[cryptography] Crypto-economics metadiscussion

Ian G iang at iang.org
Tue Jun 14 10:47:06 EDT 2011


On 14/06/11 2:31 AM, Marsh Ray wrote:
>
> I 'aint no self-appointed moderator of this list and I do find the
> subject of economics terribly interesting, but maybe it would make sense
> to willfully confine the scope of our discussion of Bitcoin and other
> virtual currencies to the crypto side of it.

Crypto people spend all their lives learning theoretical crypto in 
groups like this.  Then they go and apply their theoretical crypto out 
in the real world, and it bombs.  Or worse:

   http://forum.bitcoin.org/index.php?topic=16457.0

In contrast, economists spend all their lives learning theoretical econ 
in other places.  Then they go and apply their theoretical econ in the 
real world, and it bombs.  (Que in links to IMF, WB, etc.)

Everything that the econ people say is true, but they ain't gonna build 
it.  Everything that the crypto people say is true, but people ain't 
gonna use it.

How might there be a place where the knowledge can pass back and forth? 
  Back in the halcyon days of DigiCash, Zooko and I used to run an 
informal thing called the Weber Economics Club.  Us digital cash people 
would collect every Friday night in a cafe called the Weber, and there 
we'd spend about an hour or two talking through some particular 
economics concept.  And especially how it applied to our world of 
digital cash.  We were very aware that economics was key to our designs, 
then.

I'm not saying this group can do that.  But, to the extent that the 
ecogniscenti can influence the crypto people, something of value might 
come out.  To the extent that the cryptoplumbers can build something of 
economic stability, some good might come out.

On the other hand, talking just pure theory is fun too :)

iang


PS: I agree that talk about the housing crisis belongs elsewhere.



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