28 Jul '13, 7am

Lex Mercatoria: The Emergence Of A Self-Regulated Bitcoin #SRO

Lex Mercatoria: The Emergence Of A Self-Regulated Bitcoin #SRO

I emailed with about a dozen of Austrian economists. Most of them are not interested in Bitcoin because it’s too complicated, and they don’t know much about it apart from the sensational media stories. The dogmatics who deny empirical data are not economists, they are random bloggers and trolls. Then there are some which did a bit of research, but are, in my opinion, genuinely mistaken (e.g. Nielsio), but that’s rare. Also, the Austrian school is split with respect to the regression theorem. Some argue that money must start as a commodity, some argue that other origins are possible (e.g. Hülsmann, Kinsella, Bagus, Selgin). Murphy in a youtube video concludes that empirically, Bitcoin is a medium of exchange, so the “harder” interpretation of the regression theorem is wrong. Based on my research (soon to be published), I propose a slight modification to the regression theor...

Full article: http://www.forbes.com/sites/jonmatonis/2012/05/28/lex-mer...

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