Thread
"theft" is nonconsensual.
when the users of the monetary network pay the security budget through the creation of new units, it is not theft.
also
its a better system for ALL users to bear the burden of network security,
NOT just those who use it to transact.
#bitcoin #monero
Replies (8)
If inflation is always theft, then Bitcoin is currently stealing from users of the Network. Bitcoin users will be dead before Bitcoin supply stops inflating.
When fruit grows during certain times of the year, we do not consider this to be theft of Nature. It is a predictable inflation of supply and the market adjusts accordingly.
Predictable inflation of supply can be factored by a market, and optionally participated in. Unpredictable inflation controlled by a few bankers who guard markets, is theft.
Thats good. But the fruit is not inflating the money that store value. They are supply of goods, new value creation. And its actually good and natural for the market to be deflationary - peoples value to be stored and goods and services to become cheaper with time due to fixed supply of the money that store and measure the value.
literally no economist EVER suggested having a monetary system with a fixed number of units.
"you know what would be great, in fixing the price of money if we could just take the supply side of 'supply and demand' completely out of the equation. that would be great"
You're just making things up.
what is "good and natural" is for the macro environment to fluctuate between slightly inflationary and slightly deflationary in a deregulated and uncontrolled way depending on human productivity.
also what makes something "theft" or not is consent. you consent to Bitcoin supply inflation, therefore it's not theft. it isn't any different with Monero.
so stop with the meaningless kneejerk maxi dogma.
During their time, the best form of money they had was gold. But now we have Bitcoin which is much better.
Ludwig von Mises β argued against discretionary central banking and inflationary expansion; advocated sound money and free banking principles.
Friedrich A. Hayek β criticized central planning of money; supported rules-based monetary systems and denationalization of money (competition among currencies).
Murray Rothbard β advocated the gold standard, abolition of central banking, and a 100% gold-backed money supply.
Carl Menger β foundational theorist for Austrian value/price theory; supported commodity money naturally arising from market processes.
Eugen von BΓΆhm-Bawerk β contributed to Austrian capital theory and supported monetary arrangements anchored in real commodities (e.g., gold).
All that is a complete non sequiter which doesn't respond to the point that I was making at all.
show me where ANY of those people argued that the best monetary system would be one with a fixed cap on units.
I'll wait.
also
gold has supply inflation.
like in the fungibility discussion,
The examples you're using refute your own thesis.
Gold was the best form of money they had with the smallest inflation. And thats their pick.
They needed to stay within their reality and possibilities.
As I said in our current reality we have Bitcoin which much better than gold.
maybe somewhere one of those gys suggested that the inflation rate of gold was actually too high?
but I've never seen anything like that.
and obviously, you don't speak for them and have no idea if they would agree with you or not.
I'll also point out
while the Austrian School of course criticized economic grown via inflation,
nowhere did any of them argue that constant, permanent deflation was the best possible environment either.