rebeleconprof
Josh Hendrickson

Professor of Economics and Chair, Ole Miss; Senior Fellow at the Bitcoin Policy Institute

Public Key

npub18wgtxzhx75qd2aq3gn35mcv5m8zx7z6xdsf6a95asltys70deekqqjr2wn

NIP-57 Address

redbobcat3@primal.net

Profile Code

nprofile1qqsrhy9nptn02qx4wsg5fc6dux2dn3r0pdrxcyawj6wc04jg08kuumqcz3rtl

Author Public Key

npub18wgtxzhx75qd2aq3gn35mcv5m8zx7z6xdsf6a95asltys70deekqqjr2wn

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Last Notes

2024-08-29 11:00:05

https://open.substack.com/pub/pricetheory/p/im-teaching-a-course-on-bitcoin-why

2024-08-01 21:14:11

Some thoughts on a Bitcoin strategic reserve. I provide the economic rationale for doing this, but also discuss some of the potential costly pitfalls from doing so. https://t.co/GS3IrtosBU

2024-07-11 00:35:39

Have you heard of this thing? Bitcoin? Everywhere I go people are talking about it. It’s really something. Some guy created it. Satoshi. Whoever that is. Nobody knows. Really. Nobody knows. Frankly, it’s a little surprising that nobody knows. I mean someone knows. We don’t know. But we really like the coin. It’s a terrific coin. We’ve talked to coin people and they said it’s probably the best coin. Some people have said I might be Satoshi. Can you believe it?
https://x.com/bitcoinmagazine/status/1811181306438660375

2024-07-10 16:22:25

The Satoshi Papers, Forthcoming (and featuring me). https://t.co/RqrdvTRaAv

2024-06-27 15:09:54

Some thoughts on A.I., its potential to make us all rich, and its existential risks. https://open.substack.com/pub/pricetheory/p/is-ai-going-to-make-us-rich-or-kill

2024-06-20 00:28:58

https://m.primal.net/IrAm.jpg

2024-06-20 00:13:15

https://m.primal.net/IrAB.jpg

2024-06-14 13:14:59

I got rug pulled on the release date, but you can order your copy and get it at the same time as me. @npub1yez…awc7 @npub10af…0xj0 @npub1jdd…4s60
https://m.primal.net/IkXO.jpg

2024-06-13 18:37:38

As I said… https://www.wsj.com/articles/stablecoins-could-stave-off-a-us-debt-crisis-china-digital-currency-c491d717?mod=opinion_lead_pos5
#note1s0n…8r52

2024-06-13 18:36:26

- reply

https://www.wsj.com/articles/stablecoins-could-stave-off-a-us-debt-crisis-china-digital-currency-c491d717

2024-06-11 18:13:20

Don't call it a sign of the times when it's always been this way
Forked tongues and voices behind curtains with no name
Well they plot their wicked schemes setting fate for all mankind
With evil that can fill God's pretty skies with clouds that burn and blind

2024-06-03 01:39:48

Logging in to Nostr
https://m.primal.net/IWjl.jpg

2024-05-28 12:50:17

Look at this figure and ask yourself which of these expenses will be easiest to cut.
https://m.primal.net/IQJZ.jpg

2024-05-27 21:52:25

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Thanks. I think (at least initially) what we’re going to see are the big finance companies that already operate money market mutual funds essentially do the same thing with stablecoins. Competition will likely push them to pay interest on these stablecoins (in terms of the stablecoin itself). However, doing so would make them securities.

2024-05-25 04:12:02

If Things Are So Great, Why Don’t People Think So? https://t.co/FAI9Clfprk

2024-05-25 04:09:45

Me, on the Macro Musings podcast. https://www.mercatus.org/macro-musings/josh-hendrickson-treasury-standard-and-global-dollar-dominance

2024-05-25 04:08:42

https://t.co/pGETbhirTo

2024-05-25 04:07:17

From “The Genesis Book”
https://m.primal.net/IMFV.jpg

2024-05-25 04:05:20

Still the greatest quote in the history of quotes.
https://m.primal.net/IMFS.jpg

2024-05-25 04:03:55

A brief summary of my paper, “The Treasury Standard” https://open.substack.com/pub/pricetheory/p/the-treasury-standard

2024-05-25 03:11:06

Stablecoins and Government Debt https://t.co/kbMHWVtavv

2024-04-14 12:27:30

- reply

Thanks!

