"What our generation has forgotten is that the system of private property is the most important guarantee of freedom." ~Hayek, The Road to Serfdom $\cdot$ by mike – monday, september 9, 2024.<span style="font-size:0.7em;">                                                        $\uparrow$ 9/9</span> $\cdot$ <u>This is an opinion piece; reviews are not necessarily endorsements.</u> Many thanks to Nate, Jon, Ryan, David, James, Vitalik, Justin, Dankrad, Sreeram, Kydo, Barnabé, Terence, Preston, & Benji for comments on dracts of this article. Additional thanks to Sassal, DCInvestor, gphummer, Francesco, Macrosam for discussions that helped shape my thinking. $\cdot$ Contents

_{^ p.s. we can only aspire to be both precise and pleasant while measuring pie slices. 🥧📐} $\cdot$ by mike – friday, june 21, 2024. _{^turns out 2024 is the only year in the entire range of 2021-2027 where the summer solstice is on june 20$^{th}$ instead of the 21$^{st}$ -- "missed it by that much."} $\cdot$ many thanks to Nate for discussions around the framing of this article. $\cdot$ tl;dr; Hello & welcome to the third installment of the <u>Issuance Issues</u>®. The first issue highlighted the broad-stroke arguments for why we may end up in a high-stake rate paradigm and the associated negative externalities. The second issue focused on real & nominal yield, supply curves, and how a lower issuance may result in higher real yield in equilibrium.

_{^p.s. yes, we anthropomorphize the protocol as a ghost because Casper.} _{^^p.p.s. not sure why the auctioneer ghost looks like he is conducting an orchestra, but here we are ¯\_(ツ)_/¯.} _{^^^ p.p.p.s. by the way, if you haven't seen Maestro, it's great.} $\cdot$ by Mike, Pranav, & Dr. Tim Roughgarden – June 8, 2024. $\cdot$ Acknowledgements Special thanks to Barnabé, Julian, Jonah, Davide, Thomas, Terence, Potuz, & Nate for comments and discussions. $\cdot$