This is how bitcoin will turn the world into better place I believe!

[cuddaloreappu]

The deflationary nature of bitcoin which will appreciate in value  so much say a million dollars per coin and beyond, that it discourages spending and encourages saving..

Every merchant across the globe will wish to have some bitcoin and hence offer their services for bitcoins to the point that they accept only bitcoins for their products and services.

So ultimately any hardcore Hodler cannot continue Hodling forcing to spend to get daily bread as well as luxury things, but will think before spending twice!

Those merchants who offer lowest price will survive in the market.

 all these leads to responsible spending, efficient market dynamics and above this the democracy and Goverment will become open as all their transactions will be available in public, this roots out corruption.

Thus the world will be a better place and everyone will live happily ever after.

[pedrog]

Because there aren't any frauds in Bitcoinland...

[cuddaloreappu]

Because there aren't any frauds in Bitcoinland...

execpt mt.gox and butterfly labs and , and...

[slaveforanunnak1]

Because there aren't any frauds in Bitcoinland...

execpt mt.gox and butterfly labs and , and...

To be fair, he didn't say anything about outright theft! I will quote his important point however.

Those merchants who offer lowest price will survive in the market.

 all these leads to responsible spending, efficient market dynamics and above this the democracy and Goverment will become open as all their transactions will be available in public, this roots out corruption.

[Kayex]

Because there aren't any frauds in Bitcoinland...

You can't fraud btc. (Not that I know of)
However, similar to any paper currency or online currency, it can be stolen.
So in a sense, it can be the same as any currency out there.

[Coinfan]

A deflationary economy will be a tragedy.

As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression.

Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead.

[jbreher]

A deflationary economy will be a tragedy.

Yeah - that's exactly why nobody buys computers or cell phones. If they wait three months, they'll get twice as much for the same cost. Accordingly, nobody buys computers or cell phones, driving the entire industry towards bankruptcy.

Damn deflation ruins everything.

[Cicero2.0]

A deflationary economy will be a tragedy.

As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression.

Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead.

Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it.

[salmondance]

Those merchants who offer lowest price will survive in the market.

This is the rule of extraction which is common for all types of economic system. And I can't understand why you decided to mention that. But if you want to talk about bitcoin future I must to admit that price competition will not be so tough according to bitcoin idea.

[pawel7777]

A deflationary economy will be a tragedy.

As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression.

Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead.

Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it.

Yeah right, and why would anyone invest their BTC (creating new products, services, jobs) instead of just holding and watching their BTC getting more purchasing power?

[Eotnak]

A deflationary economy will be a tragedy.

As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression.

Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead.

Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it.

An inflationary economy is a tragedy.  No one retires, and people die working.  More old people driving cars to get to work killing everyone else on the road.  Only old people are left and their dusty wombs cannot continue the human race.  Cockroaches and invasive plant species inherit the Earth.

[cuddaloreappu]

A deflationary economy will be a tragedy.

As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression.

Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead.

Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it.

An inflationary economy is a tragedy.  No one retires, and people die working.  More old people driving cars to get to work killing everyone else on the road.  Only old people are left and their dusty wombs cannot continue the human race.  Cockroaches and invasive plant species inherit the Earth.

[Coinfan]

The sarcasm was great, pity the content hadn't the same quality.

Try to make an effort to avoid that your love for bitcoin blind you about the consequences to others of its general adoption. For instance, read: https://bitcointalk.org/index.php?topic=180798.0

[DjPxH]

I've got to say, your premise does actually sound more like the worst nightmare straight out of a textbook about the perils of deflation 
People should be at least somewhat encouraged to spend their money and not only hold on tight to it!

[acs267]

I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million.

[BADecker]

I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million.

Of course, in sales, you go for the BIG goal. That way you just might get something.

[BADecker]

People forget one major thing about Bitcoin. Bitcoin doesn't have any mercy.

If you make a mistake using Bitcoin, you pay. That is point blank that.

If you happen to win in Bitcoin by accident, then the mercy part has to be yours.

Bitcoin is built on solid math. Math doesn't break. It doesn't even bend.

This isn't necessarily a bad idea. But it is something to keep in mind. You need to take responsibility for your life with Bitcoin. Bitcoin won't screw you like the banks do, but it doesn't have any mercy like the banks do at times either.

[acs267]

I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million.

Of course, in sales, you go for the BIG goal. That way you just might get something.

Yes, but sometimes going big allows you to make reckless decisions. Why do you think scammers scam?

[BADecker]

I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million.

Of course, in sales, you go for the BIG goal. That way you just might get something.

Yes, but sometimes going big allows you to make reckless decisions. Why do you think scammers scam?

You sold me. And you didn't even go for the big goal!

[mooncake]

I believe we should not be spending for the sake of stimulating the economy. We should only spend what we need. The idea of spending in excess for the sake of maintaining a vibrant economy is short-sighted and fails to consider long term consequences.

To create a good, we need inputs like land, human capital, financial capital and natural resources. The more we spend, the more the demand of a good, the more the goods will be produced, the more the inputs will be consumed. Instead of having more factories, the land can be set aside as nature reserves for plants and animals to live in and humans to enjoy. The less the human capital is required, the less the motivation to increase human population, thus a less crowded planet. Financial capital can be channeled to more meaningful causes like helping our less fortunate fellow human beings. Using less natural resources means having more forests, a less polluted ocean and air, and less climate change.

The short term consequence is an upheaval in society caused by high unemployment rate which is unacceptable to governments. For the long-term sake of our planet and humanity however, the current trend of economic growth regardless of cost must be reviewed. Our children deserve a better environment.

Bitcoin is a step towards creating that vision. In the current state, bitcoin encourages savings, not spending.