Furthering your point on neither deflation nor inflation driving economic growth but rather productivity increases, does that mean what the FED is doing through monetary policy zero sum?
I subscribe to a camp that believes that what the FED is doing through quantitative easing and zero percent interest rates, is actually harming the economy by sacrificing quality of life of persons without wealth (investments, property, assets) for gains for those that do (real estate bubble, stock market gains since 2008). Can this be true? Or am I looking at the situation too simplistically?
Regarding the topic at hand, do you believe that bitcoin's low cost of transmission and features such as escrow and consignment lend the commodity-currency true value (like gold's value being that you can wear it, use it for electrical equipment)? Or do you look at the protocol as having no intrinsic value (pure fiat)? -And do you think that that matters as a currency?
Many skeptics claim that a crypto currency backed by a mineral would be ideal, and that bitcoin's only value is in it's perceived worth. They also believe that this means it could be a big tulip party waiting to crash.
I'm not sure what to believe regarding bitcoin's future, as gold has had 4000+ years to earn it's place in the world. Thank you for your time.