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219 sats \ 2 replies \ @elvismercury OP 4 Oct 2023 \ parent \ on: Lyn Alden book club part I bitcoin
I've heard that from other places, too. Seems weird, although when I steelman it, I guess I can sort of get it. I have a PhD in a different field and I can think of a zillion really fundamental things that you don't get exposed to unless you insist on it. There's just too much to cover, and those foundational things are ... foundational. Considered to be so basic as to not need examination, I suppose.
One of the byproducts of going down the btc rabbit hole, for me, was encountering so many super fascinating takes on money and its origins and the psychology of it. Bitcoiners don't often get exposed to these through the normal channels. For instance, here's probably my favorite book on money topics, which I've never heard anyone even mention. (Though in fairness, no one mentions it outside of btc, either.)
If you just go one field over, it's like a whole other universe of things to discover.
Even I've never heard of that book. What's your favorite thing about it?
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Spang writes about how the French aristocracy made what amounts to an annuity on the lives of a bundle of young French women -- you invested your money, then got a payout over time in proportion to how many of them stayed alive. The world's most bizarre financial product.
(I'm probably describing this badly bc I don't know a lot about these arcane financial instruments, and it's been years since I read the book.)
But basically, it opened my eyes to just how elaborate financial engineering gets. Indirectly, it's a nice counterpart to btc, where there is no magical 'yield' and you can understand exactly how the monetary elements works. But also unsettling a bit -- if people want these things and there's an appetite (as there has been, historically), then will they find some way to get them, e.g., all the fintech / defi stuff?
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