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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
      Show this thread
    4. jonstokes.com‏ @jonst0kes May 20

      And if normies really are hedging inflation with crypto, then guess what! Normies are using crypto for a bona fide normie thing!

      1 reply 0 retweets 7 likes
      Show this thread
    5. jonstokes.com‏ @jonst0kes May 20

      jonstokes.com Retweeted Pavel

      Certainly anything is possible, including BTC=>$0 in a hyperinflation scenario. With sufficiently draconian controls on capital flight, which happens in a currency crisis, maybe we'd see this? But that has little to do w/ this "real world" angle.https://twitter.com/pavelow_pr/status/1395571875468750852 …

      jonstokes.com added,

      Pavel @pavelow_pr
      Replying to @jonst0kes
      What do you think of the Taleb critique that BTC isn’t tied to anything in the real world and that you could simultaneously have hyperinflation and BTC going to zero?
      1 reply 0 retweets 3 likes
      Show this thread
    6. jonstokes.com‏ @jonst0kes May 20

      I feel like we sort of crossed the Rubicon of "not anchored in anything real" a long time ago with stuff in the regular old financial system that's still bought & sold. To take a trivial example, I have a lot of books w/ different opinions of how to value a stock w/ no dividend.

      2 replies 0 retweets 8 likes
      Show this thread
    7. jonstokes.com‏ @jonst0kes May 20

      You can trade stock in an exchange-traded company whose main source of income is trading stocks. I'm not clear on how that weird arrangement is more "anchored in something real" than magic internet money. And yet it moves!

      2 replies 1 retweet 9 likes
      Show this thread
    8. jonstokes.com‏ @jonst0kes May 20

      jonstokes.com Retweeted Pinboard

      I think one answer is that it's easier to self-custody. You don't have to assay bitcoin, or make weird storage arrangements. You just need a laptop and an internet connection.https://twitter.com/Pinboard/status/1395573112712749056 …

      jonstokes.com added,

      Pinboard @Pinboard
      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?
      2 replies 0 retweets 7 likes
      Show this thread
    9. Pinboard‏ @Pinboard May 20
      Replying to @jonst0kes

      The same holds true for those assets, though. If I'm scared of inflation, I can buy gold or CHF on ETrade. And I don't have to worry about losing all my assets if my hard drive dies, or watch my life savings ping pong up and down in daily value based on an Elon Musk tweet.

      4 replies 0 retweets 4 likes
    10. jonstokes.com‏ @jonst0kes May 20
      Replying to @Pinboard

      Yep, that's true. And I have wondered about why GLD isn't getting much of a bump. But people are herd animals, & I think right now the herd has moved from exchange-traded gold instruments to crypto. I won't say I know all the reasons, but it would be hard for me to...

      2 replies 0 retweets 1 like
      Pinboard‏ @Pinboard May 20
      Replying to @jonst0kes

      Don't you think this is enough of an explanation? I really don't think these are people who stay up nights worrying that inflation might be 4% instead of 3% and eat their pension.pic.twitter.com/nd6wEbQa8X

      8:06 PM - 20 May 2021
      • 2 Likes
      • Look up "Knuffelberen" jonstokes.com
      0 replies 0 retweets 2 likes

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