Essentially yes. We are the 0.1%. It's our reward for getting in early and helping to spread bitcoin to the rest of the world.
And, again, why does the economy need to grow? For how long? At what point is it enough?
Topic: Does bitcoin foster economic growth or stagnation? - page 3. (Read 2946 times)
Inflation (resulting in higher prices) encourages debt, for they will be 'less of a burden' in the future. Deflation does the opposite, which is a great thing; the sooner you pay your debts the better. See how that works?
Yes I see it every day in GREECE, youth unemployment over 50% *great* system!Are you suggesting that youth unemployment of over 50% in Greece is caused by deflationary currency?
It's only deflationary in the short term. Once saturation is reached, it will be neither deflationary nor inflationary. It will be stable.
But we won't have to wait that long. People are already buying cars and houses with bitcoin. I personally plan to start spendling once it hits 10k. The great thing about a (currently) deflationary currency is that you can spend it and still increase your net value. It really is a new paradigm.
*edit* also, why does the economy need to grow? nobody has answered that part of the equation yet
No because the economy will/must grow, unless your plan is to straightjack the global economy at something less that 21M BTC capitalization forever.But we won't have to wait that long. People are already buying cars and houses with bitcoin. I personally plan to start spendling once it hits 10k. The great thing about a (currently) deflationary currency is that you can spend it and still increase your net value. It really is a new paradigm.
*edit* also, why does the economy need to grow? nobody has answered that part of the equation yet
A new paradigm of lazy lords living off diminishing fractions of their stash, sure nobody thought it before. So I guess your paradigm is only for the few chosen then, the new Bitcoin Aristocracy, or for everyone? because food will not grow itself.
Why grow? Look at Nature what doesnt grow dies, Population will grow, if economy doesn't grow in pace people will be worse off, you want your children to have the same or better standard of living right?
If things turn your way, the Bitcoin generation will be the most hated of all.
I'm begging you spammers now, please go and read previous posts because this has been argued to death and people who attack deflationary currencies have clearly shown to me they have absolutely no knowledge of how they work.
Experience counts as Knowledge? or just your Flights of Fancy, Wishfull Thinking Models?Tell me have YOU *any* EXPERIENCE in a deflative economy?
You do realise Gold and Silver have been used for centuries before paper money ever came into existence right? Also that paper money was originally receipts/IOU's for a *gasp* deflationary currency known as Gold/Silver? Your argument is pretty stupid, unfortunately for you I have historical facts and mathematics on my side so it doesn't matter how much people trash talk deflationary currencies it still isn't going to make the slightest bit of difference to how well any deflationary economy does.
Go and peddle your religion elsewhere.
You do realise that the metalic coins have been systematicaly debased right? So there was actually *gasp* Inflation even then.
So please present those facts and mathematical models.
The most perfect economy and deflationary mind you that I heard of in History were the Feuds, I wonder why that word carries such a negative meaning hmmm?
I'm begging you spammers now, please go and read previous posts because this has been argued to death and people who attack deflationary currencies have clearly shown to me they have absolutely no knowledge of how they work.
Experience counts as Knowledge? or just your Flights of Fancy, Wishfull Thinking Models?Tell me have YOU *any* EXPERIENCE in a deflative economy?
You do realise Gold and Silver have been used for centuries before paper money ever came into existence right? Also that paper money was originally receipts/IOU's for a *gasp* deflationary currency known as Gold/Silver? Your argument is pretty stupid, unfortunately for you I have historical facts and mathematics on my side so it doesn't matter how much people trash talk deflationary currencies it still isn't going to make the slightest bit of difference to how well any deflationary economy does.
Go and peddle your religion elsewhere.
It's only deflationary in the short term. Once saturation is reached, it will be neither deflationary nor inflationary. It will be stable.
But we won't have to wait that long. People are already buying cars and houses with bitcoin. I personally plan to start spendling once it hits 10k. The great thing about a (currently) deflationary currency is that you can spend it and still increase your net value. It really is a new paradigm.
