Timeline for Will deflation destroy Bitcoin?
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
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| Feb 15, 2014 at 7:08 | comment | added | zkilnbqi | @Gracchus. In order to maintain price stability, Central banks add or remove money from the system in times of less or greater economic activity, exactly as you suggest. This flexibility is the great strength and rationale for fiat currency. | |
| Oct 7, 2013 at 18:13 | comment | added | David Schwartz | @HaroldNaparst I updated my answer with responses to yours. If we had a stable currency, all of your arguments would equally well work against the dollar. Yet people accept it just fine. | |
| Oct 7, 2013 at 12:31 | comment | added | Murch♦ | You can still be paid in bitcoin, even when the value is denominated in another currency. Just set up your contract such that "Salary is $X payable to bank account Y or as equivalent number of Bitcoins calculated with the pay-day's current spot-price from source Z to Bitcoin address Q". | |
| Oct 7, 2013 at 12:22 | comment | added | zkilnbqi | My point is merely that wages and probably prices for staples, cannot be denominated in bitcoin. This will limit the scope of bitcoin's use and relegate it to a niche. | |
| Oct 7, 2013 at 12:01 | comment | added | Murch♦ | Also, imho our excessive consumerism is one of the prime reason our planet's natural resources are quickly declining. Delaying purchases is a good thing in my opinion: People will still buy things that they need, however, people would be more reluctant to buy shit they don't have immediate use for. That might hurt some product category and ultimately might change culture, but could be a great thing in many other ways. | |
| Oct 7, 2013 at 11:49 | comment | added | Murch♦ | Interesting answer, however, your answer assumes that wages and prices would be denominated in bitcoin. Some of the negative consequences of bitcoin's deflation would already be countered if contracts and prices would be denominated in local currencies, but payable in Bitcoin. | |
| Oct 7, 2013 at 9:41 | review | Late answers | |||
| Oct 7, 2013 at 11:57 | |||||
| Oct 7, 2013 at 9:24 | history | answered | zkilnbqi | CC BY-SA 3.0 |