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17 Dec '12, 6pm

Economics of Bitcoin: Response to Hülsmann & Hoppe from PFS 2012 by @petersurda #bitcoin

Professors Hülsmann and Hoppe answer a question from the audience about Bitcoin around 32 minutes into the video here: http://propertyandfreedom.org/2012/12/day-2-question-answer-session-pfs-2012/ This is a quick response to them. Hülsmann argues: "It's anticipated in the system that under some circumstances you can create more units. So somebody is authorised. Because if you don't, if you just keep the current supply, then you get a very very strong price deflation as soon as Bitcoins spread. So somebody must be authorised to create more I suppose. So somebody has the keys to the whole thing, so which reason do we have to trust those keymasters more then minters of gold coins?" First of all, the production function of Bitcoin is defined as an approximately geometric convergent series. An attempt to produce Bitcoins without fitting into this schema does not, by definition,...

Full article: http://www.economicsofbitcoin.com/2012/12/response-to-hul...

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