Author is knowledgeable about Bitcoin's history and factoids, but unfortunately falls at the last hurdle, retreading the [wrong] typical establishment hysteria wrt. deflation...thankfully many commenters like the one below do a great job at rebuttal.
The update of the author suggests that Bitcoins will continue to go up in value and that will deter people from borrowing BTC to buy something. The author implies without borrowing or lending the economy cannot run. However, I would say that's a great way to run an economy. For example, it's people who borrowed money to buy things they cannot afford as well as companies who lent that money out to people who could not afford to pay it back that has caused the biggest debt bubble in the history of the world, an economic crisis of epic proportions. If Bitcoins continue to appreciate, no one in the right mind would loan them out or borrow them to buy things. It's a great deterrent and I would argue that lending money and borrowing money is a terrible way to run an economy, and deterring lending/borrowing is a great thing and a great way to run an economy as it would end the boom bust cycles of the way the economy currently is manages, or more accurately mis-managed. Finally, this article wreaks of bias/propaganda. I'm not surprised as it's coming from Harvard, an institution controlled by the old fiat money, banking oligarchs and military industrial complex. "Harvard Princeton Yale, Bullets bombs and banks (ters)"~ Gerald Celente.
