George selgin bitcoin wiki

Company Filings. Commissioner Hester M. Thank you to the Texas Blockchain Summit for the chance to be here today. I have to start with my disclaimer that my views are my own and not those of the Securities and Exchange Commission or my fellow Commissioners. Today, however, I will offer a different take on the Wild West and, with that picture in mind, suggest a way forward in crypto regulation.

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Content:

• Beyond Wikipedia and Google: Academic Research Tools on the Web
• Cryptoliquidity: the blockchain and monetary stability
• George Selgin
• Bitcoin Law
• The Economics of Bitcoin
• bitsandbets
• Lawless in Austin
• Monetary Revolution: Innovation in the Age of Financial Repression | Nic Carter
• Nick Szabo on Cypherpunks, Money and Bitcoin

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Beyond Wikipedia and Google: Academic Research Tools on the Web

Zealotux 6 months ago next [—]. Cryptocurrency discussions on HN often feel like 90's me discussing how fax machines would be obsolete, not because the Internet offered a better solution at the time, digital signatures were not binding afaik so this was a real barrier, it was because I could see what was down the line, the progression, while sporadic was to a degree predictable, the first time I used video or played games on a phone, I knew other people would want this, same with the first online payment systems, to entertain the idea that the cryptocurrency world in it's entirety is a worthless sham is to miss a lot of very interesting people doing a lot of very interesting work, I hope I'm around to see something worthy come out of the space, it would not surprise me if it takes another 10 years or 6 months.

Look at the history of railways and canals, no one was really disputing that they were game changers, yet the level of fraud, hype and failures is not dissimilar to what we see in this new world, it doesn't automatically mean the idea itself is a dud.

The problem with your argumentation is that it's completely disconnected from the merits of the thing we're discussing so you can use it to support any idea, no matter how good or bad. Substitute X with a horrible idea and you sound like you're defending it successfully while in reality you aren't saying anything about it.

I think what was meant is that digital payments like you find in games were a really innovative idea back in the day, when the poster mentions discovering them. That is the genesis of all crypto projects. Remember Flooz, anyone? Clearly lots of people wanted in on it and it became the hot mess that is NFTs, crypto Ponzis, etc. So, there might be other uses of digital currency that are also viable.

I'm with you that digital currency is the way forward, but it's hard for me to swallow that it'll be "crypto currency". Also, the space is as you said, rife with fraud - not very different from early internet I suppose what do I know, I was born in DSingularity 6 months ago root parent next [—]. You know what's a USD stable-coin backed by government? The USD. My money is already mostly digital, represented by moving around numbers in databases.

I handle cash very rarely. I don't need my money to be cryptographically secure, I need access to my money to be cryptographically secure. I think that's something crypto-enthusiasts skip over, they're focusing on a tangential issue.

GoblinSlayer 6 months ago root parent prev next [—]. A good IT service from government is like communism, it was never tried, but everyone dreams about it, hoping that it will happen by itself.

Excuse me, but what the hell are you talking about? So, this is the argument I hear all of the time: that there is interesting work being done. Every time the answer is a batch of projects that make grandiose claims of solving very generic problems e. There is a word for this kind of scheme. Decentralized and censorship resistant name routing service? Cool, I don't care if you buy it. Peer to peer lending is cool too. There seems to be around millions dollars in addresses attached to Ethereum Name service[1].

So apparently the data says some people, somewhere, do care. Fools and their money. It's a weird argument to make in this sub-thread. You got an answer. You questionned its economic value. At this point, there are tons of other valid arguments you could have made it's too small, it's only one,etc. But you chose "reductio ad tulipum". It doesn't speak well of the strength of your case.

Either that or you simply are not open to reconsidering your position, under any circumstance. Freenet is a distributed censorship-resistant data store which can do name routing. No blockchain needed. There's no incentive to run a freenode. For me, a globally distributed database running on open source software is interesting and novel in itself, just because no one can find anything useful to do with it yet doesn't invalidate the novelty, wasn't electrical effects similar, it was discovered prior to people having a use for it.

