[Cryptography] Montana: A Post-Quantum Blockchain with Time as Scarcity

[Ron Garret]

> On May 18, 2026, at 3:12 AM, Mert Ali Bulut <mrtblt at hotmail.com.tr> wrote:
> 
> Inflation is indeed necessary, and money needs to be spent, but if there's no limit to the supply, it leads to inflation that becomes a crisis, like in Germany after World War I, and the value of money decreases. If the use of money increases, inflation may fall in the short term, but after a certain period, it will lead to a full-blown recession.

This is the fundamental problem with all extant cryptocurrencies: they all control the money supply algorithmically.  But money is a commodity like any other, except that to serve its intended function as a medium of exchange it has to have a stable price relative to some actual goods or services.  The only way to accomplish that is to control the money supply in such a way that it can respond to actual demand, which is to say, to actual economic activity.  But there is no extant crypto currency with a mechanism for this.  They all control the money supply algorithmically, which inevitably leads to disconnects between supply and economic activity, and hence to wild inflationary and deflationary cycles.  The crypto fetish for limiting inflation has nothing to do with sound economic policy and everything to do with early adopters wanting to cement their positions and those of their heirs as the controllers of wealth so they can seek rent in perpetuity.

It is important to remember that at the exact same time that the Weimar Republic was experiencing its inflationary disaster, the United States was dealing with a deflationary disaster known as the Great Depression.  Herbert Hoover's Fed ran the USD as if it were BTC (at least in terms of monetary policy), and it took fifteen years and a world war to recover.  We escaped a similar fate in 2008 by the skin of our teeth *only* because the Fed had the ability to "fire up the printing presses" and provide liquidity.

rg