You're correct. The meaning I was trying to convey is that there is one fewer variable to consider compared to fiat currency: fiat can be created at a variable rate essentially at the whim of the government, whereas a cryptocurrency with a fixed or capped "inflation" rate cannot. Obviously the economics of inflation is much more complicated than I can express in a video not explicitly about the subject, as you've described.

@@GeekLaunch My knowledge is a little shakey though about what it would take to actually change the 21 million cap on the number of bitcoin. To my understanding, the Bitcoin Core development team couldn’t do it on their own (i.e. without the support of network participants). But with the majority of mining being way more centralised that Satoshi ever envisioned, It feels like it wouldn’t take that many parties to decide on changing the cap for it to actually happen. [10 mins of Googling pass between these sentences]. Okay it seems like there’s no ‘technical’ reason why it can’t happen and that the only justification for why it “won’t” happen is based around assumptions about the incentives of nodes and miners (where those network participants are motivated to keep it scarce). But there’s no actual proof I could find about how it’s guaranteed to be in their self interest to never increase the cap from 21m (just the vague idea that BTC’s value is derived from its scarcity. I bet it wouldn’t take too much work to show how a stack of market participants would benefit if the cap was increased from 21m by say 1% per year). And even granting the idea that it’s always in their best interest to keep the cap at 21m, there’ll never be a guarantee that groups of people will act rationally and in their own self interest either (see: all of history lol). Like even with Fiat you’d think that a small cabal of government elites would go “Oh high inflation causes political instability and potentially our necks on the chopping block. It also debases the personal wealth of ourselves and many of our Keys To Power (police chiefs, military generals, wealthy local elites, etc.)” and not embark on hyper inflationary policies. But… see Zimbabwe, Venezuela, and now Turkey for strong counterexamples. Turkey’s government is constantly sacking their central bank chief in order to put someone in the position that will continue to lower interest rates despite their already super-high inflation rate. It boggles the mind. 😅 Haha anyway, great video mate. Keep up the good work 👍 My original comment wasn’t a critique, but more just an observation on how what people believe about crypto is still predicated on assumptions that haven’t been tested yet. And I guess my main point now with the mini rant above is that - as long as humans are in the loop somewhere - the system can be changed and it can be corrupted. And so I’m not sure those assumptions will hold true. I teach finance in my dayjob but I’m fully ¯\_(ツ)_/¯ about this

@@qzbnyv You're completely right. If a few of the most prolific miners decided to unilaterally change the protocol, it would result in a network fork, wherein some nodes would agree on one version of the blockchain and some nodes on another. This would effectively mean that there are two different versions of the Bitcoin network running, each with a portion of the original participants. Hopefully that clarifies some things. So... yes, me saying that a cryptocurrency like Bitcoin "cannot" change its inflation rate is not technically 100% accurate: it is possible, but it would probably require a protocol change and result in a network fork. So, it's probably just "extremely difficult" to change. Especially when it comes to Bitcoin, there are enough BTC purists that any integral protocol change (like altering the 21M supply cap) would be shot down immediately, and you'd have more luck working on a fork. While we're at it, I might as well clarify that not all cryptocurrencies operate in the same way Bitcoin does. Some have no supply cap, some have a variable rate of release, and some are not even proof-of-work.

I have an editor lol