Quote from: FlipPro on September 01, 2011, 06:26:02 PM

Quote from: Surawit on September 01, 2011, 06:18:47 PM

Quote from: FlipPro on September 01, 2011, 06:13:48 PM

Huh?

Right now Bitcoins are Inflating not Deflating good sir.

They will only start to "Deflate" when the 21,000,000 cap is reached.

But once again many, many people have a problem calling digital property "deflationary".

This is not true, you are being misleading with trivial semantics. Because there EXISTS a cap, bitcoins are DEFLATIONARY. It does not matter that the cap has not yet been reached, because everyone in the market has KNOWLEDGE of the caps inevitable existence. Therefore the market will treat the currency in a deflationary manner. You can read about deflation at http://en.wikipedia.org/wiki/Deflation.

You are being an idealist. I am trying to be rational here. If you can start up a network that is almost identical to Bitcoin at almost 0 cost, and have it relatively competitive in just a few months how can you claim that your 21 Million is divine? I understand Bitcoins will cap, but if the network cap is small and diluted due to competition from other currency's, than how much are we really going to make off it's deflationary properties.

The fact that there might be other currencies in no way implies that Bitcoin is inflationary. Those other currencies are, well, OTHER CURRENCIES. In fact, it is quite possible that in the future there will be other cryptocurrencies working in tandem with Bitcoin, which will be naturally inflationary, and will balance out the "deflationary spiral" fears (which are unfounded, but may have some effect anyway).

They'll still be other currencies, though.

And nobody is suggesting Bitcoin is divine, incidentally, that's just a troll line you tend to drop here and there hoping it will stick.