bitcoin

Bitcoin Financial Literacy and Crypto-Twitter

– September 30, 2020

“It is sad to see an excited gambler sell their house to go all-in on a longshot, whether that be on lottery tickets or on cryptocurrencies. It is shameful to encourage such behaviors. Cryptocurrencies like bitcoin are a game. Play responsibly.” ~ J.P. Koning

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exchange

Money, Markets, and Economic Order

– September 26, 2020

“Provided there is widespread social respect and protection for the institution of private property, we can have both markets and money, and the material bounties they create. But if we fiddle with markets and money, for example by conducting misguided political experiments, we jeopardize the very roots of our economic well-being.” ~ Alexander W. Salter

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What is Money?

Where Does Money Come From?

– September 7, 2020

“Money makes possible an incredible amount of interpersonal coordination in the market. Rules of private property and contract, of various kinds, predate money. But widespread market integration and economic growth only result when there is a critical mass of people in a single commercial network linked by money.” ~ Alexander W. Salter

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AMPLs and YAMs aren’t Monies; They are Gambling Technologies

– August 30, 2020

“It’s hard to see why AMPL or YAM could ever replace a dollar. While the price of these tokens is relatively benign, their quantity fluctuates wildly. So the total purchasing power of AMPLs (or YAMs) held in one’s wallet is quite volatile despite the purchasing power of a given AMPL (or YAM) being stable. Put plainly, these aren’t dollar substitutes.” ~ J.P. Koning

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In Defense of Bitcoin Billionaires

– August 7, 2020

“It’s refreshing to read an account of early Bitcoin – not the programming, the cryptography, or the scandals, but the dreamy futurists and their financiers.” ~ Joakim Book

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dollar construction

Who Bears the Burden of Dollars’ Falling Purchasing Power?

– August 4, 2020

“Inflation is not a one-trick pony, with an easily predictable outcome. Rather, it does several things at the same time. Looking at claims like the eradication of a dollar’s purchasing power is misleading: it is not the case that inflation has ripped off savers by eradicating 97% of their savings’ worth.” ~ Joakim Book

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ethereum

So-Called Stablecoins

– August 2, 2020

“Regular consumers are slowly becoming more interested in financial privacy. But they shouldn’t have to rely on systems that ignore the law. A more durable solution is to work towards changing those laws.” ~ J.P. Koning

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gold bars

Gold and Free Banking versus Central Banking

– July 27, 2020

“In the absence of government regulation and monopoly control, a free monetary and banking system would exist; it would not have to be created, designed, or supported. A market-based system would naturally emerge, take form, and develop out of the prior system of monetary central planning.” ~ Richard M. Ebeling

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coin shortage sign

The Coin Shortage: A Big Deal about Small Change

– July 19, 2020

“Our smaller denomination coins cost more to produce than they are worth, and burden our transactions with tedious calculations. Temporarily, due to the virus, some of our businesses are suspending dealing in these coins. Perhaps soon we will replace our coinage with one that makes sense.” ~ Clifford F. Thies

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gold standard

That Civilized Relic: A Monetary System as Good as Gold

– July 16, 2020

“The gold standard isn’t perfect. No system is. But it has many virtues. A strong case can be made that it’s the best of all feasible institutional alternatives. As my dissertation adviser, Lawrence White, puts it: The gold standard is still the gold standard among monetary systems.” ~

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cash

The Fed’s Liquidity Confusion

– July 14, 2020

“Fed lending to nonbank companies and municipalities is not liquidity provision; it’s credit allocation. It’s an area in which the Fed should not be involved.” ~ Thomas L. Hogan

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Where Have All the Coins Gone?

– July 11, 2020

“We should acknowledge the weaknesses of our current system and make improvements if possible. At a minimum, that means scrapping the penny. More fundamental reforms, like permitting competition in coinage, would be better still.” ~ William J. Luther

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