&gt;And in the end, all currencies are tokens of account. Meaning that they exist in the end to make sure nobody double spends. But to be effective in doing so, the token material must the worth less then the face value. If not, people will have an incentive to hoard. And that will drive an economy into the ground.<p>Lots of goods tend to increase in value over time. Land, gold, stocks, etc. How is bitcoin any different? If people want to hoard, nothing is stopping them. They will just hoard, nothing has ever been stopping them.<p>And hoarding isn&#x27;t a bad thing. If you aren&#x27;t spending your money, then you aren&#x27;t taking resources out of the economy. That means more resources for everyone else. Spending money, consumption, is what should be discouraged.