Event JSON
{
"id": "7a3222c456732f9b573dd4667faaa961782be39163f8884b9e5ebc72bc9e5519",
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"created_at": 1702312683,
"kind": 30023,
"tags": [
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[
"title",
"The Prudent Man Rule Is Real, Now "
],
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"summary",
""
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"1702312683"
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[
"t",
"Money"
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"economics"
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"content": "When I first learned economic theory in a formal academic setting, after having us read Adam Smith's _The Wealth of Nations_, they presented to us a base case rule for making decisions called the Prudent Man ([Prudent Person Rule](https://www.law.cornell.edu/wex/prudent_person_rule#:~:text=The%20prudent%2Dperson%20rule%2C%20also,446%20(1830).)) Whenever there was a tough decision we were trained to ask ourselves, \"What would a prudent man do?\" \n\nLater, we learned the Prudent Person, while a good reference point for moral decision-making, does not exist. [Behavioral economics](https://haas.berkeley.edu/behavioral-economics/about/#:~:text=This%20line%20of%20study%20has,on%20to%20win%20Nobel%20prizes.) taught us that humans do not make prudent, rational decisions. \n\nNow I contend that none of that mattered, because [the incentive system was completely discombobulated since 1933](https://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard). When real money went away, and then the [fiat system came online](https://www.federalreservehistory.org/essays/gold-convertibility-ends), the incentives slanted towarddebt and liabilities over assets. How could a person be prudent and succeed?\n\nThe tide has turned. Real money exists again. Bitcoin changes the calculus. Change the money, change the incentives, change human behavior, change the world.\n\nStudy Bitcoin. Start buying Bitcoin. Engage with the community. And see if it does not change you. ",
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