Articles related to the peer-to-peer digital commodity/currency called Bitcoin.
Jem talks about the nature of money and how Bitcoins are revolutionizing the way we engage in trade with each other in this TED talk. Jem isn’t exactly an Austrian economist, but I find his speech to be compelling and important in a few ways. First, the crowd Jem is addressing are the movers...
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Leave it to Paul Krugman to make the claim that a massive increase in a money’s value leads to hoarding, deflation, and depression. Krugman is a Keynesian economist who believes in a centrally planned monetary system in order to facilitate massive government interventions in the market place. He was educated at MIT and won the...
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Cody Monk of the National Intelligence University and The Naval Postgraduate School recently co-authored a paper entitled Shadowy Figures: Tracking Illicit Financial Transactions In The Murky World of Digital Currencies, Peer-to-Peer Networks, and Mobile Device Payments with John Vaillasenor (Brookings Institute) and Christopher Bronk (Baker Institute at Rice University). In the paper, the authors argue for massive government regulation and...
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In a March 18, 2011 press release regarding the Liberty Dollar case, the FBI admitted to waging a secret war against any private currency system that competes against the US Dollar. In the press release, the FBI equates the use of sound money to an act of domestic terrorism. The FBI states that it uses...
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A picture is worth a thousands words, while fiat money is worth the paper it is printed on. View your future through images of the past. Yugoslavia – 10 billion dinar, 1993: Zaire – 5 million zaires, 1992: Venezuela – 10,000 bolívares, 2002: Ukraine – 10,000 karbovantsiv, 1995: Turkey – 5 million lira,...
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The following is commentary from Professor George Selgin in response to my article The Economics Of Bitcoin – Challenging Mises’ Regression Theorem. Professor Selgin is another one of my favorite economists. I love his work on the private supply of money. You can watch a lecture by Prof. Selgin on the private supply of...
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I found this tidbit of idiocy to be humorous: Werner Antweiler, an economics professor at the University of British Columbia, is more than skeptical. He says Bitcoins magnify the same problems that exist with commodity-based currencies such as the gold standard, which he says was abandoned decades ago for good reason. “As an economist, I...
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There has been a lot of outcry from the libertarian gold bug community over the Bitcoin monetary system, with some commentators even going so far as to produce feature length videos decrying the monetary system. David Kramer writes on Lew Rockwell.com: What was Bitcoin’s prior material use/value? Zero. It is just bits in a computer. And...
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This article is in response to claims by inflationistas that Bitcoin isn’t a viable currency because the supply of coins does not inflate to counter-act deflation. Their arguments against my previous article on this subject are as follows: Big building projects are FINANCED, that means borrowed money. So the exact opposite of what you’re...
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