For years I had noticed how some of the smartest people I know all tell me that they find economics very difficult to understand. Doctors, engineers, businessmen, and many other highly intelligent people would all share a similar story: “I took a few economics courses in college and did well, but I didn’t understand anything/forgot […]
On Friday, May 17, I had the first talk of my book tour in Vienna, the city of the economists most influential in shaping my views on Bitcoin. Thanks to the efforts of Bitcoin Austria, a very well-produced video of the event is now available.
I was interviewed by Valentin Schmid (@Vxschmid), financial editor of The Epoch Times, on Bitcoin as sound money, in a long interview in which I got to discuss several of the main concepts in my upcoming book in fairly significant detail. A written summary of the interview and a full video are available at The […]
As Bitcoin’s popularity continues to increase, its transaction fees rise as well, leading to the customary chorus of doom and gloom by those still stuck in stage 1 of dealing with Bitcoin grief. With average transaction fees exceeding $2, the doom-mongers assure us Bitcoin is doomed, because nobody wants to pay $2 to make […]
I have a new working paper for the Center on Capitalism and Society analyzing whether cryptocurrencies can perform the three traditional functions of money. The paper’s abstract: This paper analyzes five cryptocurrencies’ monetary supply growth, credibility, and stability, to evaluate whether these currencies have a viable monetary role as a medium of exchange, store of […]
I have written some detailed thoughts on Blockchain Technology’s applications into an academic working paper, with a view of expanding it into a longer academic paper. The working paper is published in the Columbia University Center on Capitalism and Society Working Paper series. Comments and feedback are appreciated.
Today witnesses the second “halving” event in Bitcoin’s history, during which the growth rate in the supply of bitcoin will drop by half, from an annualized rate around 8% to 4%. These halvings occur roughly once every four years, and ensure the supply of bitcoin continues to grow at an ever-decreasing rate. Three quarters of […]
Four months ago I published a piece in American Banker discussing the strangely trendy topic of “blockchain technology”, in which I explain my skepticism of the entire notion that “the technology behind bitcoin” could serve any useful function for the financial intermediaries it was specifically designed to replace. Bitcoin’s technology is as useful to the banks trying […]
Last year I published an academic paper in the Journal of Private Enterprise analyzing the economics of Bitcoin. Looking back, the parts of the paper with the most relevance today are the ones explaining the functioning of the bitcoin block-chain and the economics of the currency. Recent events make me think the discussion of smart contracts was […]
Professor Edmund Phelps and I have written an editorial piece with Project Syndicate on corporatism, capitalism and the fatal confusion between the two. I reproduce the whole essay here, courtesy of Project Syndicate The future of capitalism is again a question. Will it survive the ongoing crisis in its current form? If not, will it […]