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Comment by rualca | Hacker News Reader

> But a purpose as desired by one entity is not necessarily a good purpose for another.

Inflation is a very basic and proved tool to not only stabilize the value of a currency (you know, what a currency is supposed to be) but also to provide incentives to avoid stockpiling production potential and lower unemployment rates.

Crypto speculators might desire to exploit their first-mover advantage to speculate their way into riches without creating anything of value to a society, but that does not mean that the interests of these speculators are aligned with society's best interests.

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> without creating anything of value to a society,

Can be true, but is not necessarily always true:

They might already have created value for society by working, and now want to save their thereby hard-earned money without getting the fruit of their work stolen by inflation.

What's bad about not wanting to be deprived of your retirement savings?

Governments have a long track record of providing poor pensions, of course people want to protect themselves against that.

> They might also want to save their hard-earned money without getting the fruit of their work stolen by inflation.

"stolen by inflation" is a ridiculous take. Society benefits greatly from inflation as it's an incentive to not stockpile production/consumption potential in a way that it artificially stifles the economy in general and everyday people's lives in particular, because there is a very clear and obvious way to avoid inflation: apply the money in productive investments.

Whether the money is lent or made available to someone else in exchange of a small payment (i.e., interest rates), those with money can already easily beat inflation just by investing conservatively.

ON the other hand, dumping cash on a ponzi scheme hoping that the next guy in line is left holding the bag, is not a good justification for this sort of scheme. It's extremely damaging to society and ultimately dangerous to society.

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