Josh Hendrickson's avatar
Josh Hendrickson
npub18wgt...r2wn
Professor of Economics and Chair, Ole Miss; Senior Fellow at the Bitcoin Policy Institute
Don't call it a sign of the times when it's always been this way Forked tongues and voices behind curtains with no name Well they plot their wicked schemes setting fate for all mankind With evil that can fill God's pretty skies with clouds that burn and blind
Look at this figure and ask yourself which of these expenses will be easiest to cut. image
Okay, so there was this economist named Ronald Coase and he wrote this paper on durable assets. One implication you could draw from the paper is that if you issued your own money, it probably wouldn’t work unless you promised to buy it back for a fixed quantity of something of value or if you promised to limit the quantity of the money. But promises require trust and people probably wouldn’t just trust the issuer of money to do the right thing and not print too much. But there’s this thing called Bitcoin and it solves that problem. The supply of bitcoin is fixed and no one has an incentive to change that. So it’s like a new solution to this problem. I read about it on Economic Forces. image