re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.

What also makes this particularly interesting to me is that it could stand as a model for how a government might control supply of a future legal tender currency.

This is where we get into all the theoretical talk about the proper course of monetary policy, the "Taylor Rule," the classical monetarist policy recommendations of Milton Friedman on the proper growth rate for a currency (even though he was not in favor of having a central bank), etc.

In a sense, that gets back to the point that Felix guy was making in the original post. If I were to start a country and create a monetary system from scratch, I think having some bitcoin-like system where the currency automatically increased at a rate near the economic growth level would be a good idea. I would certainly prefer this to having money created by a central bank via reserve ratio and interest rate policy decisions.

Just random stuff to think about I guess...