On Thu, Feb 27, 2014 at 12:31 AM, Eric Walker <[email protected]> wrote:
> > I agree. Bitcoin's built-in deflation is its Achilles heel. James will > surely disagree with me on this one, but I'm happy to go along with modern > economics on the question of deflation. Keep in mind in this regard that > bitcoin is just one among a number of cryptocurrencies; there are other > cryptocurrencies that do not have built-in limits. Although bitcoin has > some fatal flaws, as a representative member of a new class of currencies > it is very interesting. > There have been a few occasions where it was clear you hadn't read my prior messages, since you repeated what I had already said but without attribution, but this is the first time you didn't read what I said and imputed that I said the opposite. Specifically, I told Jed: "Your second statement is true and does mitigate against some cryptocurrencies just as it does against any fixed commodity." His second statement was about the problems with deflationaryfixed-supply currencies. My use of the word "some" to qualify "cryptocurrencies" clearly means that I allowed for those cryptocurrencies that do not exhibit this deflationary/fixed-supply and that those that did exhibit deflationary/fixed-supply were weaker (mitigated against). My statement that Bitcoin is going to increase for certain usages (I'm not going to repeat the entire statement) in no way denies its weaknesses.
