I have no clue what to think of this other than the fact he's probably telling a half-truth.
Bitcoin is not (at least yet) money.
His reasoning is like this:
1. Austrians say money printing causes hyperinflation.
2. But bitcoin had hyper inflation for a different reason.
3. Therfore Austrians are wrong.
Which is like saying
1. Doctors say jumping off tall buildings can kill you.
2. But here's a guy who was killed by being run over by a truck.
3. Therefore the doctors are wrong.
My humble blog
It's easy to refute an argument if you first misrepresent it. William Keizer
Not really half-truth. A very simple statement. People that created and use bitcoin say that it is the ideal (and perhaps the future) of money, because it is independent from political meddling. Nobody can go and print it like the Fed. And that is supposedly good because it precludes inflation. That is a testable hypothesis. It turns out that there is inflation. Nothing against bitcoins per se, by the way.
If it is used as a means of payments it does have functions of money.
By that reasoning any barter good is money, no?
Dave, the only thing I said about Austrians is that the view of inflation is loosely based on Austrian views. Don't believe that any serious Austrian economist is involved with bitcoins. I do believe that Austrians are wrong about inflation, but the post says nothing about that, hence your silogism is not a fair representation of what I said. What I said is that people that use bitcoins do not understand that inflation could happen for other reasons. By the way, inflation could be caused by excessive printing of money, but under very specific conditions (the economy would have to be at full employment). I can actually post on Austrian views of inflation, and alternative views, and we could have a more intelligent discussion.
Yep. There are several quasi-money tokens around.
Seems pretty useless to use the term "money," then.
Maybe so, but that is what the profession does. Check any textbook of money and banking and you will find that the definition of money is by its functions. Money is what money does. Means of exchange, reserve value and unit of account. Not everything is money, so it is less useless than you would think.
My mistake then.