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this post was submitted on 28 Jul 2024
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Bitcoin prevents the arbitrary creation of new currency by a single powerful entity. I don't know who told you that creating tons of usd can't affect inflation, but you literally will find no economist claiming this. This isn't in the slightest a disputed claim. It seems like you've come into economics through some sort of anti-crypto mindset, and now you just assume that anything you heard from a "cryptobro" must be the opposite of the truth. Just take a sec to think about how people who are always wrong have created the 9th most valuable asset in the history of the world. Maybe your armchair hunches may need an adjustment.
Printing currency devalues it...that's how that works. If you're unfamiliar with the concept, and don't want a boring read about it, read on how it's been used in espionage.
My point is that (read this carefully): absolutely no government on this planet with any substantial worth would EVER give up control of its Treasury. Thinking that governments are just looking for a better system is wrong. That's not what they need to manipulate global currency inflections and to control actual valuation of flowing currency in their favor. You're assuming they are looking for a solution to economic fluctuations, which is also wrong. Bitcoin solves none of this just by existing.
I think you're just too far gone, friend. You don't seem to understand the basic functions of an economy, and are focused on the crypto line of "we were right!". What Bitcoin holders were right about was making a digital transaction worth something that others would pay for, reasoning aside. It could have also not worked out that way as well, just like practically 99.99999% of all other crypto currencies that launched. It's only worth what people are willing to pay for it, which is something the crypto faithful don't like bringing up. They also don't like bringing up that vision of Bitcoin's usefulness has still not come to pass. Everyday retailers aren't using it, the majority of people aren't walking around transferring BTC in offline wallets, and you still can't directly trade it for currency without a transient middleman who is backing the transaction with their own hard currency (Coin banks and what it).
So the cryptobro crowd was right about the valuation, which is largely bolstered by their own trading, and wrong about everything. It's still just worth whatever people are willing to pay for it.