It's decidedly less efficient for everyone who benefits from the manipulations (possibly unpopular, but I'd argue most Americans benefit at the expense of the 3rd world).
I do think btc is objectivel...
My point is the temporal nature of savings is a social construct. Even with sound money, it's not a perfect proxy for the availability of capital, nor does it account for capital depreciation across time, relative to the production in which the savings were accumulated.
You can do some basic thought experiments here to realize how this concept is purely normative.
Let's say you diligently saved up bitcoin for your whole life, and then suddenly, one day, every factory in the planet shut down. For whatever reason. Alien mind control, whatever. The point is you just have to imagine everyone stopped making "stuff" all at once.
What would your bitcoin be "worth"?
It's a silly example, but it reveals the socially contingent nature of all of this.
You can do some basic thought experiments here to realize how this concept is purely normative.
Let's say you diligently saved up bitcoin for your whole life, and then suddenly, one day, every factory in the planet shut down. For whatever reason. Alien mind control, whatever. The point is you just have to imagine everyone stopped making "stuff" all at once.
What would your bitcoin be "worth"?
It's a silly example, but it reveals the socially contingent nature of all of this.
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