Andrew has a great theory about how the discovery of cryptocurrency is the Great Filter.
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Replying to @sarahdoingthing
They're TOO GOOD as a store of value http://szabo.best.vwh.net/shell.html#Attributes%20of%20Collectibles … and maybe other attributes of money as well.
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Replying to @sarahdoingthing
So they solve the problem of pushing resources into the future http://modeledbehavior.com/2011/11/26/the-paradox-of-thrift-and-the-fable-of-the-ant-and-the-grasshopper/ … in the short term...
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Replying to @sarahdoingthing
But underincentivize productive investment. A too-reliable store of value means maybe not enough stuff gets done/built.
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Replying to @sarahdoingthing
And it's always too late to outlaw them, because usually the people in power are heavily invested by the time stuff goes wrong.
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Replying to @sarahdoingthing
@sarahdoingthing No need to worry. Long term the total value of all such currency has an upper bound proportional to economic activity.1 reply 0 retweets 1 like
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