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Pretty interesting discussion. I definitely understand the desire for a more elastic money supply. Personally, I'm not even against ideas like tail emissions for Bitcoin, though I might be crucified for saying so.
I think what I'd challenge Jeff Smith on is that just because the total supply is fixed, that doesn't mean there can't be elastic adjustments to the amount in circulation.
@Undisciplined makes this point often in that even though the total available supply is fixed, the supply curve determining how much is being sold and at what price still has an elasticity to it. And that's because different people have different levels of willingness to move their Bitcoin.
I really wish the term "money supply" didn't use "supply" in a different way than it's normally used in econ.
Supply is definitely one of the most overloaded terms in Econ
Personally, I'm not even against ideas like tail emissions for Bitcoin, though I might be crucified for saying so.
I think @petertodd agrees.
You're right. He didn't address the fixed supply issue today. He had a debate/discussion with Lyn Alden last year on a podcast or maybe at a conference. From my non-expert position I don't agree with him, but he seems smart and I like the different perspective. I'll try to find a link to the Lyn Alden conversation. Edit: Here it is:
view on youtu.be