[kmeisthax]

Bitcoin has debasement, it's called altcoins and hard forks.

More generally, Bitcoin solves the wrong problem, because Austrian economics got the history of money wrong. Money wasn't invented to track scarce resources, money was invented to track who had paid taxes to the correct military invaders. The traditional / pre-money form of economic system (in the sense of it being a system to track the usage of scarce goods) is the gift economy. This is the system humans are built to work in. But gift economies are backed by strong promises of identity in close-knit groups. A bunch of rapacious murderers extracting food out of the fifth town they've sacked this week aren't going to be able to tell the difference between John, son of John, John, son of the brother of John, and John, son of the cousin of John.

What money does is separate a person's identity from their ability to access scarce resources. This 'paraidentity' of money is rendered in the most extreme in crypto. Your identity means nothing, just the size of your wallet, to the point where even voting in cryptocurrency is proudly for sale. The thing is, separating access to resources from personal identity also centralizes control of those resources. Printing money to fund war is not a bug, it is a feature.

In fact, it's not even something Bitcoin fixes. The primary source of liquidity in the Bitcoin ecosystem is businesses buying it to pay data ransoms. Bitcoin, in the name of opposing statism, invented a new kind of state whose military consists of hackers penetrating and encrypting systems to force you to buy Bitcoin to decrypt them.

The way you debase Bitcoin is by inventing new kinds of Bitcoin. Because, remember, the scarcity isn't the thing bringing liquidity into the system. If the ransomware people decide they're only taking Ethereum this week, then people are buying Ethereum, not Bitcoin. All money exists to pay taxes, and if the tax collector wants a different kind of money, then they've successfully debased the old money.

[dnpp123]

Ignoring the half baked truths about Austrian economics (I'm not a fan of Austrian economics, but at least try to have valid criticism about them).

> Bitcoin has debasement, it's called altcoins and hard forks.

> The way you debase Bitcoin is by inventing new kinds of Bitcoin

Please read https://vitalik.eth.limo/general/2021/03/23/legitimacy.html

[reisse]

> The primary source of liquidity in the Bitcoin ecosystem is businesses buying it to pay data ransoms.

Well, maybe you can explain then why most of the crypto liquidity is not in crypto itself, but in derivative products (mostly perpetual swaps and ETFs), which have no use to pay on-chain ransoms?