On the terminology: https://mises.org/daily/908
His arguments seem to be based on an oversimplification, so I'm not sure I buy them. Where does velocity of money and 'real' value of the transactions come in to play?
Yeah, you can do that even today - that's the beauty of it. Just fork the code. Or find somebody that can do it for you.
Of course the market would quickly verify your claims and pick a winner.
Of course the market would quickly verify your claims and pick a winner.
Would be a bit pointless to do that without any community support though, right?
Doesn't matter. The more money are gaining on value, the better. Deflation is good for the economy, contrary to popular beliefs. And Bitcoin will be the perfect proof of that.
That may be true - but I still contend that you can have real deflation alongside monetary inflation (this is evidently true, as it's the situation we're in now). And even then, you still need to figure out a way to pay the miners fairly (the original point of this thread).
On a separate note, consider this:
If you're holding Bitcoins but not spending them, you're still using the services of the bitcoin network. The service being - in this case - storing your captial. You're relying on the activity in the network around you (the miners) to hold the value of that capital. Why shouldn't you pay for that service?
