pull down to refresh
I think so too but that undermines the critique of fiat that its value is arbitrary.
Rather than conclude that bitcoin isn’t fiat, we also have the option of concluding that fiat isn’t inherently a problem.
I’m with you on that. The point I’m making is that if Austrians want to conclude that bitcoin is fiat then they need to reexamine some of their own conclusions about fiat currencies.
Ah! I anyway feel that we're rather short on people that have the skills to develop novel economic theory and deeply understand Bitcoin's mechanics (especially around how the consensus mechanism works and the implications of that.) We have technologists that tip their toes in economics (yours truly included) and you have economists that tip their toes in technology. But I feel that comprehensive work is not truly being done, maybe Voskuil's articles come close.
Much of the other stuff out there really comes down to combining 21M-based-scarcity with finance, more than economics, I feel.
My first reflex is to think that by Mises' definition, that would be fiat money? I.e. within the system there is an issuer that sets and enforces the rules... by fiat?