Creative Title
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It takes one wind turbine to run all of Ethereum.
Deflation is not relevant for a transaction.
Deflation is not relevant for a transaction
What are you trying to say with this? Cause I'm stuck between the very literal and wildly confusing.
I will say, regardless of your further explanation, that deflation makes transactions less likely to happen, which is the whole point of a currency to begin with. Would you rather pay a debt to a friend off with dollars or a cryptocoin? Cause my money is that most people would say the dollars since the crypto could grow, whereas the dollar is always shrinking. A speculative asset is not something most people would give away like they would money.
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Imagine how many more "Thomas Matthew Crooks" are gonna come out of their basements if you ban their porn. Conservatives secretly love their porn. Might wanna rethink the ban.
Or not, I don't mind watching a IRL live movie about a rebellion instigated by...
checks notes
...banning porn
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They supposedly love their children too.
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Deflation is not relevant for a transaction
What are you trying to say with this? Cause I'm stuck between the very literal and wildly confusing.
I will say, regardless of your further explanation, that deflation makes transactions less likely to happen, which is the whole point of a currency to begin with. Would you rather pay a debt to a friend off with dollars or a cryptocoin? Cause my money is that most people would say the dollars since the crypto could grow, whereas the dollar is always shrinking. A speculative asset is not something most people would give away like they would money.
If you are storing money in a certain currency then inflation is a problem.
If you owe money in a certain currency then deflation is a problem.
If you are quickly moving money from one currency to another then making an instant one off payment, the time span is too small for either inflation or deflation to have an impact.
The price of the service can be quoted as fixed in USD and adjusted in real time on the crypto side.
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It's a myth.
The total pool of currency needs to be able to grow with the economy.
Go on, back up that statement with references from your first year econ course notes.
Under your model, how was the economy able to grow before 1976?
wrote last edited by [email protected]Under your model, how was the economy able to grow before 1976?
Gold can be mined.
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If you are storing money in a certain currency then inflation is a problem.
If you owe money in a certain currency then deflation is a problem.
If you are quickly moving money from one currency to another then making an instant one off payment, the time span is too small for either inflation or deflation to have an impact.
The price of the service can be quoted as fixed in USD and adjusted in real time on the crypto side.
Cool. So why would I ever want that? Why would I willingly buy a crypto to pay for a transaction when doing so is always detrimental to me over the person who I am paying? I'll spend more than the amount of debt I have (thanks to various fees) in order to give the person I'm buying from an asset that's more likely to gain value than lose. Instead of a dollar, a thing made to do the actual job of a currency that everyone already has and accepts.
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There was a reddit sub where they take in unfunny comics (usually sexist) and then edit them to be funny. That's how this actually became a meme.
I think that was r/bonehurtingjuice
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Under your model, how was the economy able to grow before 1976?
Gold can be mined.
Ah. So the rate of gold extraction exactly matches the expansion of the economy.
Oh, it doesn't.
Try again.
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Cool. So why would I ever want that? Why would I willingly buy a crypto to pay for a transaction when doing so is always detrimental to me over the person who I am paying? I'll spend more than the amount of debt I have (thanks to various fees) in order to give the person I'm buying from an asset that's more likely to gain value than lose. Instead of a dollar, a thing made to do the actual job of a currency that everyone already has and accepts.
Cool. So why would I ever want that?
So that anyone can buy what they want from whoever they want. So that payment processors cannot hold or be held by certain groups for ransom.
You know, the whole point of this thread.
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Ah. So the rate of gold extraction exactly matches the expansion of the economy.
Oh, it doesn't.
Try again.
wrote last edited by [email protected]Hurray! You've correctly identified the problem! Congratulations.
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I think that was r/bonehurtingjuice
Nah, I'm pretty sure it was r/comedynecromancy. They took unfunny comics/memes and made them funny. They were an offshoot of r/comedycemetary, they just reposted unfunny comics/memes to poke fun at.
