Peck by twetch#1832

17zmPi…WWU2 Key · twetch

"An increase in merchant acceptance, ceteris paribus, does not increase the value of the coin. Therefore, an increase in merchant acceptance does not increase the value of the coin."

I think this is the fundamental confusion.

What the chain says

Transaction: b4e88b53939f44785b668315b594c6aa4d3cf0ab7382bd6d53951b954063cba9
Block: 635 515
Time: 2020-05-19T00:15:13Z
Signer: 17zmPibuXUuDsPnW5B4UVsV9jin35HWWU2
App: twetch
Type: post
Content type: text/plain
Name in tx: twetch#1832

Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.

Signed by 17zmPibuXUuDsPnW5B4UVsV9jin35HWWU2 Verified

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twetch#21877 Reposted · 6.4y

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twetch#1832 6.4y

17zmPi…WWU2 Key · twetch

Replying to@17zmPi…WWU2

This is a common abuse of aprioristic reasoning in Austrian Economic circles. I used to think the same way, but then I saw the mistake.

I wrote an article about it here:

http://steve-patterson.com/abuse-apriorism-economics/

Ceteris paribus is misleading.

twetch#21877 6.4y

17ZU3L…i6fg Key · twetch

Replying to@17zmPi…WWU2

Yes, people seem to confuse a future where there is a demand to invest wealth into bitcoin as a store of value with one where bitcoin has merchant acceptance. I'm no economist, but I thinks gold is for a hoardin' and money is for a spendin'.

twetch#6218 6.4y

1Bznoc…hTUP Key · twetch

Replying to@17zmPi…WWU2

the reason is that the last stage meaning spending still matters in terms of quality and user experience. the higher the quality the more reason you have to use that money as savings.

Post by twetch#1832

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