Archive for Bitcoin

A Bit of Silliness

Something is really screwy with all of this cryptocurrency discussion. I feel as if a bunch of academics are “proving” that spaceflight is impossible. To take but one example, Tyler Cowen has a long post saying that Bitcoin will collapse in price, where his argument seems to rely on one (or both) of the following […]

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If Bitcoin Is a Bubble, Is All Money Always In a Bubble?

I by no means am an expert on Bitcoin. The more I hear the experts talk about it, the more I realize I don’t know. (And as an aside, when I hear a proponent of Bitcoin say on NPR, “This isn’t even version 1.0 yet,” it doesn’t make me want to rush out and embrace […]

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Krugman: “Fiat Money…Is Backed By Men With Guns”

Wow, you really have to hand it to Paul Krugman. In the quick snippet below, he talks to Joe Weisenthal about Bitcoin. Krugman reiterates his surprise that it has lasted this long, but admits that it’s theoretically possible for an asset not backed by anything to chug along because of a self-fulfilling prophecy. However, Krugman […]

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Potpourri

==> Mario Rizzo stands up for economic freedom and tolerance. ==> A few people have told me to highlight this apparent Krugman Kontradiction on unemployment benefits and job search (scroll down a bit). I actually highlighted this when it initially occurred (perhaps because somebody brought it to my attention, I can’t remember). However, Krugman on […]

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Potpourri

==> Josie the Outlaw saunters into town, and lays her gold piece on the bar countertop. When the sheriff shows up, I hope he’s articulate and has really thought through his life choices. ==> More Bitcoin battling. Gary North is skeptical, Jeff Tucker is enthusiastic, and Roger Ver is loaded. ==> I’m a big Glenn […]

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Potpourri

==> The erudite von Pepe notified me that John Taylor has been blogging about Summers/Krugman as well; here’s a good example. ==> Here’s me with Tom Woods talking on this topic. ==> Speaking of Summers/Krugman, apparently the Onion anticipated their stance. ==> Mark Spitznagel is not on the Bitcoin bandwagon. ==> Danny Sanchez has a […]

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Why Misesians Need to Tread Cautiously When Disparaging Bitcoin

In my EconLib article on Bitcoin, I wrote: Some critics rely on the work of Ludwig von Mises and his “regression theorem” to argue that the world will never embrace Bitcoin as a true money. According to this argument, Mises demonstrated that all money—even today’s fiat money—must have been, at some point in the past, linked […]

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My EconLib Article on Bitcoin

At EconLib I have an article on Bitcoin. The first half is based on the article I already posted here with Silas Barta, but the second half has new stuff, sure to enrage half of you: Economically, the chief attraction of Bitcoin is its mathematically guaranteed scarcity. Even a pure commodity like gold could eventually […]

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