Languages change and evolve organically. But it is perhaps paradoxically necessarily that languages must remain mostly unchanging — mostly common between their speakers — such that change can be recognized and contextualized, rather than simply disorienting.

bet is a tax on bullshit, goes the saying originating with economist Alex Tabarrok.

“What does Wall Street get out of financialization? A valuation story to sell. What does management get out of financialization? Stock-based compensation. What does the Fed get out of financialization? A (very) grateful Wall Street. What does the White House get out of financialization? Re-election. What do YOU get out of financialization? You get

Our argument in this chapter will go through the following propositions, which serve as headings for their own sections of discussion: Value is subjective; uncertainty is not risk; economic complexity resists equilibria; markets aggregate prices, not information; and, markets tend to leverage efficiency.

A Bitcoin transaction is a global speech act that means, roughly, I am provably entitled to this portion, x, of the money supply, and am now transferring it to somebody else, in a language that everybody remembers forever and which can’t be used to lie.

A key building block of the EMH is the “random walk hypothesis”: The idea that you can “prove,” using statistical methods, that stock prices follow “random walks” — a kind of well-defined and genuinely random mathematical behavior.

Bitcoin does not only benefit the environment specifically because of a handful of contingently economical use cases related to renewable energy; Bitcoin benefits the environment because it encourages long-termism and proper cultivation and preservation of capital.

Money emerges from uncertainty, capital emerges from money, and uncertainty emerges from capital.

The health of a single business, and the health of the aggregation of all businesses, should not be measured by “growth” in revenue, or in profits, or even in capital, but in the ratio of profits to capital. The rate of return.