> But a purpose as desired by one entity is not necessarily a good purpose for another.
Inflation is a very basic and proved tool to not only stabilize the value of a currency (you know, what a currency is supposed to be) but also to provide incentives to avoid stockpiling production potential and lower unemployment rates.
Crypto speculators might desire to exploit their first-mover advantage to speculate their way into riches without creating anything of value to a society, but that does not mean that the interests of these speculators are aligned with society's best interests.
> without creating anything of value to a society,
Can be true, but is not necessarily always true:
They might already have created value for society by working, and now want to save their thereby hard-earned money without getting the fruit of their work stolen by inflation.
What's bad about not wanting to be deprived of your retirement savings?
Governments have a long track record of providing poor pensions, of course people want to protect themselves against that.
> They might also want to save their hard-earned money without getting the fruit of their work stolen by inflation.
"stolen by inflation" is a ridiculous take. Society benefits greatly from inflation as it's an incentive to not stockpile production/consumption potential in a way that it artificially stifles the economy in general and everyday people's lives in particular, because there is a very clear and obvious way to avoid inflation: apply the money in productive investments.
Whether the money is lent or made available to someone else in exchange of a small payment (i.e., interest rates), those with money can already easily beat inflation just by investing conservatively.
ON the other hand, dumping cash on a ponzi scheme hoping that the next guy in line is left holding the bag, is not a good justification for this sort of scheme. It's extremely damaging to society and ultimately dangerous to society.
But it encourages investing in assets like real estate, equities, and (ironically) Bitcoin instead of holding cash. Suppose USD appreciated over time and often "beat the market". Why would anyone invest in startups or existing companies instead?
The purposes of startups and existing companies who want to find investors are not necessarily the same purposes as of those who just want to put money aside for saving.
They surely may benefit from cheap inflated dollars.
But that does not mean savers benefit.
Like with software, one person's feature is another person's bug. Bitcoin users consider inflation as a bug, so that's why they use it.
