pull down to refresh
100 sats \ 18 replies \ @Rothbardian_fanatic 31 Oct 2024 \ on: Gold Is Back—And So Is Judy Shelton econ
She doesn’t even seem to recognize BTC as fulfilling a role as money.
Incredibly, she does see the utility of BTC as a sound money.
All that BRICS is looking for is sound money.
Of course, even gold and silver coins were clipped and diluted by governments.
Missing bitcoin is the major failing amongst Austrians. I'm sure they'll figure it out eventually.
reply
Man, this is so true. It really hit me back in 2020 how crazy it is for an Austrian to not get bitcoin. It's like the ideals in code.
reply
That is hard to say. I think they know and understand BTC (at least some of them) but don’t think BTC fits the requirements of “money’.
reply
The most common point I see them make is that Bitcoin doesn't satisfy Mises' Regression Theorem, but that both misunderstands the point of the Regression Theorem and misunderstands the history of Bitcoin.
reply
I think they could extend the Regression Theorem from fiat and gold to BTC, the same way it bridges dollars to fiat.
It seems if they can do one they can do the other.
reply
Bob Murphy has an episode of his podcast where he explains why Bitcoin satisfies the Regression Theorem, as is.
He also points out that if Bitcoin truly did violate the Regression Theorem, then that would falsify the Regression Theorem, rather than discredit Bitcoin as money.
reply
Yes, it would satisfy. It is an extension of what has already satisfied the theorem.
Missing the point kinda comes with being in the liberty movement doesn't it?
reply
A lot of people still don’t trust BTC. There have been too many scams in the cryptocurrency sphere to fully trust.
reply
It's like they evaluate reality in terms of how well it fits their understanding of Austrian Economics.
reply
That is true, too. Their glasses are Austrian tinted. It causes them/us to look at things in a slightly different way.
Not all the time.
Liberty causes people to look at things differently.
reply
I meant missing the forest for the trees.