Following Hernando de Soto, we see capital as “economic potential energy”; a stock of crystallized and stored time; the memory of experimentation and discovery; a tool allowing us to not need to work completely from scratch, and shared in a common language to spare us equally from isolation.

The dojo spreads ideas by appealing to authority, or Ethos.

This will change when people start selling not just their fiat, and not just their time, but when they start liquidating real assets.

We know that nothing can be perfectly hedged because it derives from profoundly incomprehensible uncertainty, and uncertainty on uncertainty, and uncertainty on that uncertainty, and so on.

As per the dominant regime of political economy, the artificial money is introduced to the financial sector by means of “open market operations” in which central banks purchase financial instruments on the market to add to their balance sheets in order either to boost the prices of these assets, lower the borrowing costs of corporations, or both at

This will change when people start selling not just their fiat, and not just their time, but when they start liquidating real assets.

Provided with information, individuals can, and do, produce a price. But given a price, nobody — never mind a third-party observer or even the entire market — can (re)produce the information that created it.

Adding a bitcoin mining rig to a renewables project provides a permanent buyer of otherwise wasted electricity, lowering the volatility of cash flows of renewables projects, which in turn lowers their cost of capital, ensures more get financed and on better terms, and drives down the deflation curve even faster given Wright’s Law indicates a strong

Money is not the coins, or the balances, or even the UTXOs, but the consensus around economic behavior and reality these “tokens” capture.