Quote from: justusranvier on February 20, 2015, 06:16:05 PM

Quote from: NewLiberty on February 20, 2015, 05:54:41 PM

Quote from: Pete Dushenski on October 8, 2014 at 5:47 PM in #bitcoin-assets

This is what it boils down to: scarcity. Theres no room in Bitcoin for inflation of any kind. Other applications and whatnot can be built on top of it as is. Its for the world to adapt and conform to Bitcoin, not the other way around.

I don't see transaction volume increase as a change in inflation so much as a change in velocity. Henry Hazlitt who is credited with bringing Austrian Economic theory to the English speaking world, would I think agree that is not something that ought to be artificially influenced either by constraint or encouragement. Hitting the limit would be an artificial constraint, removing it ahead of (3) would be an encouragement, but for inflation it is a no-op.

With some people, watching them wield economics terms of art they do not understand is like watching a child run with scissors.

Your "understanding" is your stumbling block. There has never before been such a thing as bitcoin; your comparisons are moot. Block size does not correspond to velocity. It's never before been the case that in order to use a money, I'd need to have a copy of every previous transaction. Any attempt to equate bitcoin to something else comes from stupidity or malice. Or both.