Hacker News Reader

Comment by Aaronstotle | Hacker News Reader

I'll use my own example, I purchased a month of a VPN service using BTC when it was ~11k, it's about $5 in fiat per month.

If you believe BTC will only go up, I don't see why you would want to spend it if your money will be worth more if you wait.

Regarding Volatility, yes it leads to a lot of trading, I mean means of exchange as purchasing everyday goods. The transaction history of BTC also adds regulatory hurdles.

View on HN

So if every grocery was to be priced in BTC, you wouldn't eat? :)

Remember that the US was on the gold standard with a similar inflation profile to Bitcoin and consumers were consuming.

During the good times, you are correct that few people hoarded money in the hopes of deflation. During bad times, people actually do make this calculation (and so might be hamburger instead of steak). Deflation is believed to have significantly prolonged and worsened the Great Depression, and that experience was one of the motivating factors behind the global abandonment of the gold standard.

>So if every grocery was to be priced in BTC, you wouldn't eat? :)

Yes, people didn't eat much during the great depression, they had no money to buy more food even though there was enough to eat for everyone. How hard is it to comprehend that if you are unemployed you can't afford food?

If BTC results in unemployment then a lot of people are going to end up hungry.

>Remember that the US was on the gold standard with a similar inflation profile to Bitcoin and consumers were consuming.

We also had two economic depressions that lead to two world wars.

That’s like saying I don’t see why anyone would spend cash when they could buy index funds instead (if you believe index funds will only go up).

Reply on news.ycombinator.com