> Crypto is "cult by design" in much the way all greater-fool scams are. Namely, since coins are incredibly deflationary I think you have it backwards. Bitcoin

> Crypto is "cult by design" in much the way all greater-fool scams are. Namely, since coins are incredibly deflationary I think you have it backwards. Bitcoin is not deflationary by design, but rather it becomes deflationary when demand increases. This is a property of any scarce asset where there are constraints on supply. Conversely, as demand decreases it becomes quite violently inflationary! For assets that are not scarce, such as fiat currency, deflation is avoided by creating more units as demand grows. There is also an allocation fairness problem in this case, at it is just as bad if adoption is growing as fast as it is for bitcoin. Who has the right to produce new supply, and how do you stop them from becoming incredibly rich when you give them this privilege? Ironically, those sorts of systems also tend to result in feudal like structures as well. What I don't understand is most people think bitcoin must either go to zero or take over the entire world. It is entirely possible that some subset of people decide to adopt bitcoin, other people decide they want nothing to do with it, and that its value stays relatively steady once everyone has decided. This would still offer great utility as a protection against inflation of fiat (the expectation is not necessarily huge returns), in the same way that other scarce collectables are used. Most people don't view other markets with such extreme views.