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Comment by beefield | Hacker News Reader

My "hate" for cryptos is not because it is a different way to solve a problem. It is because cryptos are trying to disrupt financial industry by adding technology to medieval monetary policies that we have long history showing that they are bad policies. Putting lipstock to a pig won't make the pig fly...

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Inflationary vs deflationary only really matters when you are talking about world wide level scales for things.

But even so, there are lots of modern assets in the world that are deflationary. Stocks is a great example of a "deflationary" good. Or commodities.

so if you can’t fix the problem then you shouldn’t even try to make it better? should we roll back internet banking, eftpos, etc?

If you can't fix the problem you should not try to make it worse. Internet banking etc. are making things better. I do not know how bitcoin is supposed to make anything better for a non-criminal person.

I think the parent meant deflationary economics vs inflationary of today

That would be an irrational reason to hate cryptocurrencies, because they can be either inflationary or deflationary.

It's not about inflationary vs deflationary, but adjustable monetary supply based on need vs. predefined monetary supply.

So what is your solution? Marxism? Communism? Anarchy?

Well, first issue in current monetary policy that would need fixing is removing zero lower bound from interest rates to allow heavily negative rates when needed to manage aggregate demand more efficiently. (I understand that most people do not agree to this statement, but yes, to me it looks like aggregate demand needs to be managed in economy. And I do not know that many other tools than interest rate for that.)

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