If it is savings, as in accumulation and deferred spending, that’s fine. That doesn’t need deflation to function and neutral/zero inflation - would be fine.
The point is, deflation causes savings to grow in value, without expending effort or risk. Whether they use it to buy capital goods or just for consumption, it doesn’t really matter. They essentially had unearned income.
I’m all for capitalism, where folks invest and risk their capital for gains. However, I’m not keen on people accumulating more wealth from doing neither. Given folks with the means to invest are already in a privileged position, I don’t believe they need any more help.
Assuming eventually full use of fixed-quantity currency, then growth in value of holdings is related to growth in the economy as a whole - we are all stake-holders in the economy, so we all get a return on that growth … seems good to me.
There is always a risk in holding any asset that risk varies from one asset to another and the assessment of that risk is highly subjective … e.g. a young person can take much higher risk and feel fine with that as they have more time to recoup losses.
The base assets of a society though are the core forms of currency - assets that have thousands or millions of goods and services priced and sold with these assets as the intermediaries. So holding these core assets/currencies as an investment, which is the easiest thing to hold for the poor, seems the most ethical way forward to my mind.
Also, as we move toward a world of more and more automation, a means for people to earn new wealth declines … people will need greater and greater specialization and the changes are happening very rapidly now - faster, I think, than human society can really adapt … hence, having a strong deflationary currency is a huge safety net for the poor.
Has anyone heard of Pi? It’s is a new digital currency developed by Stanford PhDs, with over 10 million members worldwide. You mine from your phone using their incredibly light app, but you need an invite to start from a member already, so to start follow this link Pi Network - Pi Blockchain, Community & Developer Platform and use my username (arbormatty) as your invitation code.
It seems like the MimbleWimble extension blocks in LTC are really flying under the radar. It should be a lot bigger news given that the same could be implemented in BTC once it is proven
Belongs in ‘Other Coins’ topic, but that was the fork of Uniswap that added a governance token, spurring the creation of UNI tokens because liquidity was quickly moving to Sushi from Uniswap. DeFi projects were naming all of their tokens after food for some reason…
