258. Investment on a Bitcoin Standard

To your point of not needing investment, would it be possible to say saving could be seen as a decentralised investment in society as by removing money from circulation you make everything in society cheaper, including the waiters wages for example, increasing the value of other people’s savings and therefore allowing them to use their savings to allocate capital?

MV=PQ. Lower spending is lower velocity is higher value for the money that does move. Wasteful consumption is just that: wasteful. So yea, your idea certainly doesn't strike me as ridiculous. Though, I'm always wary when I appeal to a formula. After all, P and Q come down here too. But, the durability of new goods and value of the services are in your scenario of a higher quality. So yes, it does seem to check out, even if we look at it like humans instead of Keynesians and Monetarists.

This is an interesting conversation, and I appreciate Saif investing his time to think through future scenarios. Something about his service industry analysis doesn’t seem right to me here. Does decreasing time preference mean people will no longer enjoy restaurants, bars, and social activities? Or is he imposing his values on his version of the economic “rational man”? I wonder if he’s missing a balancing force against decreasing time preference. In my experience of most of my life believing in deleted gratification, I experienced the downside: not fully enjoying life. I wrote about this recently here: https://www.chrisgoward.com/perspectives/balance The zen mindset tells me there’s a balance to be achieved.