Quote from: whitslack on December 29, 2012, 09:51:11 PM

Quote from: hgmichna on December 29, 2012, 10:03:26 AM

I cannot follow that argument, for more than one reason. I will mention only one here: The money supply inflation of bitcoin is known precisely in advance, therefore everybody knows exactly what to expect, and therefore nobody is being cheated.

I didn't say anyone is being cheated.

But you did.

Quote from: whitslack on December 29, 2012, 09:51:11 PM

This is how Bitcoin differs from the fiat system. I'm also not arguing that Bitcoin should have been constructed in any other way. What I am saying is that Bitcoin is presently inflationary and that trying to hide this fact by pointing to the increasing value of bitcoins is dishonest. You cannot dismiss the inflation simply because the growth in demand is outpacing the growth in supply. The inflation deserves to be recognized and understood for what it is, not swept under the rug.

I fully agree. However, I don't see anybody hiding the facts or sweeping them under a rug. I think that most bitcoin users know the bitcoin production rate exactly. It was Ƀ50 per block in the first four years. Now it is Ƀ25 for the next four years, then Ƀ12.5, and so on, asymptotically approaching the final total of Ƀ21 million. One block is generated, on average, every 10 minutes.

Show me a bitcoin user who does not know this. And then show me anybody who tries to sweep this fact under a rug. I have never heard of anybody trying that.