The BC conference ended with a big elephant remaining in the room:
George Gilder: if the money supply doesn't grow with demand nobody wants to spend it and hodls it instead.
Craig: I don't have a solution - . .
(🙏 rewatch that part at the end at 9:20:20)
Post by twetch#678
Yes. CSW got rekt on that one. And the crowd was cheering
Now HODL!
What the chain says
- Block
- 623 384
- Time
- 2020-02-24T00:55:09Z
- Signer
- 1Nk1B6dbxxDSZYdFdWZncmtX7APquLfP8B
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#678
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1Nk1B6dbxxDSZYdFdWZncmtX7APquLfP8B VerifiedReplies (7)
No seriously. I think this is worth to be discussed properly. There were all kinds of attempts to create honest money that had a built in devaluation to promote spending.
https://mises.org/library/free-money-miracle
Please comment on this Daniel @24
imo Gilder is obviously right in that money cannot have a speculative value as it is the measurement of value and needs to exist in of itself.
and it is a FACT the ever expanding money supply encourages spending.
But we are getting keynisian here
inflationary cryptos like ETH and Monero still facing same problem with their emissions because it also trends to 0 over time
Holding is great. You should hold. A money that encourages holding doesn’t discourage all spending. It just doesn’t encourage conspicuous consumption. That’s a good thing.
GG is right that a more stable PRICE would help adoption, but I think that is only going to happen over time. A single measuring stick (BSV) makes perfect sense, but humans don't always do what is in their own best interests.
Craig didn’t answer it well. But it’s an imaginary problem, the one Gilder proposed. People aren’t going to starve hodling. They will spend. They will just spend more rationally.
I mean just think about the implication of what Gilder is saying: “being thrifty is dangerous.’ So silly. He’s getting too wrapped up in the macro to see that saving and holding is common sense advice for everyone.