US history prior to World War 2 says otherwise. The gold-backed dollar was slowly deflationary for multiple periods, precisely because a hard money standard enables entrepreneurs' economic calculation and real growth.
HN readers generally understand inflation, but when I see questioning bitcoin's energy cost, I wonder if those questioning it really understand the high costs of manipulating the price system through inflation: that manipulation causes the boom and bust cycles due to malinvestments.
HN readers generally understand inflation, but when I see questioning bitcoin's energy cost, I wonder if those questioning it really understand the high costs of manipulating the price system through inflation: that manipulation causes the boom and bust cycles due to malinvestments.