[maxerickson]

If you are going to insist on a deflationary economy, you have to admit the possibility of wages going down over time.

For a cartoon example, with high enough deflation and a less than perfect job market, that debt might represent more years of work when you are 35 than it did when you were 25.

[johnny4000]

Wages in what currency? Bitcoins or USD or? If wages in USD decrease by a huge amount and I get paid in Bitcoins, I can eventually hire more people for a cheaper amount if I pay them in USD.

[maxerickson]

Wages in bitcoin.

But I really want to talk about it in terms of units of productivity. If the value of bitcoin goes up over time, then each unit of productivity will be worth less bitcoin over time. Meaning that relative to units of productivity, a debt will increase.

In your first example, you relied on the assumption that your boss or customers or whatever would not take the current BTC value of your productivity into account. In your new example, you are relying on the people you hire not taking the value of their labor in BTC into account. Neither of those are reasonable assumptions.