Why do you say this? How does bitcoin = corruption – it's simply PKI-based ownership of DLT data. If anything the restriction on money-printing should abet corruption, no?
Money is a tool to fuel production. Controlled inflation/devaluation fuels growth, as long as it is backed by actual production (tied to economic output).
Contrast this with popular crypto examples: Germany (WWI), Venezuela, Greece, Argentina, Lebanon, etc. countries that dramatically devalued their currency without an increase in production = corruption of value.
The problem with any limited supply is that it benefits and incentivizes hoarders and non-producers, having nonbeneficial effects for society as a whole.
Is the US really that corrupt? Or is the entire crypto narrative a marketing scheme by speculators & scammers? https://m-g-h.medium.com/in-data-we-trust-2978dacc8c22
Money printing is a hidden tax that hits especially hard on those that don't have a lot of savings or the ability to invest in appreciating assets.
As technology advances, things should naturally become cheaper. A gallon of milk today is not comparable to a gallon of milk produced 20 years ago due to technological advances. So it should naturally get cheaper. Of course it doesn't because there is more money in circulation.
Think of the extreme, electronics. These do get cheaper for the same capabilities because the technological advancement is so much faster than the technological advancements of milk production.
It's fine if you want to increase taxes to fund public expenditures, but this should be done explicitly through taxes, rather than hidden through increasing the monetary base. I believe a lot of waste and corruption would be rooted out if we were honest about what we're funding and how we're funding it. If everyone saw their tax bills go up a few hundred dollars a year to fund foreign interventionists policies, I don't think it would be politically feasible. Money printing is a way to fund expenditures without being honest about how much its actually costing us.
Wouldn't inflation hurt people with a lot of cash savings, the most?
Also, Wouldn't people with a lot of debt welcome inflation. Don't poor people tend to have the most amount of debt relative to their networth?
Isn't their a student debt crisis, that can be helped out by inflation.
The only people I really see getting hurt by inflation are those hoarding cash, which there is a ton of ways to put that money to work. You can buy fractional stocks for less then a dollar.
I haven't ever heard anyone say cash is good store of value, so when coiners present this argument it feels like a real strawman.
The dollars value comes from its predictability, unless some catastrophe happen affecting food supply,I know next year food will be about the same as it is right now. I have no idea how much bitcoin it will cost could be 10x or could be 10%, this makes it hard to plan and hard to run an economy.
Almost no one with a vast amount of wealth keeps their wealth in cash.
> Also, Wouldn't people with a lot of debt welcome inflation. Don't poor people tend to have the most amount of debt relative to their networth?
Not necessarily. The poorest households hold less than their fair share of mortgage debt, but they hold more than their share of consumer debt. The bottom half of households by wealth hold almost 54% of consumer debt. Consumer debt includes credit cards, student loans and car loans. That distribution isn’t a surprise, either [0]. If you rely on debt for every day purchases (credit card revolving debt), higher prices don't help you out. If you have inflation in the form of home valuations and you own a home (perhaps w/ a mortgage), you're better off in that regard
> Isn't their a student debt crisis, that can be helped out by inflation.
Inflation doesn't necessarily mean your salary goes up. Salaries for low wage workers is fairly sticky.
> The only people I really see getting hurt by inflation are those hoarding cash, which there is a ton of ways to put that money to work. You can buy fractional stocks for less then a dollar.
If you're on a fixed salary, or your salary doesn't go up by at least the inflation amount you're worse off. And if you have a large percentage of your income go to pay for every day living expenses, you're also worse off.
The dollar value is predictable until it's not. There are plenty of examples of hyperinflation that turned a country on its head.
[0] https://www.barrons.com/articles/rich-borrow-mortgates-consu...
This is only true if wages keep up with inflation. Many will claim they haven't.
If anything it is certainly theft, if not outright corruption for a country to issue debt while continuing to run large budget deficits. It is theft from future generations, in exchange for votes from the current generations. Making people directly see the effect of their wish list for free shit certainly would help, but anyone who attempts it would get thrown out of office immediately by the candidate promising to borrow or print instead, and spend even more. It is the will of the people.