I agree that bitcoin needs to decide whether to be an investment or a commodity of exchange.
> If everyone is hoarding bitcoin how can you use it to buy things?
When people need something more than bitcoin, they'll trade for it. Food, shelter, medicine, etc. People will certainly trade for these things. But maybe they'll pass on replacing a phone that's only 2 years old or getting an xbox or 6 pack of beer.
It's fascinating to me that people say currency can't be deflationary or people will hoard it. You're so against people hoarding, i.e. saving money? People act like the economy will stop, but no matter how deflationary a currency is, people will still trade it for needs like food and shelter.
>You're so against people hoarding, i.e. saving money?
The problem with this kind of system: It's not just about saving. What's actually happening is those who have saved more are accumulating even more money by doing nothing, and everyone else who needs to spend it to buy food and shelter is suddenly losing more and more of their money. When it starts happening at a faster rate than the economy is producing actual value then you hit hyperdeflation and the economy spirals.
> If everyone is hoarding bitcoin how can you use it to buy things?
When people need something more than bitcoin, they'll trade for it. Food, shelter, medicine, etc. People will certainly trade for these things. But maybe they'll pass on replacing a phone that's only 2 years old or getting an xbox or 6 pack of beer.
It's fascinating to me that people say currency can't be deflationary or people will hoard it. You're so against people hoarding, i.e. saving money? People act like the economy will stop, but no matter how deflationary a currency is, people will still trade it for needs like food and shelter.