5 ms·
The "economy" is some number larger than (2^999999999999999999999999999999999) of decisions done at every second. Unless you or some cabal of godly beings exist
by whb07 6y ago
The "economy" is some number larger than (2^999999999999999999999999999999999) of decisions done at every second. Unless you or some cabal of godly beings exist they cannot determine whats a "good" equilibrium in the first place.
Furthermore, to describe descriptions good/bad to a market is against the definition of a market. It is what it is. A high price signal lets others that they should come in and get involved and thus bring the price down one way or another.
Being humble is a good thing. I cannot understand how certain ideologies or peoples always proclaim to know whats best for a stranger.
- tobmlt 6y agoJust commenting to let you know that at least one other person on hacker news knows marginal revolution style economics/moral philosophy/classical liberalism and finds it more compelling than the alternatives seen to date. No offense meant to those who see it otherwise.
- whb07 6y agoThere are... dozens of us! I always find it weird when a group purports to know what the price of cacao should be halfway across the world when they’ve never stepped on to a finca in Ecuador.
- tobmlt 6y agoCheers, and spot on. I think a good deal of the hate Bitcoin gets is due to people not having much to go on when trying to think about currency generally. Without anything to stand on but the status quo, feelings seem to take over, and they are generally negative, motivating quickly thought up objections, in the mean, anyway.
- BenoitEssiambre 6y agoEven Milton Friedman, champion of free market capitalism recognized that widely used currencies were special because they are the yard sticks everything else is measured against. That's why for example, he proposed as a free market alternative to government currencies, a currency based on a k-percent rule (https://en.wikipedia.org/wiki/Friedman%27s_k-percent_rule https://en.wikipedia.org/wiki/Friedman%27s_k-percent_rule) which would avoid the problems with deflationary currencies. Someone should make a crypto Friedman coin based on this. Of course this would remove the ponzi, get-rich-quick aspect, so most wouldn't care for it.
- RhodoGSA 6y agoPolkadot is a crypto currency that does some interesting things with it's economics and governance. It's staking and treasury funding is similiar to the K-Percent Rule.