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Bitcoin proves Austrian economics is correct;

Bitcoin proves Austrian economics is correct;



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9 Comments

  1. Thanks for this. I love the M.I. and S.A.

    Every time someone sells a dollar for a BTC, they are expressing their Austrian values. Not just in words (they may have never heard of it), but with action.

    Exclude short term traders from the above statement of course, but everyday, the Austrians are proven more correct while the Keynesians and MMTers are proven wrong.

    When given the freedom to choose, people want hard money. Only force can compel them to accept soft money. What excites me about BTC is we finally have a hard money they can’t shut down (not completely). Menger and his line of thinkers will be proven right. The harder the government tries to crack down, the more Austrians are proven right.

  2. This is a great thought-provoking talk. Thanks for posting. I am interested as I like Peercoin too because it brought us Proof-of-Stake but it has an inflationary model and this seems to question whether that approach is necessary or even desirable at all.

  3. I don’t know how anyone can claim “Austian Economics” is a singular thing, nevermind whether or not it is entirely correct.

    Bitcoin is, among other things, an experiment in limiting the supply of a monetary system like has never been possible before now. Even Keynesians have language to describe such systems. They would claim such a monetary system would lead to economic collapse. But bitcoin hasn’t gotten that far yet. So I don’t see exactly what about Austrian or economics is being proven right with bitcoin, except maybe some basic supply and demand economics that all schools understand and describe similarly.

    Bitcoin means to prove an Austrian approach to sound money can work, and can be superior. But it hasn’t done it yet.

What do you think?

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