A Simpler and More Accurate Way to Teach Money to Students

– December 10, 2020

“Money isn’t best thought of as a medium of exchange, unit of account, and store of value. Let’s just think of it as just a medium of exchange and a unit of account. For the most part these circles overlap, and the two functions are united. But this isn’t always the case.” ~ J.P. Koning

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Why Does Bitcoin Have Value?

– December 2, 2020

“Think of a world without essential third parties, including the most dangerous third party ever conceived of by man: the state and the central bank. Imagine that future and you begin to grasp the fullness of the implications of our future. Ludwig von Mises would be amazed and surprised at bitcoin. But he might also feel a sense of pride that his monetary theory of more than a century ago has been confirmed and given new life in the 21st century.” ~ Jeffrey A. Tucker

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Important Factors Driving Bitcoin’s Drastic Growth in 2020

– November 20, 2020

“The swift growth of Bitcoin signals a number of important financial milestones as well as warning signs. Signals that not only lend some support to the cryptocurrency’s value but also provide important insight into our current state of financial affairs.” ~ Ethan Yang

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FedCoin Revisited

– November 19, 2020

“We don’t know whether the Fed would take steps to eliminate cash or impose negative rates on FedCoin balances. We don’t know how it would go about intermediating funds. But such speculations should make one thing clear: there are risks. At the least, we should develop strong institutional checks before permitting the Fed to plow ahead.” ~ Nicolás Cachanosky

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Money for the Masses!

– November 17, 2020

“Goldstein treats money like it’s the military: as something we can control, commandeer hither and thither, and that it almost always behaves like we imagine it will. It won’t do.” ~ Joakim Book

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dollar, financial crimes

FinCEN and Fed Proposal Means Less Privacy, More Exclusion

– October 29, 2020

“It could very well be that the benefits of reducing the threshold from $3,000 to $250 exceed the costs, defined as the sum of the administrative expenses, lost privacy, and increased financial exclusion. But all of these costs must be included in the final calculation. Not just some of them. As it is, FinCEN and the Fed have not done a sound accounting for their proposal.” ~ J.P. Koning

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Two Types of Postal Banking

– October 24, 2020

“It is possible that these prepaid card providers aren’t competing very hard, and thus unbanked households face abnormally high fees. If so, the unbanked population could benefit by having the USPS enter the market. On the other hand, if the market for prepaid cards is already competitive, a USPS card may have problems gaining a foothold, in which case it may not even be worth the effort.” ~ J.P. Koning

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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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