I got paid in Bitcoin last year. Bitcoin went down. Now I've got less purchasing power. That's frustrating, maybe even it makes Bitcoin bad money. Some kind of fixing. Ideally, my purchasing power would be preserved
Exactly that. Preserved PP is like 90% of the argument for why bitcoin is better money, and why we ought to save in it rather than some other broken asset. ...and then it doesn't do that, indicating how poorly it functions — no matter how beautifully we may paint its world-domination future. Shit is dead, eh
Re: prices telling us. I suppose you're right here, because if we take away monetary effects on nominal prices all that remain is the real changes. So yeah. That's at least partly how bitcoin, and even more so gold, can make economies function better.
Exactly that. Preserved PP is like 90% of the argument for why bitcoin is better money, and why we ought to save in it rather than some other broken asset.
...and then it doesn't do that, indicating how poorly it functions — no matter how beautifully we may paint its world-domination future. Shit is dead, eh
Re: prices telling us. I suppose you're right here, because if we take away monetary effects on nominal prices all that remain is the real changes. So yeah. That's at least partly how bitcoin, and even more so gold, can make economies function better.