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Obfuscation is not security.
Amazing username
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Hurray! You've correctly identified the problem! Congratulations.
So we agree you've proved your statement that "The total pool of currency needs to be able to grow with the economy" is false?
Excellent. Glad I could help.
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They supposedly love their children too.
My God... All the "pro life" movements make so much more sense now! They actually don't care about the women, they only want the children around. And worse off the children, the better for them!
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So we agree you've proved your statement that "The total pool of currency needs to be able to grow with the economy" is false?
Excellent. Glad I could help.
wrote last edited by [email protected]That's not what that proves lol, but it does prove that the gold standard does not work and is not sustainable.
You should probably read up a little bit on history, the facts disagree with you. The US government had to use regulations and policies to influence the supply of gold: grants for gold mining, setting the reserve rates, hoarding gold to keep out of circulation. Until the gold standard dropped, there was even a limit on the amount of gold one could legally own. On top of this, other gold producing nations had the power to directly influence US monetary value and undermine US sovereignty.
Throw in implications and challenges of being a global reserve currency (Triffin dilemma), and you end up having a really bad time with an unhealthy economy.
Foolish people that don't know history want to pretend that the gold standard magically creates some kind of natural currency free of "government meddling", but the reality is that even more meddling and government control was required under the gold standard than compared to fiat currency.
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That's not what that proves lol, but it does prove that the gold standard does not work and is not sustainable.
You should probably read up a little bit on history, the facts disagree with you. The US government had to use regulations and policies to influence the supply of gold: grants for gold mining, setting the reserve rates, hoarding gold to keep out of circulation. Until the gold standard dropped, there was even a limit on the amount of gold one could legally own. On top of this, other gold producing nations had the power to directly influence US monetary value and undermine US sovereignty.
Throw in implications and challenges of being a global reserve currency (Triffin dilemma), and you end up having a really bad time with an unhealthy economy.
Foolish people that don't know history want to pretend that the gold standard magically creates some kind of natural currency free of "government meddling", but the reality is that even more meddling and government control was required under the gold standard than compared to fiat currency.
That's not what that proves lol, but it does prove that the gold standard does not work and is not sustainable.
If the economy grew at the rate of mining pre1976 and had no relationship post1976 then your hypothesis would be proven. Data shows this is false.
Yes the FED wanted full control over the US money supply, which is impossible under the gold standard. This desire was unrelated to inflation or deflation.
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That's not what that proves lol, but it does prove that the gold standard does not work and is not sustainable.
If the economy grew at the rate of mining pre1976 and had no relationship post1976 then your hypothesis would be proven. Data shows this is false.
Yes the FED wanted full control over the US money supply, which is impossible under the gold standard. This desire was unrelated to inflation or deflation.
If the economy grew at the rate of mining pre1976 and had no relationship post1976 then your hypothesis would be proven.
Ahhh! I understand what you are misunderstanding, now. You think that I said that the change in size of the pool of currency IS the change in the size of the economy itself. Here's what I said:
The total pool of currency needs to be able to grow with the economy.
The pool of currency and the economy are two separate things that can grow at two separate rates. It just creates serious economic problems when they are not aligned with each other. Homework assignment: read up on the Great Depression.
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Cool. So why would I ever want that?
So that anyone can buy what they want from whoever they want. So that payment processors cannot hold or be held by certain groups for ransom.
You know, the whole point of this thread.
Okay, so. First comment made this argument, to which I fired back that I'm not interested because:
Crypto is not a currency
Is an environmental disaster
Has massive deflationAnd since this thread has begun we've changed that to:
Is not a currency (you ceded this when you said that transactions would be in USD, just with the crypto as the value carrier)
Are mostly environmental disasters
Has massive deflation (you ceded this again with your transactional argument)Damn, your powers of persuasion are beyond my comprehension. /s
Seriously, the fuck are we doing here? You just wanna talk about nothing? I rather think daisies are pretty. What're your thoughts?
