The seven deadly paradoxes of cryptocurrency

John Lewis of bankunderground.co.uk has given us a great collection of popular misconceptions about public coin with his recent post there.  Sure some might quibble with his use of the word "paradox" but as studying apparent paradoxes can be a great way to discover our own misconceptions and improve our understanding of the world the...

Bitcoin is Socialist, Return of the Son Of

A couple of years ago we swallowed the red pill (nyuck nyuck) and we wound up discovering here with a couple of blog posts that bitcoin is socialist (1) (2).  This discovery started out with allowing for a broadening of the definition of the term "socialism".  Sure, if you put some constraints on the syllables...

The complete story of price inflation in the last century

Abstract:  The total amount of wealth that has been taken by currency issuers over the last century is usually estimated at about 95%.  This estimate is based on data of price inflation, which given enough time will reflect the monetary supply inflation (issuance) created by issuers.  We show here that this estimate is off by...

Bitcoin Emissions

If we step back for a minute from our cryptocurrency focus and look at a different picture, one in which our concern is survival of life on Earth,  then these recent headlies do provide an interesting turn of events in the dialog concerning climate change and predicting the course of the anthropocene era. The bigger context...

Regulating Regulates Regulations: How Bitcoins are Already Regulated

Over the years in this forum we've looked at things people get wrong about bitcoin.  The trouble is one that is present in any field, that of the quick formation of memes and soundbites which are immediately grabbed onto by our feeble minds and repeated regardless of their applicability or accuracy.  In this case we...

How will the miners get paid?

I've always been a big fan of Rick Falkvinge's work.  His attendance at the Prague bitcoin conference in 2011 is part of what made me attend.  And everybody who has thought about the issue knows he is dead right about so-called intellectual property law and how it is a lead weight tied to the leg...

Rat Poison

Five years ago in May of 2013 Charlie Munger quipped when asked about bitcoin that "I think it's rat poison".  You might be surprised to hear me say it but we should listen carefully to Charlie Munger et al., and that indeed there are a few ways that bitcoin is rat poison.  So it's been...

150 billion funbux

It hardly seems noteworthy I know, you are disappointed already that I might have even noticed that this story had risen in media outlets.  The story is that Jeff Bezos of Amazon has 150 billion dollars worth of stock.  In the linked article Annie Lowry does a good job of giving respects, pointing out that...

Issuance Malfeasance

  What is the problem that cryptocurrencies solve?   ..asks the noted economist and New York Times columnist Paul Krugman [link]. We have addressed this question before in this forum.  The question today is how somebody could be a serious scholar of economics, or even open ones eyes in any populated area of the planet, and...

Why premines are not not ideal for a currency

This post is part of the "stuff we thought was dead obvious" series.  The series includes "How racists are dumb", and "How rapists are despicable morons" and "Shooting yourself can be dangerous" along with the classics "water is wet" and "the Earth is an oblate spheroid". Five or ten years ago I would not have...