Oddbean

Ahh yes, another bitcoin fanatic using reductio ad absurdum to support his point. People won't intentionally stop buying food, no, but as is actually evidenced by historic trends people do cut back on luxuries. And guess what? Luxuries are also produced by companies that employ people, so a drop in demand means they start cutting back on the employees they need, the hours the employ or the pay the offer. That in turn drives people to cut back on essentials due to sheer necessity. I absolutely support poor people which Is why I don't support ponzi schemes that offer people the ability to get rich by doing nothing which inevitably lead to the majority of poorer people losing out. When bitcoin crashed, who do you think had to sell their stake? People who were sitting on piles of excess money, or poor people who had invested but couldn't keep the cash locked in for several years? Seriously kid, you need to grow up and embrace the real world.

Our economy REQUIRES people to buy luxuries constantly, as it requires new debt to be created to sustain itself. You're so wrapped up in the prevailing narrative you can't see it's actually the current system that creates hoarders, billionaire dragons sitting on their piles of hoarded generational wealth. Throughout history there have been deflationary and inflationary cycles. People tend to spend more than save in inflation, and save more than they spend in deflation. But those cycles of savings are important, and we haven't had one in 100 years. The billionaire class owns the member banks of the fed, the pull the levers to keep their profits rolling in. And you're on their side.

It doesn't require new debt. It requires luxuries because people like luxuries and so a lot of industry has built around that. In theory if people wanted to we could remove luxuries from the economy over time to the point that everyone only works in industries that produce essentials and people only buy essentials, but that would be pretty terrible all round. The problem is that if there's an economic event that causes people to stop buying luxuries suddenly, those industries contract and everyone in them loses money. The rich ones aren't overly affected by this, but all the millions of normal people working in those industries suddenly lose their primary source of income, and that' a pretty huge problem. The funny thing is you keep telling me I support the billionaires but you're the one supporting a situation that would overwhelmingly hurt poorer people more than anyone else. In your fantasy and billionaires would just buy a shit load of bitcoin to hedge against economic hardship, but poor people living paycheck to paycheck who suddenly have no income would be fucked. The funny thing is that every time you BTC maxis tend to think you'd be on the OK side of it, more often than not because you're supported by your parents dumping all of your burger flipping money into crypto. Reality isn't something you strive to understand.

That's not what you were alluding to in your previous comment though, this is you trying to wiggle out of being wrong. You've also failed to address any of the other points. I'd like to say it was a surprise but it's pretty much the standard for BTC maxis, as soon as they start needing to understand more than first grade economics they just star going "lol, you're so wrong it's funny" with no additional explanation.