They are true descriptions. But human action changes the game. That's how economics always works. You don't have to talk to me like I'm an unthinking redditor. Economic laws govern everything, and yet individuals govern what economic laws will apply to them at any moment.
Notice that I didn't say EVERYONE will or should hoard ALL their bitcoin. I merely implied it's a natural tendency, it tends to often be the rational thing to do in current conditions for a lot of people.
Replies (4)
Gresham's Law doesn't even fully apply to bitcoin, as I said
Plus once you run out of dollars completely, what are you gonna use as money?? That's the real problem. People need to go 110% in so that it's hard for them not to spend bitcoin. Hoarding leads to spending, sooner or later.
I will talk to you how I want, just as you will do the same toward me. If you feel insulted by me being direct with you, that’s a you problem. Get used to it or get lost. 🤷♂️ Neither of these (Gresham or Theirs) are laws, as a law is universally applicable. It is stupid to refer to them as such, especially since they contradict each other and yet are both referred to as “laws.” Do they describe human behavior in some circumstances? Sure. Are they universal laws? No. At best they are perhaps hypotheses
I didn't feel insulted or bothered. You're reading too much into what I'm saying. I'm afraid you don't understand the economic theory, nor the point I am making. I'm basically saying you're right, but I am clarifying the points for precision. I even said they are NOT universally applicable. If you can't understand that, THAT'S a you problem. I'm only an amateur economist, what do I know about economic laws?
