Thread

1. seymon · 1789644245 · focus · HN ↗

   I hope they still have the private key.

   1. osigurdson · 1789648222 · focus · HN ↗

      It is an interesting fact about Bitcoin in general. There are 21M tokens in total AND some percentage are lost every year. Run this simulation long enough and there will be very few active Bitcoins remaining.

      1. Roark66 · 1789649066 · focus · HN ↗

         Seems pretty silly to build in deflation into a currency. It incentivises putting your money in a mattress for 100 years.

         1. benenrjdnz · 1789649507 · focus · HN ↗

            Deflation is a good thing, it rewards delayed gratification. Those evil Keynesians have convinced the world a little bit of inflation is good. It isn’t. Losing purchasing power on your money is a bug.

            Nothing wrong with putting money under a mattress for 100y if the value of money is not evaporating.

            For most of human history the money was stable. It’s the disasters of 20th century wars that eroded the value, and 21st century lack of monetary discipline that keeps driving it down now.

            1. manwe150 · 1789649919 · focus · HN ↗

               That only makes sense if money is a durable good destroyed by use. But money is improved by use and lost when put under a mattress. In economics terms, MV=PQ, and your proposal sets V low, which harms Q (goods available for sale)

               1. eru · 1789650434 · focus · HN ↗

                  No, no. The issuer of your money is really, really happy when you don't use the money. Because that means they can issue more money, without causing inflation to spike.
               2. fizzbuzzbarbazz · 1789652188 · focus · HN ↗

                  ..and, you think that covers both individual and collective good?

                  ..balance in all things. Neither being completely stingy, individually, nor being excessively spendy will benefit us, individually or collectively. ..but there are times for either.

                  I wonder if there's a way to quantify that and put a variable on the conditions, and have an inflationary/deflationary currencynthat is dynamically stable depending on conditions.

                  ..i mean, individually, most people will eventually spend, if they have much saved and it benefits them to do so. but occasionally, we do need a kick in the pants. whenever the economynis in gridlock, that's the time for inflation. ..but when people are spending excessively, it's a time for deflation, which discourages taking on debt, and pushes the economy towards real wealth. rewarding long-term thinkers is valuable, and has a very broad effect on society.

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