people who don’t understand currency crack me up. it’s like pretending the value of specie was tied to the value of precious metal by fiat makes it special.
I get why it’s so hard to understand, economics (even when studied) isn’t really a science and a lot is based in vibes.
Bitcoin is a fascinating example of a modern day commodity based system. Theoretically there is a finite amount of bitcoin that can exist, meaning there is a limited supply that controls the “market”. And as we can see in the bitcoin market, commodity has its own problems (most notably people don’t really want to spend it).
IMHO economics has been gradually becoming more of a science since the 1970s. We just haven’t changed monetary policy since then, so crypto is the most isolated petri dish we’ve got.
Good to know, most of what they were saying didn’t sound too far off, but only skimmed it. I’m not a huge crypto person to begin with though, so I may just shrug off some of their bias.
people who don’t understand currency crack me up. it’s like pretending the value of specie was tied to the value of precious metal by fiat makes it special.
I get why it’s so hard to understand, economics (even when studied) isn’t really a science and a lot is based in vibes.
Bitcoin is a fascinating example of a modern day commodity based system. Theoretically there is a finite amount of bitcoin that can exist, meaning there is a limited supply that controls the “market”. And as we can see in the bitcoin market, commodity has its own problems (most notably people don’t really want to spend it).
There are even some research done in the space, I’m not familiar with the Cato institute, but there write up here seems like a decent explanation of gold vs bitcoin - https://www.cato.org/blog/how-bitcoin-system-unlike-gold-standard
IMHO economics has been gradually becoming more of a science since the 1970s. We just haven’t changed monetary policy since then, so crypto is the most isolated petri dish we’ve got.
i am familiar with the cato institute and they’re a propaganda outlet
Good to know, most of what they were saying didn’t sound too far off, but only skimmed it. I’m not a huge crypto person to begin with though, so I may just shrug off some of their bias.
the best lies have a lot of truth sprinkled in them