[XorNot]

Once you acknowledge mainstream economic thought (or at least mainstream academic economic thought) might actually be a useful field of study, you've pretty much defeated the point of running Bitcoin with a non-central bank model.

Bitcoin appeals to people who have decided it's outrageous they have to invest their money in productive enterprise to get more of it, and it specifically appeals to greed which says "get in early and get rich easily!"

[dragonwriter]

> Once you acknowledge mainstream economic thought (or at least mainstream academic economic thought) might actually be a useful field of study, you've pretty much defeated the point of running Bitcoin with a non-central bank model.

Perhaps the specific non-central bank model used by Bitcoin, but there could be alternatives to a traditional central bank that might be used in an alternative currency that wouldn't have the same problem, so I wouldn't rush to say that that acknowledgement rules out non-central bank models generally.

[dllthomas]

A protocol that automatically grows the monetary base in response to demand and shrinks it when demand declines kinda is a central bank.