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RE: OMG INFLATION!!! THE SKY IS ABOUT TO FALL!!!
This is all theory without data. I would like to see some network analysis on the growth of the Steemit network and determine the ratio of network growth to the "minting" rate. Until this research is done, nobody can say for certain about the significance level of the inflation.
Im pretty sure "economics" is latin for "all theory without data". Here's a joke for you:
A physicist, a chemist and an economist are stranded on an island with no food. Days pass, and theyre all starving. Then, one day several cans of food wash up on shore. However, they can't get the cans open.
he chemist says "Wait!!! Ive got an idea. Well get some of this seawater, then evaporate the water off until the remaining water has a super high salinity. That will be able to eat away at the top of the cans until theyre so degraded well be able to get them open easily within a day or two"
The physicist says "Wait!!! Ive got an even better idea!!! Well start a fire, and ill melt some sand into glass and fashion a lens. With that, well be able to focus the sunlight to melt through the cans and get them open in a few hours."
Then the economist says "Wait!!! I've got an even better idea!!!! I can get the cans open right now"
The other two are duly excited "what is it, what is it?" they ask
The economist says "OK... assume a can opener...."
Haha, I actually studied economics. There are a lot of cool ideas in economics, but I'm also very critical of the study itself. Sometimes economists use too much bad data and treat human behavior like physics, which is a bad assumption. I think the way to move forward in economics is through analyzing social and economic networks rather than theorizing about supply and demand curves.
I agree. I guess my point here is that everyone who is predicting a crash is just basically yelling "money supply! inflation!", because those are well-known concepts. THere might, in fact, be a crash. But if there is, it wont be because of inflation, because thats not really appliable to something like a cryptocurrency.
Please take a look at my post here. I want as many smart people to see it as possible so that we can arrive at an objective and honest assessment about what is actually going on.
https://steemit.com/socialnetwork/@limitless/important-questions-about-the-network-effect-of-steemit