Why rant about deflation and throw insults about "freshman-level macroeconomics"?
Those topics have nothing to do with powerful defenders of the status quo attempting to smother innovation before it has a chance to work out the bugs.
Because the those "defenders of the status quo" are RIGHT in this case, even though the idea of an uncontrolled crypto-currency is something that would do society a lot of good right now.
Just not bitcoin.
The travesty of all this is that the bitcoin True Believers - so desperate to make it work - are making such a target of themselves, we now have people trying to ban all crypto-currency[1]. That might be a worthwhile fight if bitcoin actually stood a chance of becoming any sort of competitor to the dollar, but because an idiot guaranteed it would deflate, that goal can never be achieved. Instead of disrupting government-based currencies, locking in deflation made bitcoin dependent[2] on external, stable money.
This is a failure to understand this basic econ, not a "bug". In fact, many bitcoin evangelists try and use deflation as a selling point, placing them only a hair above "intelligent design" on a scale of stupidity.
Listen, I want as much as anybody to see something break the status quo where banksters get to run everything. Do you want to guarantee they keep the dollar? Do you want to scare those banksters into cracking down on not only on bitcoin but future alternatives as well? The fight them.
Or do you want support the larger goal of a non-government currency? If so, you need to realize that they are partly right in this case, and bitcoin needs to be left to die, so we can focus on some new currency that learns from these mistakes, and isn't tied to the dollar.
Those topics have nothing to do with powerful defenders of the status quo attempting to smother innovation before it has a chance to work out the bugs.