Quote from: Tytanowy Janusz on August 16, 2020, 08:30:31 AM

Quote from: viparmenia on August 15, 2020, 05:44:06 PM

You are talking shit about gold - it is used as wealth storage against inflation because there is limited amount of gold available.
Same is with bitcoin or any other limited supply coins - they will be used only for speculation or storage.
Bitcoin will never be used for payments so it could not be used for real economy.
Economy needs working fiat / assets / currency used for payment and you need to control it by emitting new coins or burning useless one.
As soon as there not enough bitcoins and last one would be mined, there will no possibility to make transactions using bitcoins.

Wrong, wrong, wrong.

Gold is not used by everyone because it is inconvenient. It is impossible to pay 2.99$ for beer using gold bar. 90% people that you will ask on the street what "inflation" is and how high inflation is now and why will not know the answer. Don't tell me that people love fiats because government and banksters can steal money from them. Its stupid. They are using it because it is an official way of payments, and they are too focused on earning and spending it that they don't have time to educate how money work and why they are doomed to work till death because of banksters greed.

Quote

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was widely used in the 19th and early part of the 20th century. Most nations abandoned the gold standard as the basis of their monetary systems at some point in the 20th century

Currency without inflation can work and was working for hundreds years.

Quote from: Tytanowy Janusz on June 27, 2020, 06:50:38 AM

We had gold standard before 1971 so you basically can't imagine how people leave 50 years ago? What happened after 1971?

source of all

Don't think that this is done to help the poor and needy

Quote from: o_e_l_e_o on June 22, 2020, 03:40:14 PM

Sure, wages have gone up, but prices have gone up more.

The biggest inflation fault is that you are doomed to work till the end of your life. You can't be a smart 20 yo guy who earned 1 mln and retired. You have to work all the time because all your saving are secretly stolen by devaluating them. Your money are not yours. You have to spend them on useless shit (stimulating the economy in the wrong direction) and continue to work. You have to buy a flat that you dont need (China Has 65 Million Empty Apartments) just to put your money somewhere. You need to buy gold that you dont need. You need to buy someone debt and so on. To simply not be robbed by inflation.

Quote from: Febo on August 15, 2020, 05:55:44 PM

Quote from: viparmenia on August 15, 2020, 02:34:06 PM

Fixed amount vs. infinite coins

Fixed mount is dumb, because there will sooner or latter run out of coins. Infinite supply is solution. What matres is schedule that is set in stone before first block is mined and stay that way forever. So at any point we exactly know how many coins will be in existence at any time.

There is now way to run out of coins. I guess it is 10 times less possible than hitting hyperinflation. Maybe that's the reason why there is no hyperdeflation word ??

Even thought i can't completely disagree with your point it makes certain sense but yeah inflation is not a monster eating anything even if there would be zero inflation there still would be the similar return you would be getting in real terms.

coming to second part there might not be hyperdeflation but have you heard of the deflationary spiral theory? A person spends money because it's remaining the same tomorrow or even getting cheaper. But in case of bitcoin or any other deflationary currency. Why would someone spend a deflationary currency? A currency which would become more dearer to me tomorrow. Moreover, at time when credit availability is the basic requirement of certainly every business how will economies work in case of a deflationary currency? We already know how easily credit is generated today.