11 Feb '13, 1pm

Economics of Bitcoin: The contradictions of Smiling Dave

It is clear that the problems of Dave's argument are deep and fundamental. His goal, apparently, is to somehow "disprove" Bitcoin. But the goal is irrelevant. Even if his intention was exactly the opposite, or on the other hand, if I agreed with his conclusions, that still does not resolve any of the contradictions in his arguments. Dave needs to face the contradictions and resolve them. My recommendation would be to start with the basic gaps: Explaining why a trade between two non-consumption goods is not indirect exchange, and provide a method for classifying such trades (as according to Mises, the only two options are direct and indirect exchange) Providing a clear distinction between a non-money medium of exchange and money, and providing examples of such non-money media of exchange (preferably ones that he considers sustainable) Explaining how Bitcoin is to be classif...

Full article: http://www.economicsofbitcoin.com/2013/02/the-contradicti...

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