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. ngruhn · 1789650151 · focus · HN ↗

               It's nice when I do it. Not so nice when everyone else does it. If sitting on the money has better returns than running a supermarket, why run a supermarket? Any investment has to beat deflation. Why hire people? In fact maybe I should fire everyone to hold on to more capital and spend as little as possible...

               1. darkwater · 1789652255 · focus · HN ↗

                  > If sitting on the money has better returns than running a supermarket, why run a supermarket?

                  First of all, because not everyone starts with inherited wealth. Also because ideally running a supermarket should give you more money even in a deflationary world. Worst thing is that you gain less money on day N+100 vs day N, but it does not mean you lose money or stop gaining it.

                  1. echoangle · 1789654999 · focus · HN ↗

                     > First of all, because not everyone starts with inherited wealth.

                     So how are you going to build the supermarket?

                     > Also because ideally running a supermarket should give you more money even in a deflationary world.

                     If it needs to give you more money than just saving the investment (which it should, you need to be rewarded for the risk or you would just save the money), obviously the profit margin has to be higher than it currently is, which would increase prices.

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