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hfsp | 5 years ago

>Or maybe it comes from people who have read an Econo101 textbook and who have spent a lot of time trying to explain a crowd of Bitcoin enthusiasts why their reasoning is wrong

The market decides. Not an economics "expert", nor fitting btc to an arbitrary theoretical definition of money.

>It seems that tech has enabled a grand new theory about money to be implemented.

Are you aware of the Austrian school of economics?

discuss

Aunche|5 years ago

The market is currently deciding that Bitcoin is almost entirely a vehicle of speculation, which is exactly what economists had predicted.

The Austrian school of economics is completely adverse to empirical data, which makes it functionally useless.

lottin|5 years ago

> Austrian school of economics

The only school of economic thought that is built upon the rejection of the scientific method.

https://en.wikipedia.org/wiki/Praxeology

hfsp|5 years ago

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zepto|5 years ago

The market decided about Tulips at one point. It later changed its mind.

hfsp|5 years ago

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