Do we have that level of trust in the Bitcoin system. This means that an economy with Bitcoins operating as the money supply will suffer from continual deflation and as a result suffer from recessions, falling incomes and rising unemployment. But Bitcoins are also fundamentally flawed in a macroeconomic sense — Bitcoins have programmed in deflation.
Not at the moment and I suspect it will take a long time to establish. It would be very risky. Can we classify Bitcoins as money. This means they will become more expensive due to market forces over time, which is another way of saying that the goods and services a Bitcoin can buy will become cheaper over time.
The reason is simple: Bitcoins might help if you want to buy something on Silk Road. I suspect most people would prefer to store their wealth in Australian dollars or other major currency because they know what the currency will buy them from one month to the next.
A related issue is who or what. But the point is, people hold money because they know the amount of goods and services it will buy from one day to the next. The current design of the Bitcoin currency hardly has the same level of credibility or transparency that, for example, the Reserve Bank of Australia has built up over many, many years.
In terms of serving the unit of account function, Bitcoins could in principle serve this function quite well, as indeed can any numeraire i. In the past, societies have used shells and cows as money, so Bitcoins can fulfill this function as well as any other.
If that happened, the Bitcoin would instantly become worthless and Bitcoin-denominated wealth would be destroyed.
Would you hold your wealth in an asset that fluctuates that widely in value. But try buying your groceries at Woolworths with a Bitcoin. Bitcoins satisfy the medium of exchange function, which is to say people will accept Bitcoins as payment, in a very limited number of markets. Bitcoins are really not that good as a medium of exchange, at least at the moment, because they are accepted by only a tiny fraction of people and businesses in the economy.
Of course Bitcoins can increase in value as well and make you a tidy profit if you time the market right. Something that fluctuates widely in value does not serve this function very well — one day a Bitcoin might buy you a mean at a fancy restaurant assuming you could find one that would accept it for paymentanother day you might be lucky to buy a loaf of bread with it.
As we discussed in class, an economy in which prices are continually falling is one in which everybody puts off buying until tomorrow when the prices are lower.
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