What is inflation?

#1

Post by sms737 » Sun, Jun 13, 2021, 7:33 AM UTC

Re: What is inflation?

#2

Post by seanalltogether » Sun, Jun 13, 2021, 8:03 AM UTC

Interesting that they don't mention that the controlled inflation for bitcoin has (and will) lead to higher transaction costs. The piper must be paid somehow.

Re: What is inflation?

#3

Post by Marazan » Sun, Jun 13, 2021, 8:04 AM UTC

I have vomited in my mouth about 3 times reading the opening 5 paragraphs.

Re: What is inflation?

#4

Post by bserge » Sun, Jun 13, 2021, 8:08 AM UTC

Thanks for the "helpful" auto-redirect to the local language version.

Please don't do that, don't be like Google.

Re: What is inflation?

#5

Post by BelenusMordred » Sun, Jun 13, 2021, 8:09 AM UTC

Archived for those who retreat in disgust at being served a captcha for a blog post.

https://archive.is/5IqU3

Re: What is inflation?

#6

Post by Quick2822 » Sun, Jun 13, 2021, 8:10 AM UTC

Dogecoin should have been included in the inflation conversation.

https://provscons.com/is-dogecoin-capped/

Re: What is inflation?

#7

Post by throwaway4good » Sun, Jun 13, 2021, 8:10 AM UTC

It reads like those old TV infomercials selling you gold or silver coins.

Re: What is inflation?

#8

Post by dannyw » Sun, Jun 13, 2021, 8:10 AM UTC

seanalltogether wrote: post #2

Interesting that they don't mention that the controlled inflation for bitcoin has (and will) lead to higher transaction costs. The piper must be paid somehow.

Not really. Transaction fees are determined by supply and demand. Supply is currently limited to 1MB/10min more or less, and demand is however many people wanting to make bitcoin ttandactions.

The bitcoin production schedule has nothing to do with TX fees.

Re: What is inflation?

#9

Post by lottin » Sun, Jun 13, 2021, 8:15 AM UTC

Inflation is a change in the price of money relative to the prices of all goods & services in the economy, and prices are set by the market. This means a currency cannot be made by design to produce low or high inflation rates, contrary to what the article claims. Only a monetary authority with the power to change the money supply can theoretically achieve that goal.

Re: What is inflation?

#10

Post by kolbe » Sun, Jun 13, 2021, 8:16 AM UTC

They don’t even really answer their own headline question. This is 99% BTC shilling and 1% economics.

I don’t like that the BTC community is back to discussing BTC as a currency. When the narrative switched to a “gold substitute,” I gave them a plausible chance. But as a currency, BTC is functionally useless, and the anti-inflation angle is simply an effort to take advantage of people who think currency should have more value than experts in macroeconomics believe.