this post was submitted on 14 Sep 2023
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Way back when Bitcoin was first being talked about on Slashdot, I mined for a while. On my processor. For like a month. I got about 1/20 of a Bitcoin out of it.
And then I lost interest for a long time. And then it became clear blockchain is an infinite self-similar fractal of scams and ponsis.
I haven't done anything with my 1/20 of a Bitcoin. I don't have any expectation it will go up or down. If the bubble takes back off and inflates so much 1/20 of a Bitcoin becomes life-changing money, I might try to sell it. Maybe if a bunch of crypto-owning crypto-skeptics organize a mass sell event to drive it to zero, I'll take part. Otherwise, it'll stay where it is for the forseeable future.
Ironic that someone like me who believes wholeheartedly that blockchain is snake oil is such a model hodler.
You’ve basically explained why crypto can’t work.
Deflationary currencies don’t make sense to spend because their future value will be higher.
The outcome is people hold onto them in the hopes they gain value. The exact opposite of what you want for a currency.
Does it matter here? If we'd talk about making BTC the federal currency, I'd agree. But the average person has < 1% of the total welth in Bitcoin and it's more like a side-by-side thing.. The block size is also limiting how much it can be used anyway. So, inflation would highlight that problem.. I think, at this point, no one behind Bitcoin is actually aiming to make Bitcoin the single world currency everyone uses exclusively. So, let it be deflational for those who want to put a fraction of their money in a non-inflational currency...