They'll Never Pay Down the National Debt
EIA Attack on Bitcoin Miners | Brian Morgenstern
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Although a free market economic system is sometimes called a profit system, it is in reality a profit-and-loss system - and the losses are equally important for the efficiency of the economy, because losses tell producers what to stop doing - what to stop producing, where to stop putting resources, what to stop investing in. Losses force the producers to stop producing what consumers don't want. Without really knowing why consumers like one set of features rather than another, producers automatically produce more of what earns a profit and less of what is losing money. That amounts to producing what the consumers want and stopping the production of what they don't want. Although the producers are only looking out for themselves and their companies' bottom line, nevertheless from the standpoint of the economy as a whole the society is using its scarce resources more efficiently because decisions are guided by prices.
Thomas Sowell
The fact that no given individual or set of individuals controls or coordinates all the innumerable economic activities in a market economy does not mean that these things just happen randomly or chaotically. Each consumer, producer, retailer, landlord, or worker makes individual transactions with other individuals on whatever terms they can mutually agree on. Prices convey those terms, not just to the particular individuals immediately involved but throughout the whole economic system - and indeed, throughout the world. If someone else somewhere else has a better product or a lower price for the same product or service, that fact gets conveyed and acted upon through prices, without any elected official or planning commission having to issue orders to consumers or producers - indeed, faster than any planners could assemble the information on which to base their orders.
Thomas Sowell
The wonder of markets is that they reconcile the choices of myriad individuals.
William Easterly
Most of us are necessarily ignorant of many complex fields, from botany to brain surgery. As a result, we simply do not attempt to operate in, or comment on, those fields. However, every voter and every politician that they vote for affects economic policies. We cannot opt out of economic issues and decisions. Our only options are to be informed, uninformed, or misinformed, when making our choices on issues and candidates.
Thomas Sowell
nostr:npub1hw4zdmnygyvyypgztfxn8aqqmenxtwdf3tuwrd44stjjeckpc37q6zlg0q Read_802 - How Inflation Destroys Civilization
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Hyperinflation and the Destruction of Human Personality
Who Benefits from Inflation?
The Redistributive Efects on Monetary Policy
"There are strict inescapable limitations of what an L2 can accomplish, and those limitations are what the L1 can accomplish. This is just an inherent fact of engineering reality when looking at a system like Bitcoin."
https://bitcoinmagazine.com/technical/layer-2-is-not-a-magic-incantation
Hayek's Nobel Prize, 50 Years Later
Inoculate Kids Against Left-Wing Weirdness