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Comment by pope_meat | Hacker News Reader

A fixed supply that always grows in value doesn't encourage investment, just "hodl". And I ain't an economist, but hoarding wealth for the sake of hoarding wealth isn't good for society.

If you have to invent another coin to encourage investment/spending rather than hoarding...well why not use that coin.

I'm not entirely anti-crypto, I think Monero is neat.

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That’s the nice thing about fiat money, hoarding it does nothing since the central bank can at will increase/decrease the money supply. There will always be enough money in circulation if the central bank isn’t asleep at the wheel.

Savings are not supposed to be stolen by the central bank. “Hoarding wealth” is actually how society benefits the most.

You said you aren’t an economist, but you have been taught what you know about economics by communists.

I've always seen this as a weird argument. Most people live paycheck to paycheck and don't have the option to hold even if they wanted to. And those that have extra income will invest it in whatever gains them interest, with the explicit intent of not spending those funds in the short term. I don't see why crypto's deflationary properties would play any practical role at all. Well except that you could actually just hold your income (if you were paid in crypto) instead of having to go through the hassle of figuring out what to invest in.

Edit: But yeah, if only looking at those people who would refrain from investing in stocks and just hold crypto, then yeah, that would leave money out of circulation stimulating the economy. But just overall, for the normal person, it's a moot point.

You know, this is actually a studied phenomenon.

https://en.wikipedia.org/wiki/Deflation#Deflationary_spiral

They live paycheck to paycheck because the central bank has enslaved them.

I always find this argument extremely weird. The era before the creation of the US Central bank wasn't exactly a worker's paradise, was it? The gilded age was an era so tough for workers that actual gun fights over labor issues were the norm, and the late 19th century saw repeated financial panics every decade or two.

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