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RE: Notes on The Tom Woods Show Ep. 1671 Bitcoin: A Guide for the Perplexed, featuring Vijay Boyapati

in Praxeology5 years ago

And that ties it back to Praxeology. The main thing that makes Bitcoin scarce is human action, along with all the complexities of human action that come with it.

This is the key. The goldbugs like Schiff say that bitcoin can't be money essentially because it never passed through the regression theorem process of commodity adoption. What they don't get is that we are seeing it become that universal commodity in real time.

They are right that bitcoin isn't money. What they don't see is the (yet) on the end of that sentence. Once sufficient mass adoption is here, bitcoin will then become money.

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 5 years ago  

Schiff will come around. Or, he's a closet HODL'r already. Anyway, chickens aren't money either. 😏