Just don't go with an inflationary based coin, this never worked in our history and will never work in digital history, for many many reasons...
You are viewing a single comment's thread from:
Just don't go with an inflationary based coin, this never worked in our history and will never work in digital history, for many many reasons...
In the real world, there are tools to recover the money of diseased people. with crypto, if you cant find the password, it might as well be lost forever so we do need an inflationary currency, it just doesnt have to be a big one and it should be given through "rewards" rather than be added to the existing balances like it does on steem.
Could you better explain what you mean by this please?
Thanks!
SP increases over time. just for having it.
Bitcoin doesnt have inflation, once all coins are going to be minted, all the miners will only share the dust from transactions which is barely anything. A lot of bitcoin are already gone forever from people losing their wallet and dying. The stupid solution to that is the argument you can go 10 digits behind the comma but at that point, what's the real currency? Bitcoin or satoshis?
I would rather see a permanent 0.95% inflation rate through rewards but without the SP inflation
It would be impractical to stablish an inflation rate based on an unknown number of inaccessible wallets; one solution would be for users to set a trusted recover account, to where the funds will be sent after 'x' time of it being inactive.
It's all Bitcoin, divisibility is one of the requirements for good money. The thing is that it doesn't need to be the currency, but the monetary base in which the whole ecosystem is baked to.
The thing that seems to be broken is the way Steem is created/distributed, we can't expect growth from inflation/printing, it's never worked in our history since ancient empires.
there's no difference between 21 million bitcoin divisible by 0.00000001s and 21 000 000 000 000 bitcoin divisible by 0.01 but it sure as shit would be easier to use since it would be more similar to what everyday people use.
Bitcoin could keep a 2.5 btc reward per block forever after it reaches 21 million and it wouldn't have a dramatic decrease in value. Inflation isnt the issue, it's unpredictable inflation that is.
Ok, I thought you meant Steem didn't have rewards =p. Thanks for setting me straight.
I recall transaction fees going to 25% at BTC's peak. That's not dust. That's boulders. For all practical purposes it's the same thing as inflation, meaning BTC isn't inflation proof at all, but subject exactly to unpredictable inflation in the worst way.
As we approach the halving, I expect mining to continue to consolidate further, and centralize the power of miners over BTC. AXA may already have optimally have done so, and if that's the case, further consolidation isn't necessary.
Either way, I reckon BTC has failed to resist inflation, and failed to prevent centralization OR it's subjection to legacy financial mechanisms. I note the day BTC crashed from it's peak was the day it's futures market was instituted. I am grateful for the example of how legacy banksters control assets that event provided, if not for the control is reveals.