Mises et al never had a model for Bitcoin or the related technologies, and the associated incentives in maintaining that decentralized system. They had no idea about miners, block rewards, nodes, etc.
Austrian is great aspirationally, obviously I’m all about it, but even Mises admitted towards the end of his life that economics couldn’t perfectly model human action in dynamic systems. Bitcoin might not only represent a monetary good… it’s an evolving network secured by incentives that no classical Austrian ever had a framework for. We’re in new territory.
EricFJ / Eric FJ
npub10x…2g437
2025-05-02 16:25:23
in reply to nevent1q…p3w3
Author Public Key
npub10xvczstpwsljy7gqd2cselvrh5e6mlerep09m8gff87avru0ryqsg2g437Published at
2025-05-02 16:25:23Event JSON
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"created_at": 1746203123,
"kind": 1,
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"content": "Mises et al never had a model for Bitcoin or the related technologies, and the associated incentives in maintaining that decentralized system. They had no idea about miners, block rewards, nodes, etc.\nAustrian is great aspirationally, obviously I’m all about it, but even Mises admitted towards the end of his life that economics couldn’t perfectly model human action in dynamic systems. Bitcoin might not only represent a monetary good… it’s an evolving network secured by incentives that no classical Austrian ever had a framework for. We’re in new territory.",
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