TIME: Principles of Economics online course Lecture
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FinCEN is trying to bring the PATRIOT Act to cryptocurrency ‼️
We broke the proposal down in detail, answered all your questions, and laid out what it means for each of us.
A special thank you to nostr:npub1mznweuxrjm423au6gjtlaxmhmjthvv69ru72t335ugyxtygkv3as8q6mak for bringing some incredibly insightful comments!
Read here 👇
"Ultimately, this is a further monumental leap in the U.S. governments attempts to prevent the usage of privacy tools in the cryptocurrency space. This crackdown, especially with the broad definitions imposed by FinCEN here, will kick-start the bifurcation of cryptocurrencies into two worlds — white-market and black-market money.
The cryptocurrency world will split into two separate economies, one that functions as an add-on to the traditional finance and compliance regime, and one that acts as an independent and self-sustaining circular economy."
The fact that the masses are ignorant of physics and do not know anything substantial about electricity does not obstruct the endeavors of experts who utilize the teachings of science for the satisfaction of the wants of the consumers. From various points of view, one may deplore the intellectual insufficiency and indolence of the multitude. But their ignorance regarding the achievements of the natural sciences does not endanger our spiritual and material welfare.
It is quite different in the field of economics. The fact that the majority of our contemporaries, the masses of semi-barbarians led by self-styled intellectuals, entirely ignore everything that economics has brought forward, is the main political problem of our age. There is no use in deceiving ourselves. American public opinion rejects the market economy, the capitalistic free-enterprise system that provided the nation with the highest standard of living ever attained. Full government control of all activities of the individual is virtually the goal of both national parties. The individual is to be deprived of his moral, political, and economic responsibility and autonomy, and to be converted into a pawn in the schemes of a supreme authority aiming at a "national" purpose. His "affluence" is to be cut down for the benefit of what is called the "public sector," i.e., the machine operated by the party in power. Hosts of authors, writers, and professors are busy denouncing alleged shortcomings of capitalism and exalting the virtues of "planning." Full of a quasi-religious ardor, the immense majority is advocating measures that step by step lead to the methods of administration practiced in Moscow and in Peking.
If we want to avoid the destruction of Western civilization and the relapse into primitive wretchedness, we must change the mentality of our fellow citizens. We must make them realize what they owe to the much vilified "economic freedom," the system of free enterprise and capitalism. The intellectuals and those who call themselves educated must use their superior cognitive faculties and power of reasoning for the refutation of erroneous ideas about social, political and economic problems and for the dissemination of a correct grasp of the operation of the market economy. They must start by familiarizing themselves with all the issues involved in order to teach those who are blinded by ignorance and emotions. They must learn in order to acquire the ability to enlighten the misguided many.
It is a fateful error on the part of our most valuable contemporaries to believe that economics can be left to specialists in the same way in which various fields of technology can be safely left to those who have chosen to make any one of them their vocation. The issues of society's economic organization are every citizen's business. To master them to the best of one's ability is the duty of everyone.
Mises
https://mises.org/library/mises-reviews-rothbards-man-economy-and-state
The equations of physics describe a process through time, while those of economics do not describe a process at all, but merely the final equilibrium point, a hypothetical situation that is outside of time and will never be reached in reality. Furthermore, they cannot say anything about the path by which the economy moves in the direction of the final equilibrium position. As there are no constant relations between any of the elements which the science of action studies, there is no measurement possible, and all numerical data available have merely a historical character; they belong to economic history and not to economics as such. The positivist slogan, "science is measurement," in no way refers to the sciences of human action; the claims of "econometrics" are vain.
Mises
Most of what goes today under the label of the social sciences is poorly disguised apologetics for the policies of governments.
Mises
Price is Truth | Bitcoin is Venice Series | Episode 2 (WIM382)
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Sacha Meyers
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This era represents a fork in the road. One direction provides a stepwise upgrade to those who wish to continue the multi-century trend of further and further centralization of the financial system. The other direction reverses that trend, fractures the existing forces of centralization, and gives more financial autonomy back to individual users who wish to take it
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Chatting w/ nostr:npub16le69k9hwapnjfhz89wnzkvf96z8n6r34qqwgq0sglas3tgh7v4sp9ffxj he raised an important question that's been discussed but is worth repeating:
What risks does #BTC face in an ETF-driven era w/ massive institutional adoption?
Gains are cool, but this thing is REALLY about reshaping base layer monetary incentives.
To avoid being blamed for the nefarious consequences of inflation, the government and its henchmen resort to a semantic trick. They try to change the meaning of the terms. They call “inflation” the inevitable consequence of inflation, namely, the rise in prices. They are anxious to relegate into oblivion the fact that this rise is produced by an increase in the amount of money and money substitutes. They never mention this increase. They put the responsibility for the rising cost of living on business. This is a classical case of the thief crying “catch the thief.” The government, which produced the inflation by multiplying the supply of money, incriminates the manufacturers and merchants and glories in the role of being a champion of low prices.
Mises
