Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
tifozi
on 20/01/2016, 07:03:24 UTC
 I then proposed that the Core devs do that on Core.  It was meant to be a just counter-trolling.  But it seems that Greg and Luke-Jr are seriously dreaming the option of doing just that in case the miners switch to Classic.  It is Idiocracy II -- but with bitcoin!

Just read that thread for amusement. Saw this post

Quote from: jstolfi
One of them is that he may have realized that bitcoin was quickly becoming a speculation instrument rather than the payment system he had set out to design; and that people were using MtGOX as a bank and intermediary, which defeated the goal of bitcoin. A rational person like him should have seen that things would only get worse -- and would have lost intrest.

This isn't really accurate. Satoshi knew exactly where it would go and he never dismissed Hal's outlandish predictions about the value of Bitcoin's either during the conversation in the cryptography mailing list.

Quote
The fact that new coins are produced means the money supply increases by a
planned amount, but this does not necessarily result in inflation. If the
supply of money increases at the same rate that the number of people using it
increases, prices remain stable. If it does not increase as fast as demand,
there will be deflation and early holders of money will see its value increase.