I think Bitcoin is actually just all of Austrian economics instantiated in the real world. I mean that literally: Bitcoin is not a physical thing, it is an **idea**. Specifically, it is a constellation of a set of narrow ideas from Menger onwards, instantiated as pure information yet able to perturb our physical reality as if it were A Thing.
It is one of those rare moments that you typically only see in art or spirituality where a pure idea can break the fourth wall into physical reality in a nearly supernatural manner.
I could get on board with this as a religion, since the main characters are Human Action and subjective value - all of it reduceable to easily understood and observable phenomena, yet with an element of ineffable spirit where the worlds collide.
Replies (12)
I really think this is a symptom of not seeing Bitcoin in the context of technological and mathematical growth over the last fifty years.
Bitcoin puts a lot of it together well.
but its not perfect and it ain't God.
not to be a buzzkill or anything 😂
If it must be a religion to succeed, so be it, I'm in. It probably doesn't, though.
It is very effective at breaking the fourth wall, for anyone who puts in the effort to learn it. Its like a different reality reaching in and making adjustments.
Tried to zap, not sure if working.
Anyway good post
Bitcoiners mangle subjective value theory and for that reason are decidedly non-Austrian.
Subjective value theory doesn't mean 'oh, it's subjective, I just make up whatever I want'. Subjective value theory means the value relates to the subject. The value I (the subject) place on an additional unit of a good (or service) is equal to the value I place on whatever that additional unit will let me do to fulfill my needs that I'm not already doing. Since Bitcoin has no use case except to give it to someone else, it has no subjective value outside of speculation, which will be frustrated in the long run because there is nothing but speculation itself to speculate about. However, I have no idea whether "the long run" is 1 month or 1 millenium. I suspect it will be closer to the former but there's no theoretical reason why this must be the case.
All of this applies equally to fiat currencies, of course, and I would have expected them to decline in market price long ago.
I see it primarily in a technology context. but many similarly impressive projects came out of the same context. this one is different. for this reason
our physical reality and ideas are not two different things.
Bitcoin isn't special.
this is what someone who doesn't understand networks says.
sorry this thread is for Materialists only
Materialists should also believe ideas always impact physical reality
because its fucking obvious
A scathing rebuttal, which not only cements you as the superior intellect but also enlightens any who come across it.
look up the current hashrate before you tell me Bitcoin has no purpose.
Hashrate means someone or something somewhere is keeping busy. Busiwork is not purpose.
Building a model Eiffel Tower out of toothpicks keeps one busy too but it doesn't have a purpose either.