*edit* also, why does the economy need to grow? nobody has answered that part of the equation yet
But we won't have to wait that long. People are already buying cars and houses with bitcoin. I personally plan to start spendling once it hits 10k. The great thing about a (currently) deflationary currency is that you can spend it and still increase your net value. It really is a new paradigm.
*edit* also, why does the economy need to grow? nobody has answered that part of the equation yet
Inflation (resulting in higher prices) encourages debt, for they will be 'less of a burden' in the future. Deflation does the opposite, which is a great thing; the sooner you pay your debts the better. See how that works?
Yes I see it every day in GREECE, youth unemployment over 50% *great* system!Are you suggesting that youth unemployment of over 50% in Greece is caused by deflationary currency?
I'm begging you spammers now, please go and read previous posts because this has been argued to death and people who attack deflationary currencies have clearly shown to me they have absolutely no knowledge of how they work.
Experience counts as Knowledge? or just your Flights of Fancy, Wishfull Thinking Models?Tell me have YOU *any* EXPERIENCE in a deflative economy?
Inflation (resulting in higher prices) encourages debt, for they will be 'less of a burden' in the future. Deflation does the opposite, which is a great thing; the sooner you pay your debts the better. See how that works?
Yes I see it every day in GREECE, youth unemployment over 50% *great* system!
This statement has been repeated a million times and a million times it's been wrong, more and more businesses are springing up that accept Bitcoin and the idea of hoarding or buy and hold only realistically applies to speculators who are holding the currency long term either as a store of value or in order to make some profit. In the end the rest of us are saving and there's absolutely nothing wrong with that, eventually people will need to sell in order to make money and then they'll spend it on whatever they like.
I'm begging you spammers now, please go and read previous posts because this has been argued to death and people who attack deflationary currencies have clearly shown to me they have absolutely no knowledge of how they work.
I'm begging you spammers now, please go and read previous posts because this has been argued to death and people who attack deflationary currencies have clearly shown to me they have absolutely no knowledge of how they work.
You are treating Bitcoin like it's a standalone economy/currency. If anything it's there to compliment the dollar, euro, yn, or whatever. It's never going to replace these currencies worldwide, like some of the paranoid libertarians here like to preach. But it's a great alternative.
So yes, BTC's value compared to other currencies rises, but you could also say that about the value of a nice house in a growing part of town, or any other investment. The difference is you can't trade 0.3 of your house for an Xbox.
So yes, BTC's value compared to other currencies rises, but you could also say that about the value of a nice house in a growing part of town, or any other investment. The difference is you can't trade 0.3 of your house for an Xbox.
Yes, this is how bubbles form, and it's also how they pop. Just try not to put all eggs in one basket.
Inflation (resulting in higher prices) encourages debt, for they will be 'less of a burden' in the future. Deflation does the opposite, which is a great thing; the sooner you pay your debts the better. See how that works?
Could someone explain to me how bitcoin, a deflationary currency, is supposed to be successful when it rewards those who hang on it it? A currency like that would inherently lead me to believe that no inroads would be made in the future in regards to it's development because who wants to build bitcoin ATMs when not enough people are spending btc or accept bitcoin as a payment if there aren't enough spenders? While fiat currency has many many flaws, it spurs spending. You wouldn't want to keep your fiat in cold storage somewhere under that mattress of yours when you know it would be worth less next year!
You'd go out and spend it on something hoping to retain that value! By my understanding, this is the opposite for bitcoin. We've all heard the phrase "BUY AND HOLD"--is this literally what people will constantly do in the future with bitcoin? How will anything develop if there's no demand to spend in the short term?
You'd go out and spend it on something hoping to retain that value! By my understanding, this is the opposite for bitcoin. We've all heard the phrase "BUY AND HOLD"--is this literally what people will constantly do in the future with bitcoin? How will anything develop if there's no demand to spend in the short term?
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