STEPHAN KINSELLA: Thank you Hans. Before I start, let me mention one thing. Today, this article will appear on Mises Daily – well, yesterday, but this is the current issue. So this is a summary of the Hoppian argumentation ethics theory, so anyone who’s interested in this idea you may want to take a look at this. Also, at the bottom of this page there’s an ad for an upcoming Mises Academy course I have here, which is starting July 11, the Social Theory of Hoppe. So it’s a six-week course where I’ll go into detail on Professor Hoppe’s economic and political theories. So anyone who’s interested in that, take a look. [continue reading…]
People often say that Bitcoin is too risky since if it becomes too successful, and thus a threat to the state, the state will just ban it. After all, Franklin Roosevelt did this to gold in 1933 with Executive Order 6102 (text). This is how I myself got into Bitcoin. I saw its potential early on. I never had the stodgy Austrian “regression theorem” or physical commodity fetish hangup that led Austrians early on to argue that it is impossible for Bitcoin to become money. In fact, back in 2011, I wrote in an email:
(IN the bitcoin thing with digital currency, you can arbitrarily increase the granularity by adding more digits; in such a digital numeraire (which I confess I sort of think is the ideal money, in some sense, though not in a practical sense given some political and other problems), you never need to increase the supply at all (once it reaches its asymptotic maximum), because any supply truly is enough: you never face the granularity problem you guys allude to.1
Below is a lightly-edited transcript of my presentation of the same title to the 2019 Annual Meeting of the Property and Freedom Society on Sunday, Sept. 15, 2019. Youtube embedded below. For the podcast, related links, and associated powerpoint slides, see KOL274 | Nobody Owns Bitcoin (PFS 2019). I expect to publish a version of this as an article shortly; for now, cite as Stephan Kinsella, “Nobody Owns Bitcoin,” StephanKinsella.com (April 21, 2021).