Comment: I do believe that the

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I do believe that the

I do believe that the Austrians are more correct than Keynesians. I also think that the criticism the Austrians have are genuine criticisms and that they often nail the flaws in Keynesian thinking. But that doesn't mean that all their criticism is accurate. The idea of intrinsic value is close enough to the truth that in practice the inaccuracy of the statement doesn't matter much. But my impression is that even some Austrians acknowledge that there's no such thing as intrinsic value. And with bitcoin, it's important to use ACCURATE terms in order to compare it to gold, because bitcoin has a system that demands that kind of accuracy.

As for the zero sum statement, your explanation about how it works is inaccurate as well. In a zero sum game, there IS individual gain. But it's at the cost of another. If someone wins, the other must lose. With a ponzi scheme, it collapses not because someone realizes that the EVENTUAL individual gain is zero (that only happens afterwards). It collapses because of CONTRACTUAL OBLIGATIONS. With a ponzi scheme, a central operator promises a certain amount of return over the principal to the victim and is OBLIGATED UNDER CONTRACT to pay out this profit. What the victim doesn't know is that his profit is paid for by new victims and it's for this reason that a central operator must hide the flows of money. When the inflow of money stops, the system collapses, because the central operator is unable to pay out the profits as he's obligated under contract to do so.

With bitcoin all the the flows of money are public in the blockchain. The blockchain is a ledger that registers all the transactions and is spread over multiple nodes. A ponzi scheme operator must hide all the inflows of money in order to fool his victims. But in the case of bitcoin, nothing is hidden, all transactions are public.

Furthermore, with bitcoin there are no contractual obligations. It's for this reason that the bitcoin price was able to crash without the system collapsing. We also had periods where the bitcoin price was stable for a relatively long period of time. With a true ponzi, one crash is all that it takes to collapse the system (or even a stable price for an extended period), since it would mean that the inflow of new money would have halted.

Also, while there certainly were a few speculators that tried to sell the btc system in order to increase the value of their own btc holdings, most proponents that I have seen have warned that they could easily lose their money and that profit was not guaranteed.

Now, it's certainly possible that btc is a tulip bubble, and it's certainly possible that bitcoin as a money may have a flaw in the system that can make the price collapse, but a ponzi it is not.