mlinksva
Mike Linksvayer
Cryptocurrency race to the bottom? http://gondwanaland.com/mlog/2011/05/30/cryptocurrency-cambrian/ #bitcoin
aaronsw
Aaron Swartz
@mlinksva You seem confused about Coase's theorem. There are many most-efficient outcomes with widely different distributional consequences.
@mlinksva You seem confused about Coase's theorem. There are many most-efficient outcomes with widely different distributional consequences.
aaronsw
Aaron Swartz
@mlinksva Same problem. A Pareto optimal situation doesn't necessarily maximize social welfare.
@mlinksva Same problem. A Pareto optimal situation doesn't necessarily maximize social welfare.
mlinksva
Mike Linksvayer
@aaronsw I didn't say anything about /maximizing/ welfare, but you're probably right about me being confused.
@aaronsw I didn't say anything about /maximizing/ welfare, but you're probably right about me being confused.
aaronsw
Aaron Swartz
@mlinksva Maybe I just misunderstood you. That paragraph was a little unclear to me.
@mlinksva Maybe I just misunderstood you. That paragraph was a little unclear to me.
aaronsw
Aaron Swartz
@mlinksva Also seems problematic from a transaction costs perspective that BitCoin doesn't even clear at par, like cash or checks.
@mlinksva Also seems problematic from a transaction costs perspective that BitCoin doesn't even clear at par, like cash or checks.