Oddbean

Bitcoin is deflationary because people will always lose access to wallets, therefore losing those coins forever. Gold inflates around 1-8% per year, average around 2%. The moment a company can mine asteroids, the gold market will crash as companies mine gold from asteroids. This will be the fastest transfer of wealth in history. Gold price will crash. The value of something as money is 100% defined by its rate of inflation. This is why gold is more valuable than silver. Silver supply inflates much more quickly. Bitcoin cannot inflate past 21 million total coins. Any currency that inflates will be less useful as a store of value. Nothing will ever wipe out global communications. All modern electronics are protected against EMPs. Solar flares and EMPs are not a threat against modern electronics. People who save in metals will lose buying power over time compared to people who save in bitcoin. You will be left behind if you fail to recognize what makes something money. Consider why gold is a better money than any other metal. 1. It is difficult to increase the supply of (on earth) 2. It does not rust or rot 3. It can be held in a safe Bitcoin has these same benefits. Except that it is significantly easier to trade.