Hi Everybody. I've got a question.
I have seen that the artist Kuno Goda (
www.kunogoda.com) is selling a painting called "200 Bitcoin". It's inspired by Andy Warhol's "200 One Dollar Bills".
The Price of the painting is 200 BTC (surprise surprise).
Let's assume that the (art) world agrees on this value.
Wouldn't that effectively inflate the Bitcoin supply?
If you could send the painting through the internet for a very low fee and people used it as a "money substitute", then yes, it would increase the money supply. However: that's not the case, people don't use the painting as a substitute for bitcoins.
Having lots of "things" with a bitcoin value, or priced in bitcoin, is a good thing for bitcoin economy. The more things that can be bought with bitcoin, the more useful bitcoin becomes. This is not money supply.
For example, when I release fine gold and silver bullion pieces that are priced in Bitcoin (but do not contain any Bitcoin intrinsically), these can serve as a tangible asset with a Bitcoin value, but this does not increase the Bitcoin money supply. What it does do is provide a Bitcoin-compatible real-money currency, that can serve for instantaneous in-person transactions settled in Bitcoin, in a currency that is even more anonymous than any crypto-currency, finely minted precious metal.