If Bitcoin is a currency with deflation property, that means BTC has to be appreciated (which in reality means BTC is a fancy collectible)
Therefore a rational BTC user will hold BTC rather than spend it.
but if no one spend BTC, then what's the point of such a currency?
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who can help me find out the fallacies in this reasoning? thank you!
This is the '
deflationary spiral' argument which the wiki covers.
The deflation vs inflation argument has been going on between economists for a long time before bitcoin.