This information made me a bit angry
This is very good advice. Thank you
It seems to work great on nostr:npub1yzvxlwp7wawed5vgefwfmugvumtp8c8t0etk3g8sky4n0ndvyxesnxrf8q
Wait, did you guys ever pay attention to economists?
Yeah sure! Let's say the situation is the following: you want to sell me your house somewhere on the coast of Portugal for 145K EUR. Let's also say that I have non KYC sats ready to be transferred.
How do we go about it?
At some point the average hodler will want to purchase a real world good, maybe a house: how can the transaction happen in that case?
Fiat, i.e. going nowhere slowly
Imagine needing to have a Bitcoin custodian in the first place
Should Austrian economics care about macroeconomics?
I think yes!
But Stephan's Livera's guest, Peter At Once, says no. "Sit back and watch what everyone gets up to"
When two people trade, they do it because both believe they will be better off. However, let's not forget that third parties might benefit too. If I pay a builder to build a restaurant for me in an area that has a shortage of restaurants, then many customers can benefit.
There will be cases where two people are close to trading, but they - just about - decide not too. However, if the interest rate was just slightly lower, they might decide to trade and that would benefit society overall.
Similarly, a lot of harm can be done even if we assume everyone is rationally making the right trades. Anybody into game theory knows how bad things can get even with everyone making the "optimal" decision for themselves.
I'm not saying that we should keep the exact institutions that we currently have, such as the Fed and Europe's ECB. We're smart people and maybe we can come up with a better way to make interest rate decisions; perhaps a jury of randomly-selected citizens could decide.
Finally, on Bitcoin. I stack and hodl because it's good for me. And Bitcoin could be good for the world. But Bitcoin will be harmful on average if we don't think about the macroeconomics
30m45s into this: https://youtu.be/lwL5Lbt2_ZI?t=30m45s
Since you're talking about Austrian economics, this is what Rothbard has to say about interest rates:
"Perhaps more fallacies have been committed in discussions concerning the interest rate than in the treatment of any other aspect of economics. It took a long while for the crucial importance of time preference in the determination of the pure rate of interest to be realized in economics; it took even longer for economists to realize that time preference is the only determining factor. Reluctance to accept a monistic causal interpretation has plagued economics to this day."
This is an excerpt from page 389 of "Man, Economy, and State" - https://cdn.mises.org/man_economy_and_state_with_power_and_market_3.pdf
Your suggestion that perhaps a jury of random citizens should select the interest rates is a fallacy, as was already argued by Hayek in his "The Use of Knowledge In Society" - https://www.econlib.org/library/Essays/hykKnw.html
The interest rate is the price of money, so select group of people, however skilled or randomly chosen, should "decide" it.
Are you talking about OP_RETURN limits? If that's the case, I'm not sure how it's causing the UTXO set to increase in size
What is the most accurate definition of "fiat"?
I'll start with: fiat is a detachment from naturally occurring equilibrium conditions, usually sustained by more or less temporary imbalances of power. By definition, it creates an environment that cannot last and under which more damage and suffering than necessary are experienced as events unfold that cause everything to revert to its original and self-sustaining state.
#asknostr
Getting rid of most of your wealth is different from not being able to reach a very high level of wealth in the first place.
One can do whatever one wants with his or her wealth.
I'm not sure I fully understand your argument to be honest, especially as it translates to the current conditions.
Are you saying that individuals should hold a variety of currencies, both traditional hard monies and cryptos other than Bitcoin, because if everyone converged to holding Bitcoin only then it would be easier for authorities to fight it?
I can see how it could be more desirable for authorities to target Bitcoin if no alternatives existed, but I don't see how it could be easier. How would they go about removing the 21M cap for example?
Why would it have helped to keep a mix of currencies under Bretton Woods, since only central banks could have exchanged them for dollars and then for gold? Why not try to accumulate as much gold as possible in that scenario?
Programmers are creators of universes for which they alone are responsible. Universes of virtually unlimited complexity can be created in the form of computer programs.
- Joseph Weizenbaum, Computer Power and Human Reason (1974)
When back to 80k? 🎅
Yep I got that wrong twice haha
There is a weird unexamined idea held by most people that Hitler was, for whatever reason, much more evil than Stalin or Mao.
Broader than Broadway?
Does it actually heat much?
I've always judged music regardless of genre: each track/song can be unique, but it has to feel that the artist made it because of great inspiration for me to think it worth it my time.
And it has to be surprising. What comes next?
Can it be that's mostly driven by low liquidity on peach?
Market cap is probably too large nowadays for those kinds of moves, what's your take?
U.S. home prices are now nearly 300% above historical norms, surpassing even the 2006 bubble peak.
This is the most unaffordable housing market in American history.
Shared via https://pullthatupjamie.ai
1945 to 1970sh pretty stable, wonder what might have caused that!
Adam Back is back!!
I'm starting to like Bessent, talking about the Fed:
"All these PHDs over there, I don’t know what they do. This is like universal basic income for academic economists"
https://www.zerohedge.com/political/bessent-calls-fundamental-reset-financial-regulations
#endthefed
"The truth can take care of itself, it does not require your belief. You can beat on the truth with ball-peen hammers and it will do just fine, thank you"
- Terence McKenna
Weird nostr synchronicity going on here as I was just listening to https://youtu.be/h8pwa68KWmo
A couple of months ago in Florence
Check in on Bitcoin Twitter:
Don't forget to 
get back on the Titanic once you reach safety...
https://video.nostr.build/478c5165f4a7ced98e4a5467db9b9ed4b93c4799f098ec4848069700380b6421.mp4
Holy shit, people there have a long way to go
I think the difference between the current USD and the future CBDC is that today you can still use cash for all sorts of transactions without touching the banking infrastructure.
Not sure what's gonna happen with cash once CBDCs are the standard, what I know though is that sats are going to be the standard for people who understand what's going on.
Capitalism fucking sucks.
What do you mean I have to sell my sats at a loss.
I don't fucking want to sell my sats.
I want to spend them because Bitcoin is money not a fucking stock market asset.
https://cdn.nostrcheck.me/5b207a421f3029f30cd29c1efc2f8ff5c495b3fa8f78c17743f3d8fa83990588.webp
Well I'm not sure this is capitalism or just capitalism trying to find some way to profit from stupid tax laws
One tip: gamble with fiat only, since holding onto it is a gamble already.