Jeffrey Tucker and Gene Epstein, two illustrious Austrian Economists, discuss Bitcoin and why it has value, from an Austrian economics perspective.
Gene Epstein is the director of the Soho Forum, and Jeffrey Tucker is the Editorial Director of AIER.
Please see our previous episodes of "The Utopian and the Curmudgeon":
Episode 1: "Bitcoin" https://youtu.be/h5BXavcF8ys
Episode 2: "Robots and Automation" https://youtu.be/STIUnzrozAA
Episode 3: "3d printed guns and decentralized tech" https://www.youtube.com/watch?v=m2QuClhC77Y
Here is my recap from after the live stream:
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One world wide unit of account is just most effective. Just one reason why we will have a dominant currency (probably Bitcoin) and as Bitcoin opens up to communicate with other blockchains you can for distinctive utility reasons also use other crypto. But one currency will be the fundamental base layer where (almosts) all value is settled.
We've always gravitated to one currency in the past, but that may not always be the case as tech advances and it's become easier than ever to exchange between currencies. We'll have to see what happens! And exciting future ahead :)
Trying to listen, but Gene's pattern of speech quite frustrating for me. He trips on his own words and it all comes just like a spaghetti mess. It's like he's thinking faster than he could keep up. Please please tell him to slow down.
This was a great debate! The value of Bitcoin is coming from people believe and the number of the individuals entering the space will only increase with the time ( latest proof is Turkey). We have a broken Gestapo controlled economy driven by debt and slavery forced to use blood stained money which will collapse sooner than later. We can't predict the future and know what kind of money we will use and we don't need to because BTC is here and yes it is maybe slow and expensive but on the other side is the most secured one and if I want to transfer my wealth I will use BITCOIN. If I want to by TV will use Litecoin and for coffee I will pay with Digibyte.
+Naomi Brockwell I really appreciate the effort you put in your channel that's why we need to spread it out. I don't understand how some scam channel's have 10 of thousands of subscribers and your and some other valuable channels don't. Thanks!
Bitcoin's value as a method of value transfer is only scarce if bitcoin itself offers unique attributes which cannot be matched equally well by a copycat cryptocurrency. The main things which bitcoin has which a clone could not easily obtain are brand recognition, nework effect, mining infrastructure and most importantly, dedicated and skillful developers to maintain and continually upgrade the network.
I wonder what he meant by saying "the money is worth 2% more." ~7:53
Currency appreciates in value relative to other currencies, but at home a 2% increase is harder to quantify. If he's talking about buying power, or 2% lower prices, that makes sense, but that assertion is curious.
Maybe... IIRC, the FED has an interest rate target to influence market lending. That rate could effect overall currency supply when the government needs to borrow. I think government borrowing is the factor that leads to inflation though... I can't claim to be an expert, but I think the following holds:
increased government debt == increased money supply == decreased value of each currency unit == higher prices
After a second viewing, I think the 2% could be from falling prices or deflation. If the Fed increased the rate to discourage lending, and people saved more that might produce the effect he suggested... But, you'd still have to spend all your money on something to get a compounding effect on reduced prices... Splitting hairs at this point, but it was interesting :)
@8:20 Wrong , many things have lasting value , land , tools , water , buildings , metal , animals , Plants > trees , cannabis & tulips , guns & ammo , they all have a use other than money / trade goods . Bitcoin is nothing & cost way too much energy to produce > nothing . In the words of Ron Paul it's mal investment for the most part . We have the freedom to destroy our wealth in many ways , it's just not a good idea in the long run . Bitcoin is also a technology trap >>@46:38 >> https://www.youtube.com/watch?v=UxyGt58EPa4
I agree it has some limited use , Ron Paul said due to bogus Gov action ( FED ) the end result is mal investment . If the Gov (FED) was more accurate & honest ( sound $$ ) there would be less need for things like bitcoin . If bitcoin ever becomes a threat/problem to the Gov , they have the power to make it's use far less user friendly .
For scale , Platinum is far more rare than Gold , years ago cost about 1/3 +/- MORE than Gold , But today sells for 1/3 less +/- than Gold . Bottom line things change . I agree with Peter Schiff , the time will come when bitcoin has little value . BTW there is little to Zero in common between G & Pl and bitcoin .
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