1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
Daniel is formulating an Austrian Theory of Money really, really well here. Parts of it will sound weird at first but it is true nonetheless (personally it took some time for me to get).
https://coingeek.com/daniel-krawisz-bitcoin-and-speculation/
Replies
1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
Why was it hard? Easy level on Austrian Econ is understanding Menger's saleableness framework and implications for monetary competition and end result (always tending towards one money).
1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
Given one money then, harder level of Austrian Econ is forming some idea about what the value of that money must be. No uncertainty means no money, no entrepreneurs. @24 derives value of money from uncertainty; specifically entrepreneurs acting under it.
1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
So when you hear "the value of Bitcoin is the other Bitcoiners", it sounds more strange than it is. It's just a way of rewriting the benefits of Division of Labor; money only has value if people specialize and exchange with the help of that money.
1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
Worth mentioning is also that the level of strategic thinking exposed in the interview, is high. No one has any incentive to tell you how money works - especially in these times where monetary monopolies can be challenged by the market.
13bJsMyjiNF21qYTLK5tZizwEovpT6DNeu (3375) ·
We have the incentive to tell people how money works because we want to realize the value of our investment in Bitcoin.
1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
Sure, we don't live forever. Though if you can delay steering the flock of Fisher quantity theory birds and whatnot, to where the food actually is, then you might have time to grab a bit more of it before you all start cooperate better.
13bJsMyjiNF21qYTLK5tZizwEovpT6DNeu (3375) ·
When people finally start using proof-of-work as an upvote system nobody will be able to afford to do something like that EVER AGAIN. The only messages that will be worthwhile for anybody to transmit will be those that tell how to maximize value!
1AjUnNeTbLY5rkmyGXMjBhZwfjjp9jKqin (24100) ·
I did not mean deceit, but simply keeping quiet about what you know of how money works, and speculate on the future accordingly while waiting for others to understand. Nothing wrong with that!
13bJsMyjiNF21qYTLK5tZizwEovpT6DNeu (3375) ·
Our world needs the real benefit of money now. Yes we should buy when there's blood in the streets but honestly is it better to have more or to have no more bloody streets in the future? We can all gain a lot of REAL benefit by preventing bloody streets.