Trouble Transacting with Bitcoin

– September 14, 2021

“Problems with bitcoin’s design––including its suboptimal supply constraint and limited transactions capacity––cast doubt on the claim that bitcoin is superior to the monies widely used at present.” ~ William J. Luther

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What’s Wrong With Bitcoin’s Supply Mechanism?

– September 10, 2021

“Bitcoin’s supply mechanism fails to provide a long-run nominal anchor or promote monetary stability. A better money would employ a supply mechanism that offsets changes in the demand to hold it.” ~ William J. Luther

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El Salvador’s Bitcoin Introduction Hits Early Snags

– September 8, 2021

“Other nations would be well advised to use El Salvador’s missteps as a guide for their own such attempts. And to suffuse their embrace of crypto beyond considerations of technology, observing its fundamentally libertarian spirit as well.” ~ Peter C. Earle

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Government Opposition to Bitcoin

– September 7, 2021

“Government obstacles to widespread adoption take many forms, from mere transaction policy to outright bans on alternatives while providing close substitutes in the form of central bank digital currencies.” ~ William J. Luther

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Bitcoin and the Network Effects Problem

– September 6, 2021

“There are steps entrepreneurs can take to help reduce the network effects problem. It is, nonetheless, an obstacle bitcoin must overcome to achieve widespread adoption.” ~ William J. Luther

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Decentralized Stablecoins: The Real Peer-to-Peer Electronic Cash Systems

– August 25, 2021

“Bitcoin still has a role to play as a globally popular speculative token. It’s time for the decentralized stablecoins to take their place as the real peer-to-peer electronic cash systems.” ~ J.P. Koning

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How Societies Save For an Uncertain Future

– August 17, 2021

“This is the problem that all societies have tried to overcome – moving value through time and ensuring our individual livelihood when we’re too old to produce the value that sustains us.” ~ Joakim Book

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How Tether Can Improve Its Pie Chart

– August 5, 2021

“Tether will be publishing its next pie chart sometime in the middle of August. Given its flagging issuance, Tether has every reason to do a better job than before. The whole cryptocurrency world will be watching.” ~ J.P. Koning

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The Asymmetry of Bitcoin Scams Is All Very Sad

– July 24, 2021

“When losses come from risk-taking for which you stood to benefit, it’s not sad if you happened to lose. That was a possible outcome, and whether you properly understood it or not is beside the point. With Skin in the Game, there’s nothing sad about making losses.” ~ Joakim Book

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What Do Wildcat Banks Tell Us About Stablecoins?

– July 22, 2021

“The experience in Michigan when it was a frontier state in the same year that the telegraph was invented is not particularly pertinent for discerning the likely success of private currency with the communications technology available today. ‘Wildcat’ is a phrase that has no relevance for stablecoins.” ~ Gerald P Dwyer

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Are Digital Assets Coming of Age?

– June 27, 2021

“During the intervening five years, much has happened to support the case for digital assets. More legitimacy will be needed to satisfy the institutional investment community, but it is reasonable to conclude that digital assets have finally come of age.” ~ Colin Lloyd

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The Decentralization Fetish

– June 21, 2021

“We must not merely assume that decentralization is always good and more-decentralized solutions are always better. Instead, we should recognize that it depends on the unique benefits of decentralization and the costs of realizing those benefits relative to more-centralized alternatives.” ~ William J. Luther

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