Ep. 820: Tell Me Something I Don't Know with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Local Knowledge
After Bitcoin, I began to realize that one of the ways that Bitcoin works is that it's decentralized. You've got all the knowledge that's necessary to make Bitcoin work is sort of embedded in millions of different places. And when you look at the extent of the complexity and just how many decades, really centuries or millennia took to lead up to this point, you begin to kind of get a sense of what Hayek say: Only real way that society can organize itself is local knowledge of time and place embedded in every single individual human mind.
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