Sublime

But as Clay Shirky has powerfully argued over the years, the Internet is brilliant at reducing the organizational costs of creating and maintaining groups, particularly casual groups that are defined by loose affiliations.

Imposing negative interest rates is strip-mining the capital stock.

Programmable securities, money streaming, and a global buyer of energy of last resort are tremendously exciting. Their growing promise is evidence that Bitcoin is, “not just a digital rock,” to cite an expression frequently utilized by Elizabeth Stark.

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

fragmentation of the social sense-making and collective action capacity

What’s interesting about blockchain instead is that it enables “frictionless binding contracts,” to use the language of economics.