Re: Bitcoin's first major deflation event, and its consequences
why is it so difficult to see why this, too, has a negative impact on the adoption of bitcoin? this is all i've been trying to say this entire thread.
Because it makes zero sense: Hey people, we have a problem!! Many people will want to use Bitcoin so bitcoins are going to become very valuable therefor no one will want to use it!!!11
I mean, I don't know what more to say to this.
Furthermore, this has been addressed in many places by competent economists, and the people who start these kinds of threads are rarely familiar with the arguments against their ideas, and they never address them. No homework has been done first. People just show up and claim they are seeing something that nobody else is seeing, and then get upset and call names when noone agrees with them. And my ignore list just grows.
hazek's recaps of 'my argument' have consistently been strawmen. i'm convinced he doesn't even read what i write. there is some predatory speculation going on right now, and it's being fueled by the sentiment that bitcoin is supposed to go up, up, up. this kind of behavior scares me.
he snipped the quote in just the right place to make it look like i've been beating the same old deflationary spiral dead horse. and it makes me a little sad that you're assuming all of these things about me just because i've taken an unpopular opinion. it's dangerous to tend to think that people who disagree with you have rarely done their homework.
i also probably don't even disagree with you. deflationary currencies are perfectly fine, no fundamental problem about them. this thread was in response to the then 500%, now 600% growth in the price in the past 12 months. this is unprecedented since the early deflation rallies from pennies to dollars that led to the bubble.
to recap better, i'm trying to say: SOMETHING'S GOING ON. i have a negative feeling about it. if you have a positive feeling, please share here.
thanks
