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The "What is Money?" Show
Money is a Measure of F*cks Given with Devon Eriksen (WiM437)
Feb 19, 2024
Devon Eriksen discusses writing process, nature of money, private property rights, flaws of socialism. Topics include Bitcoin, labor theory of value, Nietzschean will to power, fiat money deception, Bitcoin consensus protocol, decentralized planning superiority.
01:58:14
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Quick takeaways
- In capitalism, feedback loops are crucial for success, detecting mistakes quickly and cheaply, beating smart thinking.
- Decentralization in the free market allows granular decision-making, while central planning leads to misallocation of resources.
Deep dives
The Importance of Feedback Loops in Capitalism
In capitalism, the speed and proximity of feedback loops are crucial for success. This is because the faster a mistake is detected and the closer it is to the point of origin, the quicker and cheaper it is to fix. The ability to obtain empirical information sooner rather than later beats smart and sophisticated thinking. The free market acts as a distributed computing system, utilizing the individual market actors as nodes and prices as signals. This allows for optimization of computational throughput. Freedom and property rights play a vital role in this system, as they enable individuals to make decisions based on their specific knowledge and interests, and to keep what they earn and transfer property through consensual contracts.
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