Solving the problems in the world seems to be an impossible task. For any one of us, that is probably true. But I believe that if we each focus on making our own personal "world" better (whether that is ourselves, our family, or our community), the results will spread and maybe the world will start solving it's own problems.
Last week we talked about coaching. This week I will share a trick that will let you turn everyone you meet into a potential coach.
When you talk with people, the natural tendency is to do most of the talking but the people who are the best conversationalists are the people that listen the most. They listen and they ask good questions.
The trick is asking good questions, these are questions that allow the other person to share things that are important to them.
Body Language. Where are the feet pointing
While you are asking questions you may as well ask advice about the things that this person is good at.
Remember, only listen to advice from people that know what they are talking about. If someone is unhealthy, discount their advice about health. If they are poor, money. Etc. (always exceptions)
Lawsuits against wedding cake businesses who refuse to make a cake for gay weddings
Anti-discrimination laws for employers
This idea sounds good in theory but has unintended consequences
Whenever we try to legislate morality it becomes difficult to enforce and usually starts creating inequalities with how people are treated under law
If I have a company I have the right to refuse service to anyone no matter what because it’s my company. If I want to be a racist that is my right. I will probably go out of business but I have the right to make that choice.
If I want to fire someone I should be able to do that for any reason whatsoever. For the same reasoning. If I fire people because I’m racist then I will miss out on good employees from other races and will be less competitive. Plus as news of my stance spreads, there will be many people that will boycott my business because of that.
The market will correct itself if people truly believe in a cause.
If the government gets involved it can create many unintended consequences. If I fire someone because they are a bad employee. They might try to sue me for discrimination. Well I was discriminating... against bad employees. The creates an enforcement issue that favors bad employees because they have less to lose from the situation.
What if I have a haircutting place for people with african style hair. Someone that doesn’t have that type of hair would be discriminated against because they can’t be served.
What about a mens haircut place? Is that discriminating against women?
If I have a sales job then I might want someone who can speak fluent english. Is that discrimination?
What about movie studios, when they need someone to fill a black role is that being racist that they aren’t hiring white people?
Empty shelves are evidence of government interference in the free market or an economically ignorant population educated by said government. In free markets scarce goods are always available at a price and competition keeps it as low as possible.
In an optimized market store shelves could automatically increase pricing as inventory fell and lower pricing as inventory rises. Imagine if we used bancor to ensure everything is always available to those who need it most when they need it.
All the more reason to have prices rapidly adjusted to ration remaining supplies and reward those who prepared. Instead we punish those who prepare to serve this market by denying them profits.
Those guys take an economic bet that future demand will be higher. Further more, if stores had dynamic pricing then it wouldn’t be possible to buy them out to resell higher.
In a market with fair money and free from government distortion those with money have earned it by providing value to others in the past. If money is not the arbiter of scarce resources then political clout or those willing to wait in line at 3am become the “virtuous” entitled.
In a normal market, as demand increases the price increases which leads to more supply being created by producers joining the market which lowers the price which leads to less supply being created as producers leave the market.
This happens constantly which allows the price (supply and demand) to reach an equilibrium.
If you have something with a fixed supply then there is no way for supply to adjust to meet demand. This means that the price is completely tied to demand. And because demand is the unpredictable and uncontrollable aspect of price. The swings can be irrational at times.
This is predicted to lead to volatility.
There are other, theoretically better, cryptocurrencies out there that could make bitcoin obsolete.
There could be a new technology that renders bitcoin useless. Perhaps quantum computers
Many people have gotten rich from the large price swings of bitcoin.
Many people have lost everything from the large price swings
At this early stage it isn’t really an investment, it’s speculation. Which means that you should only speculate with money that you are willing to lose because you probably will.