2024-04-14 10:45:15

My keynote from the Bitcoin Policy Summit. https://youtu.be/0z4iGRR5yeI

2024-04-07 00:51:01

https://image.nostr.build/cd08e6c590eb616407e6df32c0ab7a8185f3f60badd3776bf1c02778f98603ec.jpg

2024-03-18 12:07:30

At long last, the draft is here. "The Treasury Standard: Causes and Consequences" https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4759755

2024-02-15 17:06:15

Prepare thyself. https://image.nostr.build/9d6aca78feb825b79c8abf624983dade77a97d47077c38c12e583b1b4ec32fdc.jpg https://image.nostr.build/17740070da17862d8a533cb501cd5c0cec56808fc135e2f68a1260fbfc82e5db.jpg

2024-01-31 03:13:52

Okay, so there was this economist named Ronald Coase and he wrote this paper on durable assets. One implication you could draw from the paper is that if you issued your own money, it probably wouldn’t work unless you promised to buy it back for a fixed quantity of something of value or if you promised to limit the quantity of the money. But promises require trust and people probably wouldn’t just trust the issuer of money to do the right thing and not print too much. But there’s this thing called Bitcoin and it solves that problem. The supply of bitcoin is fixed and no one has an incentive to change that. So it’s like a new solution to this problem. I read about it on Economic Forces. https://www.economicforces.xyz/p/what-can-coase-teach-us-about-paintings https://image.nostr.build/60cd7c9530f176b4983544f58103fe184856cd57c7d5822b928715ddf364335a.jpg

2024-01-28 02:33:07

Our Problem is Fragility.
https://t.co/Ket8YUgmdt

2023-11-14 16:20:22

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https://image.nostr.build/61d3fd4c08f78307f4729958ad2c7993c5da98c577db3580b9b7416559a68375.jpg https://image.nostr.build/b82d46f75f309dfc6f0f2548f709bc482d1a06e10ab23de352f1ab05f2aad198.jpg https://image.nostr.build/d2b8a8e75cfd84d4013718d04c5e5e570434fcf02518494d1d490aebe5c07b0c.jpg https://image.nostr.build/c6aa62304bdccc71b389dafb7a4012edd03fbfd678b472f9d538aa32eca1e4f0.jpg

2023-11-14 16:19:35

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https://image.nostr.build/1a9cdb41fdefa1bac62a0c7eb874eb1f2cd44fca977c1cf4653c16a942002115.jpg https://image.nostr.build/b7f511f298f8e4489862979c7bd4547f277ee5212900bf5cdc3dd01896b01dea.jpg https://image.nostr.build/ea8a6e105df45771b9021ed7163e1817b0386f8ac01cc60ad20db3dd629e2ec9.jpg

2023-11-14 16:18:51

https://image.nostr.build/dc21313328a745f0a04485277bc7b96d028efece1102e220ceabe71e044d4858.jpg

2023-11-02 15:17:21

Bold strategy https://image.nostr.build/ec838f18f084011d39c70393f524db83a3f1ca42e21a2aa4866953838ae2843f.jpg

2023-10-17 14:54:47

If it’s a crime to depreciate Argentina’s currency, I’m afraid the prosecutor is going to busy for the rest of his life. https://image.nostr.build/d15170082dcc5e05e8651e3a429bd0e2de26c21e4457d97823045b0857872456.jpg

2023-09-19 22:40:16

https://overcast.fm/+8ctWJkGOg

2023-07-27 19:43:55

RonPaul_ItsHappening.gif https://twitter.com/bitcoinpark_/status/1684513422879211520?s=12

2023-07-24 23:38:39

“We can no longer count on sacrificial resources based on false religions to keep this violence at bay. We are reaching a degree of self-awareness and responsibility that was never attained by those who lived before us.
What is really frightening today is not the challenge of this new meaning, but the Kafkaesque rejection of all meaning. What is frightening is the conjunction of massive technical power and the spiritual surrender of nihilism. A panic-stricken refusal to glance, even furtively, in the only direction where meaning could still be found dominates our intellectual life.”
— René Girard https://cdn.nostr.build/i/b1c62625e76cfac712003a7f8228ea18d0afe5bb5c8a3a28432b7e1c10937f07.jpg

2023-07-21 21:55:53

The blue check is a honey pot. https://cdn.nostr.build/i/57845266e1ed1b638949888f44ac78dfdac9eed9580d8d6b95fdfa8b97673839.jpg

2023-07-17 02:40:25

“What is really frightening today is not the challenge of this new meaning, but the Kafkaesque rejection of all meaning. What is frightening is the conjunction of massive technical power and the spiritual surrender of nihilism. A panic-stricken refusal to glance, even furtively, in the only direction where meaning could still be found dominates our intellectual life.”
— René Girard, Things Hidden Since the Foundation of the World

