moralanarchism asked: I remember you saying a little while ago something against intrinsic value? At least I think it was you. Because some Austrian economics are denounces bitcoin because there is no consumption "value" in it. Saying like you can make gold and silver into jewelry and the such. Do you think there is value in the code that backs up Bitcoin? Would that mean there is intrinsic value in Bitcoin?
I don’t think anything has intrinsic value.
To say that gold and silver have intrinsic value would mean that they naturally have value and that without the existence of humans, they’d still have value. Pretty sure cows don’t give a damn about gold or silver.
What gold and silver do have is alternative uses outside of being currency. They are both a commodity and a currency. But the same can be said for dollars and the cotton they are printed on.
When looking at currency, I don’t think intrinsic value is important. What’s important is retention of value. Bitcoin has that. The code can be recreated, duplicated as back-up, and even moved offline to an non-digital medium. e.g. you can print out the code that represents your Bitcoin ownership, line by line, and if your digital wallet is ever lost, you can recreate it from the code.
I think the “gold standard” and “intrinsic value” points are where I disagree with most of the Austrian economists. Then again, a lot of “Austrian” economists also disagree with it. I guess it’s one of those points of contention within the school that isn’t as fundamental as people once thought it was and the emergence of Bitcoin has made it that much more evident.
He did donate a million bucks to an Obama PAC.
The worst farce is that people consider Paul Ryan to be a libertarian.