Bitcoin is smart engineered gold. It's perfectly rational compared to the endless printing in fiat. Most engineers just accept keynesian economics because that's what they were taught.
They have a narrow world view beyond their tech expertise. I saw somebody criticize BTC because they couldn't imagine using so much energy "just to secure money". I was like what you just took for granted is perhaps society's most important need and unsolved problem.
The endless printing is more necessary than the strict stock control fot a currency. You cannot avoid people starving unless you do it, and you cannot live in peace unless you avoid people starving and getting desperate.
You do know there was no printing in the middle age. Good old days these all were.
>You do know there was no printing in the middle age. Good old days these all were.
Oh come now, there was plenty of printing in the latter days of Rome or Wiemar Germany and people managed to starve just fine despite it. Inflation correlates with optimistic times because it implies a debt taken on today will be easier to pay off with money earned tomorrow. That doesn't mean printing money reliably makes people optimistic.
There will likely be many national currencies, the Digital Yuan comes to mind as a major contender. A global currency increase the risk to larger scale domino effect in the economy.
global economy is much like communicating vessels, large scale domino effect is also possible, having a global currency such as bitcoin disconnected from nation events, is no more riskier than without it.
"Smart engineered gold" is an oxymoron. Gold is a terrible platform for economic activity, because it is expensive to create and difficult to move/transact with.
Just because it was the best financial technology hundreds of years ago does not make gold, artificial or not, the best financial technology for today.
They have a narrow world view beyond their tech expertise. I saw somebody criticize BTC because they couldn't imagine using so much energy "just to secure money". I was like what you just took for granted is perhaps society's most important need and unsolved problem.