As the economist Alex Tabarrok says, “a bet is a tax on bullshit. Or, don’t talk: do.”

Economist and noted Islamic Finance scholar Mohammad Siddiqi dryly makes this connection in, A Vision for the Future of Islamic Economics,[92] noting that, “almost all money in circulation is interest bearing debt transferring wealth from fund users to the owners of capital. It is not technically necessary for society’s means of payment to play thi

Third, this constant and pointless demand for financialization will create political and business opportunities to better facilitate it.

In 1993, Rorion created the Ultimate Fighting Championship.

“There is nothing new except what has been forgotten.” — Marie Antoinette

Consider that prices emerge from action, and the truth of prices comes from experimentation. It is not dictated. It is discovered iteratively.

“In equilibrium systems, everything adds up nicely and linearly. It is trivial to generalize to many agents; this simply corresponds to connecting more glasses of water. The effect on the water level from adding several drops of water is proportional to the number of drops. One does not have to think about the individual drops. In physics, we refer

It is likely instructive at this point to be clearer about how exactly Ostrom defines a common pool resource, and how she distinguishes it from a “public good.” She writes, The relatively high costs of physically excluding joint appropriators from the resource or from improvements made to the resource system are similar to the high costs of excludi

To date, it has been very difficult to conceptualize what value, exactly, has peacefully opted out of fiat and into bitcoin. Pricing only happens at the margin, and marginal fiat exchanged for bitcoin is just a bank liability that the bank relabels.