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patrickc's profile
Patrick Collison
Patrick Collison
Patrick Collison
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@patrickc

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Patrick CollisonVerified account

@patrickc

Fallibilist, optimist. Stripe CEO.

patrick@stripe.com
patrickcollison.com
Joined April 2007

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    1. Devon‏ @devonzuegel 7 May 2018
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      Devon Retweeted Fred Ehrsam

      Has any country used inflation as the primary, official way to raise revenue instead of taxes, a la Tezos? (Please don't answer "Weimar Germany". I'm asking for governments where that's the explicit, accepted source of funds rather than a desperate emergency measure)https://twitter.com/FEhrsam/status/949355741160206336 …

      Devon added,

      Fred EhrsamVerified account @FEhrsam
      3c/ Inflation funding. Anyone can submit improvements. Token holders vote to approve/reject and decide bounty size. New tokens are minted to pay bounty. Examples: Tezos, DFINITY (neither live)
      Show this thread
      21 replies 3 retweets 44 likes
    2. michael_nielsen‏ @michael_nielsen 7 May 2018
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      Replying to @devonzuegel

      I remember listening to Pauline Hanson - who ran an Australian political party - propose "printing more money" as a primary means of finance. TBC, she wasn't talking about quantitative easing etc, she just thought of it as a budget fix-all. Never implemented, fortunately.

      1 reply 0 retweets 1 like
    3. Devon‏ @devonzuegel 7 May 2018
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      Replying to @michael_nielsen

      If we could tax all wealth at the same rate with no leakage (i.e. exactly X% of every dollar went to the govt) wouldn't this be roughly equivalent?

      5 replies 0 retweets 4 likes
    4. Devon‏ @devonzuegel 7 May 2018
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      Replying to @devonzuegel @michael_nielsen

      The problem seems to come when you go too far, bringing it from a steady, predictable rate to uncontrollable hyperinflation, right? Inflation as a funding mechanism isn't inherently problematic (afaict)

      3 replies 0 retweets 1 like
    5. michael_nielsen‏ @michael_nielsen 7 May 2018
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      Replying to @devonzuegel

      I don't know. IIRC, inflation targetting aims for 1-3% per annum, & seems to work pretty well. I presume that's based in part on models of what people can tolerate, but I've never read the justifications.

      2 replies 0 retweets 1 like
    6. Patrick Collison‏Verified account @patrickc 7 May 2018
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      Replying to @michael_nielsen @devonzuegel

      I’ve often wondered what this number is a function of.

      1 reply 0 retweets 9 likes
    7. Devon‏ @devonzuegel 7 May 2018
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      Replying to @patrickc @michael_nielsen

      Probably a psychological threshold more than anything. A rate with significant impact on value over time but slow enough that it doesn't cause individual people in the economy to act radically differently/erratically day-to-day

      4 replies 0 retweets 8 likes
    8. michael_nielsen‏ @michael_nielsen 7 May 2018
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      Replying to @devonzuegel @patrickc

      I believe Australia's inflation rate went up to double digits % in the 80s, and that the effect was pretty severe on the population (particularly people with large mortgages).

      3 replies 0 retweets 2 likes
    9. Brian Lui‏ @brianluidog 7 May 2018
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      Replying to @michael_nielsen @devonzuegel @patrickc

      We can view inflation as similar to issuing stock options. Mature companies tend to issue 0-3% of outstanding stock. High growth companies can issue much more than that. That's a possibly reason why inflation targeting is around that level in mature economies

      1 reply 0 retweets 7 likes
      Patrick Collison‏Verified account @patrickc 7 May 2018
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      Replying to @brianluidog @michael_nielsen @devonzuegel

      That's a fascinating parallel; hadn't thought of it in those terms.

      11:10 PM - 7 May 2018
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      • Devon Brian Lui michael_nielsen
      0 replies 0 retweets 3 likes

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