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  • Re: Austrians Slammed for their Criticism of Bitcoin

    [quote user="nirgrahamUK"] Hard for me to understand what you are saying. if you envisage the 'reward' for bit coin creation dropping from one satoshi finally to zero.. (The reward is what? that you 'get some multiple or fraction of a bitcoin for processing a transaction?' . Does this mean that in fact bit coin creation and
    Posted to Current Events (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Austrians Slammed for their Criticism of Bitcoin

    [quote user="BransonBow"] Can't the algorithm be changed to allow more bitcoins? [/quote] If you change the algorithm in a way that is not backwards compatible (e.g. increase the amount of Bitcoins), you need to persuade a sufficient amount of nodes to adopt the new algorithm. If you can't, what you produce will simply be ignored.
    Posted to Current Events (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Austrians Slammed for their Criticism of Bitcoin

    [quote user="nirgrahamUK"] so when the block creation tops out at 21million then the transfer of bitcoins must cease ? [/quote] It will never reach 21 million. It's a convergent series. Around 2140 the reward will drop from one satoshi (0.00000001 BTC) to zero.
    Posted to Current Events (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Austrians Slammed for their Criticism of Bitcoin

    The exact definition of inflation is an debated among the Austrians (the freebankers use Mises' definition to argue that credit expansion is not inflation). It is then probably better to use the terms "increase in the money supply" or "increase in the quantity of money" as that's clear. The production of Bitcoins is defined
    Posted to Current Events (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: What Bitcoin is

    The regression theorem has been heavily misunderstood, misrepresented and obfuscated. But it is actually quite simple, it talks about how prices and liquidity form on a free market, and how both price and liquidity are prerequisites for a medium of exchange (i.e. need to be chronologically antecedent to the use of media of exchange). Bitcoin fits into
    Posted to General (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Austrians Slammed for their Criticism of Bitcoin

    [quote user="h.k."] The Austrian position is simply that the market will decide what currency to use. Whether it is diamond-coated marshmallows or sound money, it doesn't matter. [/quote] This is indeed correct, but the catallactic process of the emergence of money can, to a certain extent, be understood.
    Posted to Current Events (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Bitcoins *prove* Mengerian account of money creation?

    Smiling Dave, I read your blog post several times since you published, yet it does not contain a formulation of the theorem. If not for anything else, then because it fails to explain fiat money. You think that vague stories are a substitute for scientific rigour. You have yet to show what is wrong with my argument, or formulate the regression theorem
    Posted to Economics Questions (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Bitcoins *prove* Mengerian account of money creation?

    Smiling Dave, since you have neither formulated the regression theorem yourself, nor shown what is wrong with my argument, you fail.
    Posted to Economics Questions (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Bitcoins *prove* Mengerian account of money creation?

    Smiling Dave, for the time being, I'll ignore that I already did formulate the regression theorem to you, and your only reaction was that you disagree, without any explanation. Nevertheless, in the meantime I have come up with a better formulation of the regression theorem: Once a medium of exchange is sufficiently liquid, it can sustain itself
    Posted to Economics Questions (Forum) by Peter Šurda on Wed, Oct 3 2012
  • Re: Austrians Slammed for their Criticism of Bitcoin

    [quote user="Anenome"] I am exagerrating, but only slightly. In a state of forced monopoly, bad money driveth out the good. But in a state of freedom, good money will tend to driveth out the bad. As for the Somalia, etc., example, there you have previously established fiat currencies that still hold sway. They could not come about on their
    Posted to Current Events (Forum) by Peter Šurda on Tue, Oct 2 2012
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