Well hello peoples. I am increasingly amazed at the harsh criticism Bitcoin has gotten from Austrian economists. Everyone is all hot and bothered about the fact that Bitcoin does not have any physical backing. So here’s an experiment: Imagine that tomorrow someone releases a website called GoldBac…

I’ve never even seen a Cain-Dollar before. Ergo, they must be extremely rare. Ergo, they must be extremely valuable. This is an incredible offer! Clayton -

evorhees, Open and friendly is a wonderful idea. Are you open and friendly to summarizing your understanding of Mises’ Regression Theorem, and then explaining why it is wrong, or why it is right but bitcoin is an exception to it? …how else one can move $0.10 or $10,000,000 across the world instan…

Again it has exchange value as money, that -is- its intrinsic value. It is not a commodity value, but it’s still value per se. Past economists assumed money must have commodity value. They couldn’t conceive of a currency based upon service value, such as Bitcoin.

Anenome, Where is your summary of Mises’ regression theorem, and your subsequent rebuttal of it, or else your subsequent explanation why bitcoin is somehow an exception? Saying the past economists couldn’t conceive a currency based upon service value doesn’t cut it. Do you think camel dung woul…

It surprise me the ease to use the term “intrinsic value” when is totally misleading. Ignoring how close that is from the Marxian “Labor theory of value”. There’s no such thing as intrinsic value, value is always subjective and you’re supposed to have learned that from Mises. People accept money be…

Hi Smiling Dave, fair question. Technically, I don’t think it begs the question. If you have $10m in USD, and want to move that value to China instantly, Bitcoin works -as a payment mechanism- to enable that to occur. You buy the BTC in US, send BTC instantly, then sell BTC for CNY in China. In thi…

The best way to create a theory is to make observations and work from there. Reality: Bitcoins is a cryptocurrency that is currently being used to facilitate trade. It doesn’t matter whether you like it, or I like it, that is a fact of life. You can purchase bitcoins, transfer them to someone in…

@Seraiah : Wow, I haven’t seen that many red-herrings in one post in a long time. I suppose this applies to Geometry and Number Theory, as well? It is a medium of exchange. A real Austrian economist (Bob Murphy) has stated that this is the case. But that doesn’t make it money… a medium of exchang…

Haha, Clayton. If none of that was said (Which it has, I can’t believe you’re serious.), then nothing in essence has been said against Bitcoins and my point is even stronger. Nice try though! And yes, it does apply to Geometry and Number theory. They are both observations about reality. Literally; …

Bitcoin DO NOT WANT!?

Economics Economics Questions

skylien June 20, 2012, 7:20am 29

I completely agree with Clayton’s view on this.

My comment.

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Bitcoin DO NOT WANT!?

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