“The best defense is a good cryptographic hash function.” —Vince Lombardi
When offense is cheaper than defense, "negative-sum games of coercion and extortion ... can only be avoided by carefully crafting [and enforcing pre-contractual] rules." Good news: in cryptography, defense is cheaper than offense. https://unenumerated.blogspot.co.il/2008/05/coase-theorem-is-false-contracts-depend.html … https://unenumerated.blogspot.co.il/2009/09/coase-theorem-in-action.html …
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Awesome stuff as always. Here is my attempt to apply this insight to socialism as part of a systematic catalogue of threats to human production.https://github.com/JWWeatherman/human_threat_model/blob/master/README.md#socialist-slavery …
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Brilliant idea I've saved for tomorrow morning's coffee hit. But first sentence has a typo... unnecessary "to".
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It will be interesting to see how the Coase Theorem applies in a hypothetical human civ that spans multiple stars. Will relativity enforce local autonomy and interstellar anarcho-capitalism?
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For sure!
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How does Bitcoin fare against a high qubit quantum computer?
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+flamethrowers = whoops, small game fallacy! While fair to these purported "Coaseans"
@NickSzabo4 not so fair I reckon to Coase himself, who would admit that as we live in a second best world prior policy is eminently important. See McCloskey's reflection https://www.deirdremccloskey.com/docs/pdf/Article_200.pdf …Thanks. Twitter will use this to make your timeline better. UndoUndo
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By what magnitude, I wonder... Logarithmically less expensive to defend?
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