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If the economy grew at the rate of mining pre1976 and had no relationship post1976 then your hypothesis would be proven.
Ahhh! I understand what you are misunderstanding, now. You think that I said that the change in size of the pool of currency IS the change in the size of the economy itself. Here's what I said:
The total pool of currency needs to be able to grow with the economy.
The pool of currency and the economy are two separate things that can grow at two separate rates. It just creates serious economic problems when they are not aligned with each other. Homework assignment: read up on the Great Depression.
If it is true that total pool of currency needs to be able to grow with the economy then the rate one variable grows must be linked to the rate the other grows. If there is no link then there is no relationship.
The great depression was caused by a stock market over inflated with leverage. This has nothing to do with the gold standard.
And notice how we have deviated from the topic of deflation. It's a topic built on myth and misunderstanding that easily slips out of focus.
There is absolutely no evidence that deflation itself is bad. The great depression occurred because there was too much debt. Japan suffered in the 90s because it had too much debt. Deflation/inflation just measures who gains more over time, debtors or lenders.
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Okay, so. First comment made this argument, to which I fired back that I'm not interested because:
Crypto is not a currency
Is an environmental disaster
Has massive deflationAnd since this thread has begun we've changed that to:
Is not a currency (you ceded this when you said that transactions would be in USD, just with the crypto as the value carrier)
Are mostly environmental disasters
Has massive deflation (you ceded this again with your transactional argument)Damn, your powers of persuasion are beyond my comprehension. /s
Seriously, the fuck are we doing here? You just wanna talk about nothing? I rather think daisies are pretty. What're your thoughts?
Crypto is not a currency
Is an environmental disaster
Has massive deflationMy first response delt with this. Only bitcoin is an environmental disaster. Deflation is only relevant if you hold a currency long term. Irrelevant for payment processing.
Seriously, the fuck are we doing here?
We are discussing how to counter the monopoly stranglehold of payment processors. Crypto is a possible solution that is viable today.
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If it is true that total pool of currency needs to be able to grow with the economy then the rate one variable grows must be linked to the rate the other grows. If there is no link then there is no relationship.
The great depression was caused by a stock market over inflated with leverage. This has nothing to do with the gold standard.
And notice how we have deviated from the topic of deflation. It's a topic built on myth and misunderstanding that easily slips out of focus.
There is absolutely no evidence that deflation itself is bad. The great depression occurred because there was too much debt. Japan suffered in the 90s because it had too much debt. Deflation/inflation just measures who gains more over time, debtors or lenders.
wrote last edited by [email protected]If it is true that total pool of currency needs to be able to grow with the economy then the rate one variable grows must be linked to the rate the other grows.
You're just repeating the same mistake. We both agree this is not true, as in the economy can grow while the currency pool stays constant. They change independent from each other. It's just really bad when they both don't grow on a similar scale. They only need to grow at the same rate in order to maintain a healthy growing economy. The relationship/link between them is that when they get too out of sync, there will be a correction.
The great depression was caused by a stock market over inflated with leverage. This has nothing to do with the gold standard.
https://en.wikipedia.org/wiki/Great_Depression#Attempts_to_return_to_the_Gold_Standard Again, facts and history disagrees with you. It's literally the very first on the list of causes lol
And notice how we have deviated from the topic of deflation.
You're certainly trying to, but I have not.
The great depression occurred because there was too much debt.
LOL. YES!!! DING DING DING! And how does deflation impact debt? Does it increase or decrease debt? https://en.wikipedia.org/wiki/Debt_deflation
Kind of wild that you can admit that the worst economic downturn of all history was caused by debt, that deflation and inflation impact the way debt works, and in the very same paragraph say that "There is absolutely no evidence that deflation itself is bad." without a shred of self-reflection or irony. So, you understand that debt causes depressions, but simultaneously think an economic force that amplifies debt is totally harmless?? Make it make sense!!