Oh, yes, fully agree on the novelty. Fountain Codes are also super cool, were totally novel, and had and continue to have limited utility. While all useful ideas were once novel, the inverse is rarely true. I'm not willing to comment publicly that this or that project is legit, rife with fraud is quite the understatement and I don't have the resources to vet anything, nonetheless, if you use google and follow people rather than projects, there are some really exciting developments on the edges.

How do you judge if something is an "exciting development" if you "don't have the resources to vet anything"? Wouldn't making such a judgement imply that you thought it could be useful? Or is "usefulness" not required for such crypto "exciting developments"? I think that may be the point the GP is making I can tell you if a rollercoaster looks exciting without knowing if it's safe, I am being overly cautious perhaps.

Monero offers complete privacy and anonymity. It's everything bitcoin was meant to be. It can actually be used as currency right now. Ethereum is essentially a distributed virtual machine anyone can pay to execute code on. This is world-changing technology. Smart contracts are currently limited by the fact they do not have access to real world data: the Ethereum virtual machine can only use financial data present in the blockchain itself as input.

There are projects attempting to address this but none have delivered yet. This is certainly a good argument and I use it myself for nuclear fusion, space stuff, etc. So, there's that. Trustless collateral-backed loans and decentralized prediction markets are two of the coolest projects to me.

Absolutely useful, if your definition of utility is the separation of fools from their money. But modern DLTs are there slowly doing their thing. Mostly based on how things were several years ago compared to where things actually stand now. For example there are various criticisms of Hedera Hasgraph online stating that it is closed-source, not decentralised, slow for smart contracts and not open source. All incorrect. The code is either open source or open review. More decentralised than most cryptos transparent governance from multiple organisations on different continents and in different industries.

Heading towards full permissionless nodes once the network is stable. Slow smart contracts do exist for backwards compatibility but far faster smart contracts scheduled etc can be created at the native layer.

Nice piece of shill, mate. The difference between someone making a sensible set of counter-arguments with valid points versus someone who is actually shilling is easily lost on some people. The list of use cases would be better served, and in most of those cases is already well served, by a single database.

Trusted interpersonal relationships are a feature, not a bug. Some links would be useful btw, "US Coupon Bureau" is not any kind of US official organization, just another crypto startup. And their own website has their name listed as "The Coupon Bureau". Yes, I imagined a populace having independent control over some form of portable digital secure financial instrument as being an exciting thing.

I couldn't, and still can't imagine using a network that processes 7 global transactions per second.

If we used some secondary chain, the crypto would be solving a problem for banks and not for people. And how fast do you think the first steam engine went? I think we are all familiar with emerging technology that improves over time. He's just right. I can't object to using cryptocurrencies as a financial instrument to make money but all the arguments about technology, economics or freedom are not just wrong but very often the exact opposite is true.

Care to elaborate? What exactly are the arguments that are wrong? MereInterest 6 months ago root parent next [—]. Not the OP, but this has been my experience as well. This discourages investment, since you get more value just by holding onto it. Just like TOR, you only need to monitor the exit nodes to map pseudonyms to actual people. If I buy a TV with a credit card, and receive a box of rocks, I can do a chargeback. If I make that same transaction with cryptocurrencies, I'm SOL unless a fraudster suddenly decides that they really want to make good on it.

A proof-of-work cryptocurrency must at all times expend energy proportional to the value represented by the cryptocurrency, or else be vulnerable to attack. As such, the more it expands in usage, the more much be expended to secure it. We've seen how Bitcoin alone now dwarfs entire countries, let alone the banking sector. And even if the statement were true, it is misleading to compare a payment processor to the entire banking sector. Even if the entire banking sector ran on cryptocurrency, you'd still need somebody to underwrite loans and mortgages.

Overall, every single time I've looked into cryptocurrency over the past decade, I came away thinking that it's a really neat idea, but there are so, so many downsides.

In practice, cryptocurrencies are worse than Ponzi schemes, because at least Ponzi schemes only screw over people who invest in them. Bitcoin delenda est.

