The sheer chaos here. Did not know about the Hayes coin. Also some very interesting stuff on a forthcoming Odd Lots about why the Susan B. Anthony coin was such a flop.
According to @PhilipNDiehl, the Susan B. Anthony coin was such a disaster for the mint, that the entire agency was scarred by the episode for over a decade afterwords.
@PhilipNDiehl (Basic problem was the coin was the same color and almost the same size as the quarter, so consumers never really got comfortable with them. Issue was rectified when they made the Sacagawea dollar coin gold-colored)
BTW, we brought on @PhilipNDiehl to talk about the trillion dollar coin. But the fact of the matter is that the issue is so cut and try -- obviously it's legal and correct -- that there's not much more to say on the matter. So we ended up talking a lot about coinage in general.
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@tracyalloway and I returned to the crypto beat to talk about one of this year's insane mega winners Axie Infinity, whose token $AXS is up over 200x in 2021 alone.
We discussed its "play to earn" model with co founder @Psycheout86
@tracyalloway@Psycheout86 One of the interesting things about Axie is that it's legitimately popular. A lot of tokens are worth a lot of money, but don't actually have that many users in the grand scheme of things. Axie, on the other hand, has millions of players.
So we talked about the core model. Scaling challenges. The future roadmap. Whether the game is actually fun to play, or whether it's just a scheme for early entrants to make money from the people who came later into the game. Interesting stuff all around.
Incredible. One of the most crucial links in the supply chain, has been for years, built on the premise that some workers would provide labor for free. bloomberg.com/news/articles/…
I missed it at the time, but USA Today did a big investigative piece (HT: @rrpre) in 2017 on the poor treatment of the port truck drivers, including financing arrangements that often drove them into bankruptcy. Piece was a Pulitzer finalist. usatoday.com/pages/interact…
Seems like there's lot of parallels, in terms of market structure, financing, and treatment of workers, between the condition of port truck drivers and the NYC taxi cab industry that @brianmrosenthal won a Pulitzer for reporting on two years later. nytimes.com/2019/05/19/nyr…
Janet Yellen said this yesterday and now @RussoEcon is also making this point, but tbh I don't get it.
How does the Fed accepting its client, the Treasury, to deposit a coin in its account constitute a loss of its independence nationalreview.com/2021/10/the-th…
@RussoEcon Fed independence has typically meant that the FOMC can set rate policy to fight inflation, and choose if it wants to lean against expansionary fiscal policies.
Whether that independence is good or bad, in what sense does accepting a deposit of the coin compromise that?
@RussoEcon A more recent meaning of Fed independence is that it can move very fast on its own (as we saw last March) even as fiscal authorities dither.
That's kind of a different thing. But again, even there, how does the coin compromise that ability?
HOW MINTING A TRILLION DOLLAR COIN FITS IN WITH THE 'TRUE SPIRIT' OF THE LAW
New post up on the Odd Lots blog, based on our conversation with @rohangrey on how the platinum coin option arguably fits in very nicely with the laws intent.
@rohangrey Basically, if you understand that the law was created in order to create more revenue opportunities for the Mint, so it could remit more profits for the Treasury, so that the Treasury would have less need for borrowing, then this debt ceiling law is exactly how it was intended.