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by gohrt 3757 days ago
If you hoard currency that is managed by a central authority, then other people can't obtain currency for their productivity, and thus can't consume market goods. (This is essentially what caused the Great Depression: wealthy people hoovering and hoarding currency, poor people getting no income and spending)

If you allow anyone to create currency by creating IOUs to buy stuff (which sellers can choose to accept), and you mean that the sellers create and accept that currency, then yes, hoarding is not much problem for overall society, until and unless the day when past hoarders rush to market at the same time (when they run out of durable goods or other income) causing sudden inflation.
1 comments
diskcat 3756 days ago
>If you hoard currency that is managed by a central authority, then other people can't obtain currency for their productivity, and thus can't consume market goods.

This is fixed by removing the central authority monopoly over the printing of money and/or make them actually print the money.

>until and unless the day when past hoarders rush to market at the same time

This is no different than the status quo. Bill Gates could try to 'cash in' all his 50 billions into rice. Would that be 'causing sudden inflation'?

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KannO 3755 days ago 

  This is fixed by removing the central authority monopoly 
  over the printing of money and/or make them actually 
  print the money.
During the BTC gold rush hype, people were buying GPUs and ASIC rigs along with plain ol "investing" in bitcoins as if it were a some "rare" collectable artifact destined to increase in value.

Why would I want to buy a loaf of bread from you today for 200 BTC when I assume next year I should be able to buy that loaf of bread for 0.01 BTC?

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