Failure to do homework is a big issue, and it's frustrating seeing the arguments against bitcoin regarding the technology, encryption, electricity, the CIA, etc, etc. I think these are all non-issues. HOWEVER, where bitcoin fails is spelled out in monetary theory, if the Austrian slant (and Mises in particular) are correct. Says Mises in HA:
"no good can be employed for the function of a medium of exchange which at the very beginning of its use for this purpose did not have exchange value on account of other employments. And all these statements implied in the regression theorem are enounced apodictically as implied in the apriorism of praxeology. It must happen this way. Nobody can ever succeed in constructing a hypothetical case in which things were to occur in a different way."
IMO, that's as black and white as it gets but, as Jix suggests, do you OWN homework. Read Mises' Theory of Money and Credit and follow that up with the monetary theory chapters of Human Action. Is Mises right? You decide.
I discovered Austrian econ after becoming puzzled/disenchanted at all the obvious bullshit while getting an economics degree. It turns out that with the Austrian approach to econ, the theory IS 'enounced apodictically as implied in the apriorism of praxeology.'
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