. Lots of people living from interest and stopped working, all day long doing nothing.
Then someday it crashed and people's money was confiscated, the interest % generated by these accounts dropped near to zero and it's like this until nowadays, worthless. With Bitcoin it's harder to happen because there are a global community involved and different interests, but there are many people dreaming to live without working, just with Bitcoins income and that isn't sustainable if everyone start thinking this way.
Who will produce the food, technology, science, education... ?I certainly understand your question and your concern
But if we are to be honest and bravely face the truth, Bitcoin is not the first asset which allows some people to live idly most of the time. In fact, there are quite a few people who live exactly that way their entire lives (though not via Bitcoin en masse), and that has been so for ages. In this way, there's nothing new under the Moon. Nevertheless, if we take Bitcoin, only early adopters (I guess we could still count ourselves as being the ones) can hope for that, the rest of the population should continue to work up a sweat to make a living. And if former rentiers should go to work too, as to me, that would be just fine
