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11 sats \ 1 reply \ @rothbardllc 25 Nov 2022 \ on: An argument against deflation I'm unable to refute bitcoin
The whole premise of this is wrong. It doesn't need refuting.
Bitcoin is not deflationary. The bitcoin supply is inflationary until the year 2140......just not at the rate you are used to.
Also a person has to be spend some portion of their income for cost of living, no matter the currency in use. So "poor people need to spend a higher percentage of their income simply to survive" is true of bitcoin, dollars, zlotys, or anything else.
What is unique about bitcoin for those with a smaller asset base is it levels the playing field with those with larger assets. If they simply make a switch to bitcoin now, in these early days, they can accrue real savings from their surplus into the future, rather than that surplus being rapidly destroyed by inflation.
In other words, it gives everybody an asset that is fiat inflation resistant, rather than now, where only richer, connected people have access to those types of inflation resistant assets.
What is unique about bitcoin [or deflationary money in general] for those with a smaller asset base is it levels the playing field with those with larger assets.
This is my reasoning too. It’s not that complicated.
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