[qwytw]

Well there is a difference between people not buying anything at all and being significantly less than they are now. Consumer goods and services is only the tip of the iceberg.

How much do you think debt would cost and how easy would it be for businesses to get credit?

Combining a deflationary currency with a growing (or at least non static) economy is bad a everyone who has a basic understanding of history prior to the 1930s can see that. Something like bitcoin would be even much worse than the gold standard.

[throwaway7644]

You're forcing business to produce something valuable in real terms instead of nominal terms and you're making that calculation easier to do for economic actors because the measuring stick is now controlled by an algorithm as opposed to charlatans.

Having less of that garbage fiat short-termism is a good thing for society.

[qwytw]

> Having less of that garbage fiat short-termism

Yet having more of endless boom and bust cycles with major economic depressions lasting for years (outcomes of the gold standard was a good idea).

> You're forcing business to produce something valuable in real terms instead of nominal terms

I don't quite understand what does that mean. Pricing goods in oil or grain? (coincidentally either of which would function better as a currency than bitcoin).