# Bitcoin standard: economics thoughts * Hayek paper, Bitcoin white paper, Econ paper/reading * Saylor: real yield is -10% * Loanable funds vs capital goods * proof of stake vs. proof of work * how central banks can increase or decrease the money supply * Artificially low interest rates * Real vs nominal * What is money, put notes in obsidian? (energy) * explore the idea of fixed amount of money in a system and how that relates to a closed energy system * If we can always print more money, and inflation is so high, why is education and housing so expensive? * Quantitative easing vs debt monetization * M2 and gov money? * how to reason about the supply of money and mass/energy in a system…? * Hayek monetary theory and the trade cycle * Saylor: money is energy, transferring across space and time * https://chowcollection.medium.com/the-saylor-series-episode-1-the-rise-of-man-through-the-stone-and-iron-ages-2da02a0bdd68 * Rothbard America’s Great Depression * How much do things hold their energy? Relate to inflation coefficient * Austrian business cycle theory - According to ABCT, because the productive structure of the economy consists of multistep processes that occur over variable amounts of time and require the use of different complementary capital and labor inputs at different points in time, the success or failure of the economy depends critically on coordinating the availability of the right kinds of resources in the right amounts at the right time * Housing bubble * https://mises.org/wire/austrians-vs-market-monetarists-housing-bubble * https://mises.org/wire/fed-and-housing-bubblebust * https://fee.org/articles/how-the-housing-crisis-vindicated-the-austrian-school-of-economics/ * error correction, billiard ball problem, closed systems, * Episode 5 booth series, 1:02:02, it generates economic surplus and distributes it * Federal reserve, quantitative easing, etc * https://www.youtube.com/watch?v=K3lP3BhvnSo * https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/federal-reserve/v/more-on-quantitative-easing-and-credit-easing - Printing press and enlightenment - Making information cheaper - 42:41 episode 6 booth series, entrepreneur looks around corner - Podcast clipper - Capitalism allows for more narrow production and more diversified consumption (via narrow production) - Ideas have people - bitcoin is nearly operating algorithmically - byzantine general problem - merkle trees - inflation index - imports vs exports, inflation rates - trade deficit - who gets the money first in an inflationary regime - keep up to date on Taleb's thoughts here - crypto currency and zero sum? (https://www.reddit.com/r/investing/comments/7dax7u/is_the_cryptocurrency_market_a_zerosum_game/) - trilemma - saylor series - Encryption is sanitation process - https://chowcollection.medium.com/the-saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-a0abed12992e - Saylor-real yield - idea: combine multiple web pages into a single one for saylor series notes, then you can search then entire thing * episode 7 booth series * 1:07:37 - in that environment, each person is making a really good decision in an environment that makes them make bad decisions * 1:09:00 - creating fragility in the system at every step. Debt allows you to grow more quickly across space, but it transfers fragility across time * 1:11:00 - there is a cost of risk injected into currency, which forces anyone operating on the currency to take on more risk. If you inflation is 15% a year, if you don’t expand cash flows above 15% then you are canned-you aren’t creating value. Need to take on more risk non stop. * Booth series episode 8 * 12:37 - the human nature is like water, it takes the shape of its container. our personalities and patterns of action are emergent properties of the incentives we face. * booth series episode 9 * Game of life is not to win, it is to have blend of confidence, competence and likability/humility such that you are invited to play the maximum number of games * letter to Eric Weinstein * Physics is an ultra high resolution map of reality, the base layer you could say * 36:00 - just the whole conversation here, fantastic stuff. Money is an informational utility to help us know what is and is not working in the market. In a physics sense, entropy is uncertainty, so money is a tool that market actors are using to deal with uncertainty, because money gives you a claim on the savings or creative output of humanity. So whatever problem you run into in the market place, money is your best insurance policy on solving that problem. In this way money is anti entropic. It is an insurance policy on entropy. Corrupting that means that market actores (humanity) are not as able to deal with uncertainty as they normally would be * Efficiency gain through standardization and protocols!!! 1:27:30 * Alfred north whitehead wuote: civilization advances by extending the number of important operations which we can perform without thinking of them. * http://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html?m=1 * https://overcast.fm/+mNdtcd9YA/2:02:17 * https://overcast.fm/+mNdtcd9YA/2:16:35 * https://overcast.fm/+mNdtcd9YA/2:55:42 * The most powerful computing resource - free market (THIS IS HUGE) * saifdean fossil fuel essay * https://overcast.fm/+mNdtcd9YA/3:05:23 * this thread and all it’s resources!!! https://twitter.com/prestonpysh/status/1327103306775359488?s=21 * #review