Originally posted by twenty3
I never said it was impossible to use crypto to make purchases. I said it was entirely impractical and would never replace fiat.
Inflation is theft? What the. You've no idea what you're talking about. 2 - 4% inflation is one of the characteristics of a healthy economy. Zero inflation would kind of imply that demand, supply, and therefore the price of goods and services within a free market economy is stuck in place and never change, which is ridiculous. 2 - 4% is an accepted target by economists worldwide and provides the freedom for prices to move up and down freely in line with market forces. Also, inflation is largely controlled by expectation theory. The simple act of the government stating that we have an inflation target is largely all that's needed to control it.
"Inflation is theft?"
If I work and save money, that money has a certain amount of purchasing power. When new money enters circulation, it reduces the value of my own money, because a small fraction of purchasing power is transferred from the old money (My own) to the new money (Those that create the money). This purchasing power is transferred to the people who create the money. I don't understand where your problem is here?
"Zero inflation would kind of imply that demand, supply, and therefore the price of goods and services within a free market economy is stuck in place and never change, which is ridiculous."
I agree, that is ridiculous. But I checked the post you were responding to, and didn't find any mention of 'zero inflation'. Zero inflation throughout a free market is also impossible, as inflation doesn't move in unison.
"2 - 4% is an accepted target by economists worldwide and provides the freedom for prices to move up and down freely in line with market forces."
Why couldn't it be -2% to 2%, -3% to 1% or -1% to 3%? And you didn't provide a reasoning outside of appealing to the authority of 'economists worldwide', which is a highly subjective construct. I agree on your premise that prices should be allowed to move up and down freely with market forces, but you're philosophically advocating for the opposite by placing someone in charge of the money supply.
