Guy’s Take #58 – “Rent-Seeking Savers!” Misconceptions in Noahpinion’s Crypto Misconceptions

“I think there are some important economic errors in the stories I see people telling about crypto, on Twitter and elsewhere — errors that have important implications for how we should think about the value of Bitcoin and other blockchain assets.” – Noahpinion

Unfortunately I think there are quite the few economic errors in Noahpinion’s article titled, “Economic misconceptions of the crypto world.” While he may actually have some fundamental points to add around much of the “crypto” space and their failure to understand what creates value, I think it shows Noahpinion’s own misconceptions when he incorrectly applies some of the common crypto fallacies to Bitcoin, without understanding the deeper arguments, behind the more popular, & simplistic taglines that make their way across the social landscape.

So in the most Guy Rant filled episode I’ve done in ages, we dive into the Misconceptions in Noahpinion’s Crypto Misconceptions. Why savers aren’t rent seekers, but money printers are rent seekers of the worst magnitude.

Pieces mentioned in the article for further reading or listening:
The Yield From Money Held, Reconsidered:

“The Yield From Money Held” Reconsidered

The 7th Property (Eric Yakes):

First Impressions of Web3:

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