molecular
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November 28, 2012, 11:44:34 PM |
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Inflation by definition is the increase of money supply
Indeed, but bitcoin is a complete other currency and a completely different type of money supply. It's more like gold than cash, so the bitcoin supply increasing by 13% pa is a very different (and less malicious) scenario from a central bank printing up 13% more money every year. It's not the inflation per se that is Bitcoins advantage. It's the fact that the future inflation rate of the bitcoin money supply is completely known in advance and can be trusted to be executed as planned.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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nobbynobbynoob
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November 28, 2012, 11:56:36 PM |
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It's not the inflation per se that is Bitcoins advantage. It's the fact that the future inflation rate of the bitcoin money supply is completely known in advance and can be trusted to be executed as planned.
+1 Thanks molecular, this is really the crux of what I was getting at.
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420
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November 29, 2012, 01:21:06 AM |
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Inflation by definition is the increase of money supply
Indeed, but bitcoin is a complete other currency and a completely different type of money supply. It's more like gold than cash, so the bitcoin supply increasing by 13% pa is a very different (and less malicious) scenario from a central bank printing up 13% more money every year. why's it different? because we're expending money to make that bitcoin? [like gold mining]
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Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS the hacks, the hacks, secure your bits!
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notme
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November 29, 2012, 03:40:32 AM |
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Inflation by definition is the increase of money supply
Indeed, but bitcoin is a complete other currency and a completely different type of money supply. It's more like gold than cash, so the bitcoin supply increasing by 13% pa is a very different (and less malicious) scenario from a central bank printing up 13% more money every year. why's it different? because we're expending money to make that bitcoin? [like gold mining] Bitcoin can't be printed at a whim and given to the well connected like every other fiat currency. The inflation rate is known long term and fairly stable short term.
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420
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November 29, 2012, 08:30:30 AM |
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Inflation by definition is the increase of money supply
Indeed, but bitcoin is a complete other currency and a completely different type of money supply. It's more like gold than cash, so the bitcoin supply increasing by 13% pa is a very different (and less malicious) scenario from a central bank printing up 13% more money every year. why's it different? because we're expending money to make that bitcoin? [like gold mining] Bitcoin can't be printed at a whim and given to the well connected like every other fiat currency. The inflation rate is known long term and fairly stable short term. you mean predictability is the argument here why it matters less that bitcoin inflation is as high as a fiat currency
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Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS the hacks, the hacks, secure your bits!
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molecular
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November 29, 2012, 09:51:08 AM |
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Inflation by definition is the increase of money supply
Indeed, but bitcoin is a complete other currency and a completely different type of money supply. It's more like gold than cash, so the bitcoin supply increasing by 13% pa is a very different (and less malicious) scenario from a central bank printing up 13% more money every year. why's it different? because we're expending money to make that bitcoin? [like gold mining] Bitcoin can't be printed at a whim and given to the well connected like every other fiat currency. The inflation rate is known long term and fairly stable short term. you mean predictability is the argument here why it matters less that bitcoin inflation is as high as a fiat currency I think that's exactly what he means and I think it's true to an extent. If bitcoin inflation was predictable, but constant (and too high), that would be bad for bitcoin. So I'd say the fact that bitcoin inflation is predictable AND monotonously decreasing is the interesting point. The currently still very high inflation is less of a concern. In easy words: you know there won't be more than 21 million, that's what counts.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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kentrolla
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November 29, 2012, 09:55:27 AM |
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i think halving day will be stable
But will December be stable? especially end of december when remaining miners need dollars for power bills. i don't think december will be stable. I only think today will be stable brag quote. (:
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▄▄████████▄▄ ▄▄████████████████▄▄ ▄██████████████████████▄ ▄█████████████████████████▄ ▄███████████████████████████▄
| ███████████████████▄████▄ █████████████████▄███████ ████████████████▄███████▀ ██████████▄▄███▄██████▀ ████████▄████▄█████▀▀ ██████▄██████████▀ ███▄▄████████████▄ ██▄███████████████ ░▄██████████████▀ ▄█████████████▀ █████████████ ███████████▀ ███████▀▀ | | | .
| | ▄▄███████▄▄ ▄███████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀ | . ElonCoin.org | │ | | .
| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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molecular
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Activity: 2772
Merit: 1019
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November 29, 2012, 09:58:01 AM |
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i think halving day will be stable
But will December be stable? especially end of december when remaining miners need dollars for power bills. i don't think december will be stable. I only think today will be stable brag quote. (: isn't it too early to brag? Price is still stable.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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kentrolla
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November 29, 2012, 09:59:32 AM |
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i think halving day will be stable
But will December be stable? especially end of december when remaining miners need dollars for power bills. i don't think december will be stable. I only think today will be stable brag quote. (: isn't it too early to brag? Price is still stable. well i guess its too early to brag about December being unstable. But, I think its pretty safe to say that halving day was surprisingly stable.
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▄▄████████▄▄ ▄▄████████████████▄▄ ▄██████████████████████▄ ▄█████████████████████████▄ ▄███████████████████████████▄
| ███████████████████▄████▄ █████████████████▄███████ ████████████████▄███████▀ ██████████▄▄███▄██████▀ ████████▄████▄█████▀▀ ██████▄██████████▀ ███▄▄████████████▄ ██▄███████████████ ░▄██████████████▀ ▄█████████████▀ █████████████ ███████████▀ ███████▀▀ | | | .
| | ▄▄███████▄▄ ▄███████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀ | . ElonCoin.org | │ | | .
| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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