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by onion2k 1513 days ago
Terrible is also the enemy of good.
1 comments

Yep. That would be the legacy (predatory, inflationary) financial system.
As opposed to Bitcoin, whose money supply grows with over 1.7% a year currently, giving miners around $50m a day to burn coal with.
Limited and deflationary currency is a good thing, because it limits power and disincentivises impulsive decisions.

An umlimited supply of currency like that underpinning our current financial system is hugely predatory and benefits only those in power and those closest to them.

Fiat incentivises huge environemntal destruction, you can just print more money and allocate it to those closest to you, who are inventivised to spend it as quickly as possible because it is always losing value. This encourages short term thinking and quick turnarounds, which results in mass produced crap that is horrible for the environment, or long drawn out wars that are even worse for it. At the bottom of the pyramid, rampant consumerism is caused by this same reason.

A rational, limited digital currency is a miracle. It will incentivise the opposite. Because you can't just "print more" and watch its value halve over your lifetime, you'll be much more careful in how it is spent. Look at how many shoddy products there are now, and how much consumer habits have changed since currencies moved off the gold standard. I loathe having my finances tied up in such a mess. We have a chance to right this wrong with all the benefits of an open and distributed system. That's the promise of BTC.