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Neil Woodfine
Submit. Repent. I am your nanny.
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Neil Woodfine 6h
Replying to @OptimistLib
The secret is not to buy the car.
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Neil Woodfine 11h
Replying to @Seccour_FR
My thought when I saw this too. I hope at some point in his life, Satoshi has had a drink or two and danced badly.
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Neil Woodfine 21h
Replying to @jb55 @Mario_Gibney
If you think that “anything can be deduced” from “man acts”, you don’t yet understand the implications of the statement, or are expecting too much from AE.
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Neil Woodfine 21h
Replying to @jb55 @Mario_Gibney
It is also a truth which any and all “practitioners” of AE must inevitably come to (unless of course, someone later points out a logical or axiomatic flaw, at which point it can be adjusted). There is no other truth they can deduct to.
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Neil Woodfine 21h
Replying to @jb55 @Mario_Gibney
From a single axiom and these logical deductions, we have just deduced the subjective nature of value, and importantly debunked the labour theory of value. This is an example of a useful truth produced by AE which can inform our own actions in the real world.
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Neil Woodfine 21h
Replying to @jb55 @Mario_Gibney
The axiom produces strict limits. For example, “acting man” employs means to achieve ends. He has limited time and resources, so he prioritises his ends according to his own preferences, and employs the best means known to him to achieve the ends.
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Neil Woodfine 21h
Replying to @Mario_Gibney @jb55
*axiom that man acts
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Neil Woodfine 21h
It predicts what will happen if those who can’t shed their biases add inflation to a bitcoin fork. https://t.co/kKW5IAxCKR
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Neil Woodfine 21h
Replying to @Mario_Gibney @jb55
Austrian economics describe only reality, as long as you can swallow the axiom is that man acts.
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Neil Woodfine Feb 21
Replying to @alpacasw @Wright_Doug
Two secs, checking my dogma almanac.
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Neil Woodfine Feb 21
If you’re economics-illiterate and don’t believe the Austrians, just look to Satoshi. Hodling ninety-eight trillion sats, never spent one. The first, the last, the ultimate Bitcoiner.
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Neil Woodfine Feb 21
Replying to @7Y0ung @parabolictrav
The Ultimate Bitcoiner.
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Neil Woodfine Feb 21
Lower your time preference.
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Neil Woodfine Feb 21
“If the options are spend or starve, then the answer is clear. When hodling bitcoin, every day is a good day to die.” - Eugen Ritter von Böhm-Bawerk
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Neil Woodfine Feb 21
Replying to @nwoodfine
So, what has Austrian economics done for bitcoin? It's provided us with understanding, a greater sense of purpose, a prioritisation of properties of bitcoin are most important, and a solid explanation for why number has gone up and will likely continue to go up in the future.
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Neil Woodfine Feb 21
Replying to @nwoodfine
If you want to build software, it makes sense to inform yourself with at least some basic computer science. Likewise, if you want to save, invest, or build financial software, it makes sense to have some basic understanding of economics.
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Neil Woodfine Feb 21
Replying to @nwoodfine
Through its well-developed and well-reviewed *scientific* thought experiments, Austrian economics explains WHY things happen. Why inflation drives malinvestment, why commodities become monies, why saving is important, why a coin with inflation will always lose to bitcoin.
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Neil Woodfine Feb 21
Replying to @nwoodfine
This may sound like a gushing exaggeration, but Austrian economics can even have a calming effect on the mind. Instead of an ambiguous mess of complexity and emotion, you can better see the mechanical, impartial cogs that make the world work.
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Neil Woodfine Feb 21
Replying to @nwoodfine
Austrian economics is simply descriptive. It informs anyone that cares to study it on the fundamentals of human action. Means and ends, the nature of value, capital, time preference, it's all in there. This knowledge is useful for taking prescriptive, purposeful action.
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Neil Woodfine Feb 21
Replying to @nwoodfine
But aside from that, and perhaps more importantly, Austrian economics (which really should just be called economics) armed me with a new set of tools to think. The distinction between empiricism and a priori became clearer. It became easier to extract signal from noise.
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