Cryptoliquidity: the blockchain and monetary stability

Instead of using an intermediary such as PayPal or submitting credit card information to a third party for verification—both of which often include transaction fees and other restrictions—Bitcoin allows individuals to pay each other directly for goods or services. The characteristics that make Bitcoin so innovative have also made it a target for regulators, who fear that the cryptocurrency will aid tax evasion, money laundering, and other crimes. While it is true that it can be used for nefarious purposes, the same can be said of cash. But, unlike cash, Bitcoin transactions are recorded in an online ledger. In this new primer published by the Mercatus Center at George Mason University, Jerry Brito and Andrea Castillo describe how the digital currency works and address many of the common misconceptions about it. They also analyze current laws and regulations that may already cover digital currencies and warn against preemptively placing regulatory restrictions on Bitcoin that could stifle the new technology before it has a chance to evolve.

George Selgin

UFOP Bitcoin. This makes sense because the market bubble implies that, coupled with the positive spirits of a market bubble, speculators, arbitragers, miners, and other market participants caught in the hype viewed the volatility in a positive light as a method to make large amounts of quick money. After the bubble burst, we see that market participants feared holding bitcoins because many realized that they could lose their wealth due to fluctuations in bitcoin price. Only the ones that stayed were tolerant of risk, which is why our sigma2 coefficient was statistically insignificant after the market bubble peak. Furthermore, we also notice in our TGARCH models that before the peak of the market bubble, there were asymmetrical effects to positive and negative shocks. Particularly, there was significantly less volatility as a consequence of negative shocks than there were as a consequence of positive shocks. This implies market bubble and speculative behavior. After the bubble peak, we notice that a correction occurs and the market responds quickly into equilibrium after a positive shock, but responds with high volatility after a negative shock.

Bitcoin Law

Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future. George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. Henry Curr is the economics editor for the Economist Magazine and a returning guest to the show. Lorie joins Macro Musings to talk about the operations side of monetary policy and her work at the New York Fed. He rejoins David on Macro Musings to discuss the great inflation surge of and its implications for policy.

The Economics of Bitcoin

Andresen explains the origins of BitCoin, how new currency gets created, how you can acquire BitCoins and the prospects for BitCoin's future. Can it compete with government-sanctioned money? How can users trust it? What threatens BitCoin and how might it thrive? I never see the cash.

bitsandbets

The Reader View of Wikipedia. Selgin's research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and the history of monetary thought. He is one of the founders, along with Kevin Dowd and Lawrence H. White , of the Modern Free Banking School, [3] which draws its inspiration from the writings of Friedrich Hayek on denationalization of money and choice in currency. Selgin is also known for his advocacy of a "productivity norm" for monetary policy—an ideal according to which the growth-rate of nominal gross domestic product should be such as will allow the output price level to decline along with goods' real unit costs of production—that is, at a rate opposite the growth rate of total factor productivity.

Lawless in Austin

It was proposed by President Nayib Bukele. The text of the law states that "the purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out". Bitcoin use as a currency in El Salvador had been experimented with since at least , and current President Bukele expressed interest in bitcoin while he was mayor of San Salvador in

Monetary Revolution: Innovation in the Age of Financial Repression | Nic Carter

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Its inbuilt scarcity provides an assurance of purchasing power arguably safer than any other system yet conceived. But to understand these claims, one must first understand the basics of Bitcoin. My conclusion is that, in principle , nothing stands in the way of the whole world embracing Bitcoin or some other digital currency. Yet I predict that, even with the alternative of Bitcoin, people would resort to gold if only governments got out of the way. EconTalk podcast, April To fully understand how Bitcoin operates, one would need to learn the subtleties of public-key cryptography.

Nick Szabo on Cypherpunks, Money and Bitcoin

Bitcoin Tutorial from Coindesk. Blockchain Synchronization. Blockchain Tutorial by Coindesk. A gentle introduction to bitcoin. A gentle introduction to blockchain technology. A gentle introduction to smart contracts.

American economist Milton Friedman was also one of the founding members of the Society. According to DeSmog research, Mont Pelerin members have ties to a wide range of conservative think tanks, many which have consistently denied the human influence on climate change. Membership lists obtained by DeSmog dating to and, more recently, show that organizations represented by the MPS have deep ties to the Koch network.