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[quote]Interesting subject that doesn't get enough play IMO. What I see as the major flaw for HFT is its lack of subjectivity, mathematical algos can compete on an objective basis, but what hinders algo's from always optimizing trades is subjectivity. The markets need subjective actors who follow their own valuations against the proper objective
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Neilso, I think we're getting off track anyways. What bothered me was what you said here: [quote]You can have infinity inflation from one day to the other.[/quote] This isn't true about bitcoin. It is up to you to show that it is true. [quote]It is irrational to trade something which is a good for something which is not a good .[/quote] If people
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[quote]The fact that the USD can be inflated by the monopolist does not make it rational to trade away valuable goods for useless scarce bits.[/quote] That's a judgment call and not something universally true, as evidenced by the fact that at least a few people have have performed such exchanges. How do you define rational here? In the praxeological
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[quote]1) What is the imagined/predicted role of *private* deposit insurance in a fully free society? I've read this whole thread without seeing any mention of it: is that because there is an argument that it won't emerge in a free-banking/frb setting? [I have the online version of Selgin's free-banking document queued up for reading, so
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Sounds like good stuff. Thanks, Israel. Neilso, [quote]I would volunteer. But there is nobody I can offer it to because Jeffrey Tucker nor anyone else is responding to email or questions elsewhere. I'm suspecting this is because Jeffrey and the technical people (I have no idea who they are) have an idea of what they want and are not interested in
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[quote]That's the best answer I got in defense from a completeley legit and important question. And you're saying they don't have that potential?[/quote] Yes. I read the papers and get it.
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I skimmed part E, since that's about economic calculation. It basically says accounting and banking are unnecessary. Money is unnecessary. They use up resources that could otherwise be used to realize a socialist system. There is no rationing mechanism necessary since socialism = utopia.
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[quote]People bring up the status of the USD a lot in these discussions, but however bad the USD dollar is does not make bitcoins any better.[/quote] Let's see... The USD is awful and used as a medium of exchange. It has the potential to suffer hyperinflation. Bitcoins are awful and have the potential to be a medium of exchange, and don't have
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[quote]This is the problem with objective property theories versus property as defined under customary law. The rigidity of even the strictest system of property rights is an illusion, as probably best illustrated in The Myth of the Rule of Law . While it is certainly true that systems of social order characterized by strong respect for property rights
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[quote]I'd also like to explore what a market anarchist society would look like in terms of social mobility and class relationships. I've never really seen an an-cap act too concerned about those things though, but maybe I'm wrong.[/quote] Read some Hoppe or watch some of his videos. You might like "Democracy: The God that Failed"