Only 1 (one) person at a Bitcoin #meetup. Same on a recent Bitcoin tour in Austria. Surprised? I’m not. I’ve been warning about this. Actually, I predict 0 (zero), ultimately, if we do not refocus on Bitcoin's true mission. We did not just complain, we wrote the code. Come hear my talk at @LuganoPlanB.

Both @Saifedean and @GeorgeSelgin are wrong. - George because he thinks that banks should create money. They should not, as this would create inflation - Saifedean because he thinks that a fixed supply commodity money is enough. It is not because a simple commodity is not money, it also needs a credit money layer. The only economically legitimate producers of credit money are businesses which sell goods into the supply chain at the price of credit money (the discount rate). Existing money can be lent out by banks at an interest rate. It's dead simple but those two can fight forever because both are wrong. On your argument: - Money is different to any other good because it is a compound good. Commodity + credit. and it has not one but two price plus a purchasing power against all 'normal' goods. Therefore "If people suddenly decide to hold more money" the purchasing power does not enter. It is desirable and economically true that the purchasing power remains roughly stable because the credit creation and the discount rate go up. The rest all follows quite simple from those two layers and their respective rates.