The strangest lotteries you’ve never heard of

World's Strangest Lotteries

Have you heard about the US Conscription lottery that randomly selected who went to war or the Taiwanese Receipt lottery trying to improve its tax take? There’s even a new breed of lotteries trying to form habit loops to nudge beneficial behaviours and lotteries using crypto to rework 19th savings schemes. Welcome to the world’s strangest lotteries.

What is crypto unit bias?

Meme You Don't Have To Buy A Whole Bitcoin

Unit bias within crypto conflates the price of tokens with their value. A low nominal price is considered cheap and attractive simply because you are able to buy more units of them. This leads to poor decision making.

What is survivorship bias?

Survivorship bias - focusing on the outcome not the process.

Survivorship bias explains why big Lottery wins are always accompanied by an image of the ecstatic winners popping champagne and gripping a giant oversized cheque. The salient image encourages us to focus on the outcome – the smiling winner- and ignore the process – millions of losing tickets.  Understanding survivorship can help you make better decisions, and there’s no better place to start learning than the Mountain of Hell Downhill Bike Race.

What is time preference & why is it changing

time preference and evolution

If you asked the average person in the street what two things they would want more of, the likely answer would be time and money. Joe Public is working harder for less and increasingly living day-to-day. Economists might explain it through changes in time preference. But what is time preference, and why is it changing? Find out via a four-paragraph history of civilisation, an episode of Atlanta and Bitcoin.

The Bitcoin hodler’s dilemma

The hodler's dilemma
The hodler’s dilemma – the problem of holding Bitcoin forever

Hodling is a meme describing the commitment needed to hold Bitcoin, but the unique characteristics of this new internet money present hodlers with a unique dilemma.