4 ms·

ideological beliefs about the nature of money (liberals not interested in non-state currencies, and Austrians believing that currencies must have intrinsic valu

ideological beliefs about the nature of money (liberals not interested in non-state currencies, and Austrians believing that currencies must have intrinsic value) https://unenumerated.blogspot.com/2011/05/bitcoin-what-took-ye-so-long.html https://unenumerated.blogspot.com/2011/05/bitcoin-what-took-...

szemet 9y ago
'must have intrinsic value' AFAIK one of the main underpinning of the Austrian school is: https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.wikipedia.org/wiki/Subjective_theory_of_value
- alexmat 9y ago
  You're correct, Austrian school is based on subjective value theory, this is gwern's phrasing not mine. I was in a rush and didn't cite properly, here is the link: http://www.gwern.net/Bitcoin-is-Worse-is-Better http://www.gwern.net/Bitcoin-is-Worse-is-Better Although to be fair a lot of non-scholarly "Austrians" cite the intrinsic value of gold as what makes it superior to Bitcoin. So he's right in the parlance of common rhetoric. I also think he is right in that liberals tend to favor keynesianism because it makes it easier for the government to grow.
sova 9y ago
I'm still not sure what you meant by Keynesian, but that is a nice link to a very thorough discussion about bitcoin from 2011. Supply, Demand, What is Money, and What is Valuable are all unresolved questions even in 2017. The need for money fundamentally stems from needing a way to trade dissimilar goods (like hens for milk). Nations making money is a whole separate issue that has delayed the progress of mankind for millenia
notthemessiah 9y ago
Wow, you're clueless. I bet you'll believe every lie about Keynes and think yourself an expert despite never once picking up a copy of the General Theory.
- dang 9y ago
  Personal and name-calling will get you banned here regardless of how wrong someone else is. Please read https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and post civilly and substantively, or not at all.

szemet 9y ago

'must have intrinsic value' AFAIK one of the main underpinning of the Austrian school is: https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.wikipedia.org/wiki/Subjective_theory_of_value

alexmat 9y ago
You're correct, Austrian school is based on subjective value theory, this is gwern's phrasing not mine. I was in a rush and didn't cite properly, here is the link: http://www.gwern.net/Bitcoin-is-Worse-is-Better http://www.gwern.net/Bitcoin-is-Worse-is-Better Although to be fair a lot of non-scholarly "Austrians" cite the intrinsic value of gold as what makes it superior to Bitcoin. So he's right in the parlance of common rhetoric. I also think he is right in that liberals tend to favor keynesianism because it makes it easier for the government to grow.

sova 9y ago

I'm still not sure what you meant by Keynesian, but that is a nice link to a very thorough discussion about bitcoin from 2011. Supply, Demand, What is Money, and What is Valuable are all unresolved questions even in 2017. The need for money fundamentally stems from needing a way to trade dissimilar goods (like hens for milk). Nations making money is a whole separate issue that has delayed the progress of mankind for millenia

notthemessiah 9y ago

Wow, you're clueless. I bet you'll believe every lie about Keynes and think yourself an expert despite never once picking up a copy of the General Theory.

dang 9y ago
Personal and name-calling will get you banned here regardless of how wrong someone else is. Please read https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and post civilly and substantively, or not at all.