The Value Foundations of Bitcoin: Austrian Redux, part I
There have been a number of Bitcoin detractors. Most mainstream economists and intellectuals denounce the idea as either impossible or a hoax, or they misconstrue it along the lines of play money or niche money. Another group of Bitcoin detractors comes from an Austrian/Hard Money contingent. These gentlemen who recognize the invalidity of the Keynesian....
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Here's Part 1: The Value Foundations of Bitcoin. While gritting teeth and shaking hands with Bitcoin is necessary, Austrian economists should flash a toothy smile and embrace it warmly. Bitcoin is, after all, Rothbardian money. I say this because Bitcoin digitally manifests the optimal attributes given to money by Austrian School economist Murray Rothbard. Because of the distributed nature of its protocol, Bitcoin is, in fact, superior to its alternatives: fiat money and a return to precious metals. The comparative advantages Bitcoin provides are staggering and therefore those who champion....
This is a guest post by Andrew Criscione who co-organizes the Mises Group in Boston, Ma. He hosted Jeffrey Tucker for a dinner with the Mises Group members and shared the experience. The Boston Austrian Economics Group held the event "Bitcoin and Bowties" featuring Jeffrey Tucker, CEO of Liberty.me and publisher of Laissez Faire Books. Tucker is an influential Austrian economist, author, and former editor for the foremost repository of Austrian thought, Mises.org. Austrian economics is a school that holds much weight in the libertarian and crypto-anarchist circles so intertwined with....
PRESS RELEASE. Austrian Post, the national postal service of Austria, has announced the launch of its latest product called Crypto stamp art (CSA), which is based on the Ethereum blockchain. The shift to focus on going digital first is significant, since Austrian Post is a major player in the blockchain industry and have successfully sold out several iterations of Crypto stamps since 2019. Previous generations of Crypto stamps, however, mostly centered the sale around the physical stamp which was accompanied by its digital twin.
The launch of the CSA is planned on July 22, 2022,....
This is a guest post by Ben Best. Bitcoin and Austrian Economics. Austrian Economists are harsh critics of government central banks (such as the Federal Reserve System of the United States - a name intended to obscure its role as a central bank, unlike the Bank of England). Austrian Economists can also be very critical of fractional reserve banking, the practice of lending money in greater quantity than the amount of deposits. For these reasons, Austrian Economists could be expected to be enthusiastic supporters of Bitcoin. Unfortunately, this is usually not the case. Cryptocurrency,....
An interesting submission today on Reddit revealed that the Austrian Central Bank and the Austrian Federal Economic Chamber are planning to hold a lecture surrounding the topic of bitcoin. The event, entitled Money Without Banks? The Bitcoin Case (rough translation) is taking place on the 22nd of April in Innsbruck, and covers the potential implications of bitcoin on the current financial system. As provided by the submitter of the post, who says he went to the Economic Chamber to discuss a bitcoin business he is planning to start, here is a very rough translation of what the pamphlet....