Quote from: Elwar on January 15, 2015, 08:31:06 AM

Quote from: twiifm on January 15, 2015, 08:16:08 AM

Quote from: Elwar on January 15, 2015, 08:03:50 AM

Quote from: username18333 on January 15, 2015, 05:13:17 AM

The Bitcoin supply has only been inflating at consistently lower rates (e.g., ⅟ₙ₊₁ after 𝑛 blocks when the Bitcoin block reward was fifty bitcoins), so a progressive reduction in spending would seem to be expected under the economic theory.

But it is currently inflating more than the dollar and yet spending has not increased.

Can Keynesians ever be right or has there been any instance throughout history where they have been right? Other than 600 years ago when tulips happened. Once.

It's you who don't understand the concept. It applies to macro level not some little private speculators plaything.

Spending hasn't increased because it's used to speculate. The holder are treating it as a commodity not a currency. Also it's a private outside money.

I see, so it is a concept that is useful for talking among college professors and politicians but not useful in the real world. Understood.

No you are just applying the concept to the wrong context.