23 Dec '12, 11pm

Jon Matonis - Fear Not Deflation #bitcoin

Jon Matonis - Fear Not Deflation Forbes contributor and Bitcoin Foundation board member Jon Matonis (@JonMatonis ) shares the argument by Austrian economists that price deflation is nothing to fear. Excerpts: “Deflation is not a problem in the traditional monetary system and it will not be a problem in the bitcoin economy.” - “Although the supply of [bitcoins] will be relatively static with the exception of attrition through permanently lost coins, I will refer to the monetary phenomenon as deflation because as bitcoin’s asset value increases compared to political numéraires, its effect on price expression will be seen as deflationary.” - “An economy with a monetary unit that increases in value over time provides significant economic benefits such as near zero interest rates and increasing demand through lower prices.” - “‘During an inflation, you want to get rid of the mo...

Full article: http://www.bitcoinnews.com/post/38664629342/matonis-fear-...

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