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"I, Broken Economist": An Analysis of Gary North's economics of Bitcoin

Conceited arrogance

There is one thing that becomes apparent when reading Gary North's articles. He knows a lot. But there is also another thing that becomes apparent sometimes, in particular in his latest article on Bitcoin. He thinks he knows more than he actually knows. I can't address his article in full detail now as I'm at the Latin American Bitcoin Conference, but I thought I'd mention some core issues with his article.

Heterogeneity of a monetary system

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http://www.economicsofbitcoin.com/2013/12/i-broken-economist...



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gary norths argument seems

gary norths argument seems weak

Liquidity: money pays debts off.

http://mises.org/daily/4297

However, transaction costs affect money instruments; Checks, American Express checques, credit cards.

The market will price the utility of an inter-continental currency in a system that verifies all transactions, eventually.

Free includes debt-free!

Bump.

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"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees