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50 sats \ 16 replies \ @Undisciplined 14 Dec \ on: MONEY CLASS OF THE DAY: Velocity, Microsoft's Market Cap and How Money ≠ Wealth econ
This reminds me of the bad arguments about why interest bearing loans are not possible on bitcoin: i.e. there's a limited supply of bitcoin, so it's impossible to pay off extra interest on top of the strictly limited principle.
How do these ideas come about? And, more interestingly, how do they persist amongst generally economically literate bitcoiners?
no, that's precisely it: I don't think Bitcoiners are particularly economically literate. In some ways more than the average person, but there are crazy blindspots -- particularly in, as you mention, thinking about loans and the financial system.
If anything, to some extent the MONEY CLASS series has merit precisely because it helps Bitcoiners think more clearly about money. (That's the ambition, anyway.)
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Indeed, I should have said "relatively economically literate".
I'm just often surprised that people with some of these misconceptions find their way to bitcoin at all. Maybe they find their way here because of the misconceptions, though.
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That could be true! That is why we are here, to help them out of their morass.
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probably. Some sort of midwit-filter selection going on?
The old (-ish, lol) Croesus classic still holds: "Why The Yuppie Elite Dismiss Bitcoin"
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Really? Yuppies have a tendency to kill whatever they seem to take a strong liking to.
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Maybe, I am old-fashioned, but I do not trust ETFs in the least bit. I know that they do not hold what they claim to hold in the metals. They are lying! I don’t want to be caught when they go bankrupt (that work’s origin is bank corrupt). They are all run by the same people running the banks and the exchanges. I also don’t trust the exchanges because they are constantly front running the orders to dip their beaks into the flow. They will never be caught because they are hand-in-glove with the state.
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You gotta love those mid-wits! They are slightly better than nit-wits and a lot better than no-wits. However the mid-wits seem to be all over the place and forever overrunning everything.
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I think the whole thing is a Rockefeller plot!!!!
The reason why people are economically illiterate is because they have never been really exposed to economic ideas and thinking throughout their educations.
Perhaps, someday, that will change. Until then we will keep getting these silly exclamations.
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because they have never been really exposed to economic ideas and thinking throughout their educations.
what, the library wasn't open...? Google didn't function?
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"Available" and "Exposed" are different. Also, stumbling upon randomly available econ materials is probably worse than not seeing any.
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That is why people can give reading lists and such to others that are new to the area. I had some problems with starting because I found Mises, first and ploughed my way through Human Action without seeing other Austrian economics first. At that time, Hazlitt was available, but Callahan wasn’t. The next step for me was Rothbard. I think I am still stuck on that step!
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Google was not there (no modern internet, yet) and the libraries were and are still in the throes of the Rockefeller Trusts controls.
Google never functioned the way it could, even now it doesn’t. They lost the plot from the beginning as an IC adjunct.
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They come around from economic illiterates! They can say any loony thing that they wish, but it is not necessarily accurate or true.
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I suppose the important difference is that bitcoiners are more likely to listen to economic sense when they hear it.
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