Roger Ver: "Bitcoin will make inflation impossible" Discuss!

[flix]

http://bitcoinmagazine.com/roger-ver-bitcoin-is-different/

BM: How will Bitcoin change the world? Describe your best-case scenario for Bitcoin 10-20 years from now.

RV: Governments currently pay for their actions through theft (taxation), and counterfeiting (inflation).  Bitcoin will make taxation much more difficult,  and inflation impossible. More people were killed in the 20th century by their own governments than by all wars combined. The odds of you being murdered by a government, not including wars, is higher than your chance of dying from diabetes, alcohol, tobacco, traffic accidents, homicides, and just about all other single medical illnesses.

In my ideal world, Bitcoin will bring an end to the nation state, allowing people across the world to deal with each other on a voluntary basis.

[Coinster]

That may be true if Bitcoin can remain a free market.

[Come-from-Beyond]

More and more alt-coins appear each day. Number of coins will always be increased. He is wrong about inflation.

[Jobe7]

well, for all intents and purposes, yes it will.

When it caps at 21 million inflation will only happen when coins are lost, but look at today, do you notice inflation when I lose £1? Not really, only noticable at that point if a substantial amount was lost. But then additions can be made to replenish with majority of public agreement.

Also, IF fiat is still being used at that point then deflation can still occur

But ye, what it means when inflation ends.. good stuff

[casascius]

More and more alt-coins appear each day. Number of coins will always be increased. He is wrong about inflation.

I don't think alt-coins equal inflation just by virtue of having been created.  They only equal inflation when merchants accept them and ascribe a value to them.  In that case, it's democratically controlled inflation, purely voluntary, nobody has to participate.  If there ever was an inflation I'd want to see, that would be it.

Some say we must have inflation for our economy to function.  Bitcoin solves that by making altcoins possible.  Nobody can inflate original genuine Bitcoins, but if society decides we don't have enough inflation, producers of goods and services can vote inflation into the system by accepting new altcoins as payment.  The beauty of it is that those who don't produce anything of value on their own to offer have less ability to do this than those who do, because while they can create the coins, they can't make them valuable without society's consent.

[Ekaros]

Doesn't bitcoin inflate once we get something better and use moves to it?

[Come-from-Beyond]

More and more alt-coins appear each day. Number of coins will always be increased. He is wrong about inflation.

I don't think alt-coins equal inflation just by virtue of having been created.  They only equal inflation when merchants accept them and ascribe a value to them.  In that case, it's democratically controlled inflation, purely voluntary, nobody has to participate.  If there ever was an inflation I'd want to see, that would be it.

Some say we must have inflation for our economy to function.  Bitcoin solves that by making altcoins possible.  Nobody can inflate original genuine Bitcoins, but if society decides we don't have enough inflation, producers of goods and services can vote inflation into the system by accepting new altcoins as payment.  The beauty of it is that those who don't produce anything of value on their own to offer have less ability to do this than those who do, because while they can create the coins, they can't make them valuable without society's consent.

Very interesting point of view!