2023-07-17 02:25:15

“We reduce things to mere Nature in order that we may ‘conquer’ them. We are always conquering Nature, because ‘Nature’ is the name for what we have, to some extent, conquered.”
— C.S. Lewis, The Abolition of Man

2023-07-17 02:20:47

“It was impossible for the Western movement to understand Communism as merely a new version of that eternal reactionism against which it had been fighting for centuries. It had to admit that the Western project which had provided in its way against all earlier forms of evil could not provide against the new form in speech or in deed. For some time it seemed sufficient to say that while the Western movement agrees with Communism regarding the goal—the universal prosperous society of free and equal men and women—it disagrees with it regarding the means: for Communism, the end, the common good of the whole human race, being the most sacred thing, justifies any means; whatever contributes to the achievement of the most sacred end partakes of its sacredness and is therefore itself sacred, whatever hinders the achievement of that end is devilish. The murder of Lumumba was described by a Communist as a reprehensible murder by which he implied that there can be irreprehensible murders, like the murder of Nagy. It came to be seen then that there is not only a difference of degree but of kind between the Western movement and Communism, and this difference was seen to concern morality, the choice of means. In other words, it became clearer than it had been for some time that no bloody or unbloody change of society can eradicate the evil in man: as long as there will be men, there will be malice, envy and hatred, and hence there cannot be a society which does not have to employ coercive restraint. For the same reason it could no longer be denied that Communism will remain, as long as it lasts in fact and not merely in name, the iron rule of a tyrant which is mitigated or aggravated by his fear of palace revolutions. The only restraint in which the West can put some confidence is the tyrant's fear of the West's immense military power.”
— Leo Strauss, The City and Man

2023-07-10 23:38:05

“The fear of losing wealth arouses the same emotions in men as the desire to gain it, since men do not feel secure in what they already have except by acquiring still more. Moreover, these new acquisitions are themselves means of strength and power for abuse; and, worse still, the arrogant behavior and contempt of the nobles and the rich arouses not only the desire for wealth and position among those who have none, but also the hunger to avenge themselves by stripping the wealthy of those riches and honors which they see them employ so badly.”
— Machiavelli, Discourses on Livy

2023-07-02 15:49:31

https://nostr.build/i/11a125a5ece1c864e7fdccf7dc6dcf016f8c14badb85c2b0add0abc6bf4966f2.jpg

2023-07-01 17:06:11

You have to have a blue check for the site to work. Ngmi. https://nostr.build/i/a02bf1c1d139daf09d4b9c7be7979b640bc60bf7b936f0a2e2c4ecab00db222e.jpg

2023-06-30 00:43:45

Come and take it, Tim Apple

2023-05-13 15:09:01

In the wake of the DAME tax proposal, a lot of bitcoiners have pointed out that the Council of Economic Advisers doesn’t understand bitcoin. It’s worse than that. They don’t seem to understand economics. They get the basic economic theory wrong. And, by their own logic, some types of bitcoin mining should be subsidized. New from me: https://www.aier.org/article/cea-deserves-an-f-on-bitcoin-mining-tax-analysis/

2023-05-04 00:14:32

👀
https://twitter.com/resistancemoney/status/1653743343468199940?s=46&t=ff1uw94NeHBuMq0gCR-ICA

2023-04-29 23:05:12

https://nostr.build/av/nostr.build_96c0918023fa7b111586cb65063784aef6b70b478b72549565407e1ecf50535b.mov

2023-04-27 01:34:04

- reply

https://nostr.build/i/nostr.build_0447b437bb98ac130736e32a201cc548282983c0050d902dc7c17ae2fe27389f.jpg

2023-04-23 03:25:28

👀
https://twitter.com/btcpolicyorg/status/1648074563127853056?s=46&t=ff1uw94NeHBuMq0gCR-ICA

2023-04-13 11:04:33

https://youtu.be/flD6VW0BhYo

2023-04-03 11:13:02

By the end of the week, someone will have created a BIP-39 themed dart board.

