Back in the day people used to get interest (covering more than inflation) from holding money in their bank accounts. What's changed?
Home loans used to be much higher, in the 10-15% range and you could get 6-7% on your savings account.
With home loans in the 2-3% range, those margins aren't feasible anymore.
But that's probably an old understanding. I'm sure there's a lot more financial wizardry to it now.
This is why creative solutions like bitcoin, if not (necessarily) directly solving anything, do give pause for thought, and maybe shine some hope for a non-corrupt (immutable) system of money.
I need to read up on whether a deflationary currency/economy would really be an issue, or if it just wouldn't work with how things are currently set up.
Edit: And yes, it's a complex issue with no outright easy answers. Doesn't hurt to think about it though.
> Imagine a society not based on consumerism and quarterly report increases. Gasp!
I have literally no idea what that would look like or how Bitcoin would play a role. I guess hodlers who bought early would be rich and normal people poor?
Assuming the value will slowly (and for the sake of argument steadily) increase, would consumption and innovation stifle to a halt and everyone turn into hodlers?
Saving money would become attractive yes, and loans would become expensive or unrealistic (depending on the rate of deflation).
And companies/businesses would value a steady and solid stream of revenue/profit over hysterically chasing constant growth.
Would this really be so disastrous and why?