[cryptography] Bitcoin, was Nirvana

lodewijk andré de la porte lodewijkadlp at gmail.com
Sun Sep 25 19:41:23 EDT 2011


My words imply it has once "gone wrong". I have no knowledge of the gold
flow having messed with the gold standard significantly. I only hypothesize
it could go wrong (and subconsciously apply murphy's law).

Lewis

2011/9/25 James A. Donald <jamesd at echeque.com>

> On 2011-09-26 5:13 AM, lodewijk andré de la porte wrote:
>
>> The gold standard was fine as far as I know, as long as the gold flow was
>> steady.
>>
>
> And when the gold flow was not steady, inflation and deflation was
> generally less than 1% a year.
>
> I conjecture that the expectation that value of the currency would remain
> stable in the long term stabilized the value in the short term - that when
> there was asset inflation, people started to prefer to store value in gold,
> and when there was asset deflation, people started to prefer to store value
> in other things, such as housing, whereas the present value of fiat money is
> destabilized by the fact that its future value could drop a great deal.
>
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