Exactly. Not to mention that basically bitcoins would be worthless and would disappear since nobody would want to hold them. Why hold bitcons when they devalue in time, when you can hold gold or silver. Its fucking retarded.
I hope this guy starts this new currency so he realizes for himself what happens.
It is not retarded! People would be have more incentive to spend bitcoins instead of holding them.
Also they wouldn't 'devalue', in fact they would appreciate in value just the same, as more people started using them, but they would be more useful as transactional tokens rather than a store of wealth.
I don't yet see any convincing arguments against this idea. I wonder if what you're really saying is "get yer filthy 'ands off me stack o coins"