The reason we have cash is (1) we used to not have widespread electronic instant settlement systems and (2) because you still generally need some type of physical fallback system because we energy sources and communications networks aren't always up.
Bitcoin is bad at 1 - 7 transactions per second (something something lightning network), and completely fails at (2) because it can't settle transactions without the internet, and electricity.
That may be what you think of as the core reason for cash to exist, but you shouldn't speak for others, who may see the privacy as a more relevant upside.
I love this piece. It evokes the well-known idea that "we shape our tools, and thereafter our tools shape us," drawing attention to the concept that digitally represented information serves as an observer's or machine's recorded testimony of a physical or cognitive system.
What is the value of that?
Language alone, or in this case, information, does not dictate our actions. However, there is persuasive power inherent in language — specifically, language that exposes the subjective gains individuals aim to achieve through their actions, often influencing individual behavior.
There exists an unexplored connection between our contemporary understanding of data and praxeology.
Precisely. The study looks to be a cross-sectional (snapshot) representation of a population. A more interesting study would be a longitudinal study to understand how an observer's opinions change on the matter over time. Those are unfortunately more expensive.
The bricks were laid for untethering from gold long before 1971. The cynic in me thinks that was the plan of the bankers that came up with Bretton Woods in the first place. "Give us all your gold and we will give you paper, we plomise we will always honor the exchange of paper back to gold."
One of the original plans at that meeting was a new world reserve currency, but they gave up control to the American dollar because the USA had control of 2/3 of the world's gold and refused to support the idea of the "bancor"
The one thing this is correct about is that continuing Bretton Woods past 1971 would lower the gap between economic productivity and wages... because both of them would have collapsed after the US depletes all its gold reserves.
KPIs aren't the issue; it's how businesses use them. Think of it like flying a plane without gauges—it's risky and uncertain. The risk of stalling or getting lost increases. Good KPIs are like helpful plane instruments. Some may seem unnecessary, but the focus should be on the essential ones. KPIs are just measurements. The problem is businesses not being explicit in their direction and selecting the right measurements to reach those goals. You rely on measurements every day, don't stop now.
I think KPIs are (one of) the issue(s) .. They will always fail because of Goodhart's Law .. Measurements are fine, but good luck finding any leadership that won't turn them into targets
What's the crash rate per mile for Tesla vehicles in production? Compare that to the crash rate per mile for the rest of the market and you probably have a better measurement. A more informed headline.
Feel pretty good about it. Read some non-technical books like "Wealth of Nations" to zoom out to the big picture of value exchange if you're feeling disillusioned by crypto. Philosophy can be a remedy.
