296 sats \ 6 replies \ @Undisciplined 20 Oct \ on: The Distributional Consequences Of Bitcoin bitcoin
I'll take a look.
The abstract sure makes this draft look like a target rich environment. Good thing you gave us that previous homework, because they're making claims that are actually counter to the broad view in the literature (i.e. most economists believe Bitcoin is a speculative bubble).
Also, refuting that bitcoin has no potential to increase the productive capacity of the economy warrants a post all by itself.
refuting that bitcoin has no potential to increase the productive capacity of the economy warrants a post all by itself.
That looked like some red meat to chew on to me too.
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refuting that bitcoin has no potential to increase the productive capacity of the economy warrants a post all by itself.That looked like some red meat to chew on to me too. yea, I also picked up on that lil unproven claim snuck in there... Really, no real effect at all? From transaction fees to censorship to disciplined fiscal/monetary policy, bitcoin is all distributional effects? huh
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It's incredibly stupid and saying it indicates that they have very superficial understandings of the situation.
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So many areas. The growth of AI will require a machine money, just off the top of my head. Also LN obviating the need for more and more password complexity, 2fa, etc.
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Even more basic is just that Bitcoin and LN reduce transactions costs. Nobel Prizes have been won for describing how reducing transactions costs increases economic efficiency (aka productivity).
This would be like a mechanic saying your car won't work any better if you use the right oil. (I think it's like that, anyway. I'm not a mechanic.)
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I see. That didn't even occur to me. They did mock the slow, expensive on chain transaction capacity somewhere, I think.
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