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The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

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    1. jonstokes.com‏ @jonst0kes May 20

      jonstokes.com Retweeted Peter McCormack

      I'm not a Nobel Participation Trophy winner (or whatever he got), but I always thought that inflation hedging, which yeah involves some speculation, is "normal economic activity." Probably his oversight here is related to how real economists don't think we're having inflation rnhttps://twitter.com/PeterMcCormack/status/1395568641714888710 …

      jonstokes.com added,

      Peter McCormackVerified account @PeterMcCormack
      Okay Paul. https://twitter.com/paulkrugman/status/1395541758197567490 … pic.twitter.com/dzqTy5uOyj
      3 replies 1 retweet 15 likes
      Show this thread
    2. jonstokes.com‏ @jonst0kes May 20

      Crypto has a lot of problems and is young, and there's a ton of froth and foolishness and bad stuff going down. But I really think it's playing some kind of role as an inflation hedge for people, & I've seen it do exactly this w/ Latin American programming contractors.

      3 replies 1 retweet 10 likes
      Show this thread
    3. jonstokes.com‏ @jonst0kes May 20

      Insofar as inflation is a problem that normies have (and are having right now if they're buying housing, education, transportation, some business assets like computers... many such cases!), then inflation hedging is a normie economic activity like buying coffee. Change my mind.

      3 replies 1 retweet 10 likes
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      Pinboard‏ @Pinboard May 20
      Replying to @jonst0kes

      Traditionally the inflation hedge of choice in such situations was hard currency. Why would people buy a volatile cryptocurrency in lieu of something like Swiss francs or gold?

      7:52 PM - 20 May 2021
      • 1 Like
      • Dedicating Ruckus
      4 replies 0 retweets 1 like
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        2. A.J. Feather‏ @AJFeather May 20
          Replying to @Pinboard @jonst0kes

          It’s far more mobile, has the same supply constraints and holding it over a 5 year period has thus far yielded massive returns. Daily volatility means less when you’re hedging inflation on multi-year horizon. Obviously still far more speculative than gold, but why not do both?

          1 reply 0 retweets 1 like
        3. Pinboard‏ @Pinboard May 20
          Replying to @AJFeather @jonst0kes

          I think you've answered the question here; people hold this asset for long-term speculation.

          3 replies 0 retweets 1 like
        4. Show replies
        1. Greg Leppert‏Verified account @leppert May 21
          Replying to @Pinboard @jonst0kes

          I think it’s hard to honestly engage with Krugman’s point without accounting for his “almost no” qualifier. Did someone buy a pizza with Bitcoin last night, “utterly destroying” @Pinboard’s argument on CNBC? Maybe. Is inflation hedging a meaningful chunk of crypto activity? 🤷‍♂️

          0 replies 0 retweets 1 like
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        1. cae‏ @taecano May 21
          Replying to @Pinboard @jonst0kes

          Argentina: we have a buy limit of 200 USD per month, anything else is on grey/black markets; also, everything has taxes. Crypto is, in some cases, is easier to buy, and yeah you sidestep some other costs.

          0 replies 0 retweets 0 likes
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        1. cae‏ @taecano May 21
          Replying to @Pinboard @jonst0kes

          also, it's the easiest way to get paid, any dollar that enters legally into the country gets taxed into oblivion; it's crypto or selling exchanges' funds for a fee.

          0 replies 0 retweets 0 likes
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