2023-03-30 12:46:37

How Can We Align the Interests of Bank Shareholders with Depositors? https://pricetheory.substack.com/p/who-should-care-about-depositors

2023-03-29 13:49:00

People are desperate to blame inflation on anything but Federal Reserve policy. They’d rather blame greedy corporations. Some people even point to rising markups of prices over costs as evidence that this is all just greed. But some basic knowledge of price theory tells us that if markups are rising, this is driven by demand and, in particular, expansionary monetary policy.
https://pricetheory.substack.com/p/price-theory-as-an-antidote

2023-03-28 14:38:55

The trillion dollar coin idea to “solve” the debt ceiling would basically just have the Fed operate like FTX — worthless tokens as assets, immune from market valuations. Also, like FTX, this trick would make the central bank insolvent.
https://pricetheory.substack.com/p/accounting-tricks

2023-03-28 11:35:12

Central bankers continue to use the Phillips Curve as a guide for monetary policy. This demonstrates a basic lack of understanding about the Phillips Curve itself and the last 50 years of macroeconomic theory.
https://pricetheory.substack.com/p/what-theory-does-and-does-not-say

2023-03-27 13:54:24

The conventional wisdom on historical asset bubbles is that these were episodes of irrational exuberance. In reality, historical asset bubbles were much more interesting. The South Sea Bubble and the Mississippi Bubble were the end result of government debt consolidation schemes.
Tulipmania was an artifact. There was no bubble. The Dutch elite passed legislation that turned futures contracts into options contracts.
https://pricetheory.substack.com/p/what-about-bubbles

2023-03-26 18:59:03

Cash, But Electronic https://pricetheory.substack.com/p/cash-but-electronic

2023-03-26 14:38:01

Economists routinely talk about the problems associated with monopoly, but there’s one monopoly that goes unquestioned: the monopoly on currency issuance.
https://pricetheory.substack.com/p/the-unquestioned-monopoly

2023-03-26 14:35:46

Inflation and Time https://pricetheory.substack.com/p/inflation-and-time

2023-03-21 23:33:00

- reply

Thanks. I had a blast talking with Preston and Rod and meeting everyone. Great time.

2023-03-21 19:16:30

Listen to me and Preston Pysh talk about bitcoin, live (well, it was live) from Bitcoin Park. https://overcast.fm/+8ctXdVtog

2023-03-18 15:58:41

The Fed is like a child trying to build the tallest tower of blocks. Each new lending facility adds a block to the tower. Each new block makes the tower look more impressive. But the taller the tower, the less stable the tower becomes and the more likely a small shock can bring the whole tower crashing down.

2023-03-18 15:56:20

It’s become increasingly evident to people that we're on an unsustainable path.
The Fed continues to expand the scope of its operations. A new problem? Here's a new facility to deal with that. This makes the operations more and more complex, which makes the institution and the financial system more fragile.
The Fed's balance sheet is going to continue to get bigger and that will lead to more politicization. And the balance sheet is going to get riskier as these facilities simply transfer the risk from the financial system to the Fed.

2023-03-13 01:37:47

Schrödinger's bond prices

2023-03-13 00:11:21

Gee, I wonder what we’ll have to talk about in Nashville this week. https://www.meetup.com/bitcoinpark/events/289621828/

2023-03-08 18:31:31

Just to review, this is the same guy who says he hasn’t heard of a single valid use case for bitcoin. https://twitter.com/paulkrugman/status/1633472068355346437

2023-03-05 04:41:22

One of the most reliable red flags is when crypto people don’t understand bitcoin. It always ends like this.
https://www.coindesk.com/business/2023/03/04/multicoin-capitals-hedge-fund-lost-914-last-year-investor-letter-reveals/

2023-03-02 16:04:23

- reply

Has to be (a), because even if you lose the nostr key people will still be able to read all of your notes.

2023-03-02 13:46:27

- reply

Thanks!

2023-03-02 13:31:46

This is the best they can do. It’s all they have. This lazy, tired narrative. https://twitter.com/techreview/status/1630584734752358404

2023-03-01 02:47:18

Zaps are better than likes. This place is going to be wild soon.

2023-02-24 22:44:42

It’s happening! https://overcast.fm/+npr-yjrb4

2023-02-19 13:42:06

I’ve been around long enough to have read Burniske’s book on “Cryptoassets.” The book had a valuation model for these assets that was essentially nonsensical. Of course, he wrote it so early that prices of each of these assets is much higher than they were then. This gives him validation, but it’s false validation. Like the guy who successfully predicted the stock market crash of 1929 by applying the law of gravity to stock prices, this won’t end well for him. https://twitter.com/cburniske/status/1627194609054146560

2023-02-16 18:48:48

They will blame inflation on everything except the growth in the money supply. https://finance.yahoo.com/news/inflation-remain-sticky-decade-gen-231256105.html

2023-02-15 15:16:00

Follow the signal. https://www.meetup.com/bitcoinpark/events/289621828/