What do you think of Jeff Booth's theory of prices falling forever as bitcoin becomes the standard?
It feels so outlandish but also totally possible at the same time, and more and more likely.
You'll get poorer and still be able to buy more lol, I feel like that's the future.
Price falling at where? That's impossible with inflation rate going higher everyday, and to think that Bitcoin will become the standard for economic measurements is a pipe dream.
the price of electronics has gone down drastically in the past 20 years. Even this past week deepseek proves that AI can be done at a fraction of the cost of GPT and Gemini already.
His argument is that food and necessities would see the same results if the market was less regulated because the cost of production goes down with emerging technologies and competition.
Also Inflation only occurs when you measure in terms of fiat currency. If you measure from real estate, gold or bitcoin, all prices have gone done actually.
In Africa prices what goes up never come down. Prices has been going up since I was born and has never at any time reduces.
it depends how you are measuring it. Of course in terms of Naira everything goes up. Also in dollars. Try looking at it from the other perspective.
Imagine that bitcoin hasn’t gone up. What’s happened? Dollars and naira have lost a lot of value and stock market and housing has lost a little value.
So imagine you save one of your children’s education costs in bitcoin for four years. The amount of work you are required to do to pay for their education will be half or even 1/4.
Of course there are still other risks like loosing your keys, but the point isn’t that it’s a good idea. The point is that it is a new standard whether or not governments and media recognize it as one.
That can only happen in the western nations not in places where politicians and government officials are corrupt.
I mean it does make sense. If most of monetary inflation is caused by currency creation, having an asset with a capped total supply means that it should be slightly deflationary due to attrition of folks forgetting keys.
I think there will be a lot more going on because crypto and different are kind of completely different things, plus traditional finance isn’t going anywhere either so it’ll take another 10-20 years before the majority of people know what is happening, but a large minority will start realizing it in the next year or two.
Too many people got burned by crypto to believe in it now, but the power players are all getting onboard.
I agree. There are always a number of factors, but I do think monetary supply has a bigger impact than many recognize.
Of course! Also I mean to say "bitcoin and crypto are completely different things, at least in practice"