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Author Topic: Terminology  (Read 78677 times)
ForSaleByBitcoin
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March 21, 2013, 04:02:12 PM
 #401

Bitcoin is inflationary.  The money supply is increasing every ten minutes.  What you are seeing in the price run-up is not deflation of the currency.  It is the value of the currency increasing.

At some later date, off in the distance, bitcoin's creation rate (block reward) will be cut to the point where people losing or permanently destroying Bitcoins will exceed the creation rate.  Only at that point will Bitcoin be deflationary.

It's my understanding that deflation is a decline in the general price levels of goods and services, relative to a specific measure.  Although money supplied can affect deflation, it's not how it's measured.

But to say "Bitcoin is deflationary" doesn't make a lot of sense.  By your measure, there have been periods when Bitcoin has been deflationary, and there have been periods when Bitcoin has been inflationary, by your definition.  So if you are talking about past history, then the statement is at best only "sometimes right" (therefore wrong, as a blanket statement).

The fact is that there is a certain amount of inflation (of the money supply) designed into bitcoin (as shown here: https://bitcointalk.org/index.php?topic=130619.0 ).  Whether the "steady state" of Bitcoin is inflationary or deflationary is yet to be seen - as it isn't near 100% adoption, and isn't near 100% distributed.  Current money supply inflation is about 10%.  We could begin a 6-month inflationary period tomorrow - who knows!
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yogi
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March 21, 2013, 04:49:24 PM
 #402

I agree. I don't know if bitcoin should be described as deflationary or not, but it often is. Maybe this would be a good topic for a thread, as I would be interested to hear other peoples opinions on this.

mike332
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March 21, 2013, 09:09:33 PM
 #403

Wire transfer is an international expedited bank-to-bank funds transfer.
DulyNoted
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March 22, 2013, 02:05:38 AM
 #404

thanks for this.
techne
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March 22, 2013, 04:30:36 AM
 #405

thanks
coinfunder
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March 22, 2013, 06:24:53 AM
 #406

Very helpful - thanks!
rcv
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March 22, 2013, 08:18:04 AM
 #407

Thank you.  But to be honest, this post is merely to get out of the newbie penalty box.
prespendwindfall
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March 22, 2013, 07:59:56 PM
 #408

Yea, I appreciate this, but I want to post in the ripple forum post.  Also, I was surprised I got logged off after an hour or so.  Then I had to reset my pw.  Strange, but glad I'M BACK!
AntonAbi
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March 23, 2013, 12:33:38 PM
 #409

Great info.
czdano
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March 23, 2013, 12:43:34 PM
 #410

good Yogi ^^
420budlane
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March 23, 2013, 12:49:39 PM
 #411

Thank you, this is very helpful
sharon
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March 23, 2013, 12:58:55 PM
 #412

Good effort indeed! I think this will be very helpful to a lot of newcomers and I urge all of them to read through it. It does get tiring reading through forums where people don't know what they're talking about.
Phylli-Menke
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March 23, 2013, 01:08:33 PM
 #413

txh, great post
hmmdlp
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March 23, 2013, 01:27:54 PM
 #414

Thanks for the helpful thread
mannsurjit
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March 23, 2013, 01:35:14 PM
 #415

Good list to look at for new people! Thanks!
rayallen
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March 23, 2013, 01:40:26 PM
 #416

thanks
Tyrp
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March 23, 2013, 08:08:39 PM
 #417

awesome list, this helped a lot!
Stacy_Santiago
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March 24, 2013, 12:47:42 AM
 #418

now that's a good list.
Lillian_Salinas
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March 24, 2013, 12:51:33 AM
 #419

Great info.
pat
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March 24, 2013, 12:55:08 AM
 #420

Can you add Bank Wire and indicate that Bank Wire and ACH are not the same thing (different transfer networks)?
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