10 sats \ 17 replies \ @Undisciplined OP 31 Oct \ parent \ on: Gold Is Back—And So Is Judy Shelton econ
Missing bitcoin is the major failing amongst Austrians. I'm sure they'll figure it out eventually.
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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’.
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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.
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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.
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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.
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Yes, it would satisfy. It is an extension of what has already satisfied the theorem.
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It's been a while since I listened to it, but Bob was basically explaining how trading those two pizzas for 10k bitcoin was no different, from a praxeological perspective, than any other voluntary exchanges. From there, bitcoin was a market good like any other and was trading in accordance with people's preference for it.
Then, because it has good money properties, it began taking on more monetary roles in the economy.
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I specifically remember the BTC for pizza exchange!! I just couldn’t remember the BTC price of the pizza. 10k at the time must have seemed like a bargain.
I wonder if the receiver had diamond hands or got rid of them as quickly as he could.
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I think it was just done as kind of a lark and to put the technology to use.
That was part of Bob's point: doing something just for fun is a perfectly valid use case from an economic theory perspective.
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A lot of people still don’t trust BTC. There have been too many scams in the cryptocurrency sphere to fully trust.
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It's like they evaluate reality in terms of how well it fits their understanding of Austrian Economics.
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That is true, too. Their glasses are Austrian tinted. It causes them/us to look at things in a slightly different way.
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Not all the time.
Liberty causes people to look at things differently.