Gold's scarcity is only a temporary side affect of us not having cheap enough rocket technology for mining gold from asteroids to be profitable.
Bitcoin is the only asset with an actual fundamental supply cap and is therefore the best long term store of value and sound money.
@StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly
@mattodell @dandarkpill
@Ancap @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill the supply of the money commodity doesnt really matter so long as it is liquid enough and it cannot be changed arbitrarily by a central authority...
@AlexAnarcho @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill but increases in supply (inflation) does as it means that there is less demand per unit of the asset and therefore will be a lower price.
@Ancap @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill ah, yes, you are right, price will be lower.... but it doesnt make it a worse money
@AlexAnarcho @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill yes it does. The characteristics of being a store of value and a unit of account are two of the three characteristics that define what money is.
@Ancap @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill money is a universally accepted medium of exchange. The store of value and unit of account are logical implications of the medium..
@AlexAnarcho @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill why didn't the Venezuelan Bolivar achieve store of value status? it was being used my millions as a MoE
@Ancap @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill because the supply is being changed by the central bank on a whim...
@AlexAnarcho @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill it actually doesn't matter who is changing the supply
@Ancap @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill mhm... i would argue that it does. If the supply is determined by an objective line of code it can be accounted for... if it is subjected to a human, then i agree with your position.
@AlexAnarcho @StopAndDecrypt @pierre_rochard @giacomozucco @_Kevin_Pham @Bashco @nvk @Francispouliot @Ragnarly @mattodell @dandarkpill and in the event of gold being mined from asteriods, it is subject to humans making arbitrary decisions and not objective code. Also, say there was a crypto with an 70% inflation rate (hardcoded). That crypto is still completely un-usable as a money and is definitely not a sound money.
@Ancap yeah, i totally agree there. the inflation rate - if it exists, has to be fairly low (less than 10 % for sure, pulling a number out of my behind...)
I am a big fan of the monero project and i think the static inflation of the tail emission is not a problem. hence my argument.
but you brought up valid points and i have to revise my position.
good money is:
1. durable, 2. transferable, 3. divisible, 4. recognizable, 5. fungible and 6. SCARCE.