austrian economics

zillionaire [2:51 PM]
left austrian-economics


----- May 21st -----
thatwildcard [9:12 AM]
question re origins of bitcoin- why did Satoshi choose the Times, and what message was he sending through this article? (edited)

newliberty
[10:01 AM]
We can only surmise.
1) Proof of no pre-mine from using current dated article.
2) London Times was largest UK global distributed circulation of the time (Mirror is more localised circulation), possibly also chosen for the article itself.
3) Bank bailouts are a legal theft, which means there is little or no recourse against the thief.  Money from taxpayers is handed to banks because they failed at their business.  Sometimes the failures are intentional, bad loans to crony or to self.  Presumably this was a problem statement, for which bitcoin sometimes presents a solution.  Similar theft through lawful use of legal asset transfers and bankruptcy is done in private businesses, but bailouts are when the unrelated public is made to pay.  This is generally against the Austrian Economic principles of separation of money and state.
The 2009 book "The End of Money and the Future of Civilization" by Thomas H. Greco, Jr. provides a fair summary of the thought at that time of Money and State separation.

csw [10:41 AM]
Proof of no pre-mine is simple.

[10:41]
It comes from the blocks themselves.

[10:42]
They did not have a pre-mine even with Genesis being dated as they were only mined by 2 people those first 2 weeks

[10:43]
Hal started mining after block 70. So there were 3,500 BTC already

[10:43]
Thing is... 3,500 BTC worth $0 USD

[10:44]
A version 1.x raspberry pie could have earnt 1,000 BTC a month in 2009 (edited)

newliberty
[11:33 AM]
Also true.  Bitcoin, like any economics, is a social thing.  Not all people will see all proofs, and many who do see, do not believe them.  A dated article reaches more people than the evidence available in the blocks themselves ex post facto.
This may have been the best suited article for the day.

iang [11:45 AM]
I’d say, an article like that one was likely the most topical on the day, and you the reader are invited to read into that message as much as you like.
2 replies Last reply 24 days ago View thread

jpjp [12:36 PM]
joined austrian-economics by invitation from @vlad2vlad


----- May 22nd -----
thatwildcard [1:19 AM]
1,000 btc a month in 2009, any wonder so many alts cropping up?

thatwildcard [1:26 AM]
I was tipped on an article coming out, that's why I asked the question. This dude has been warping my brain with his blogs lately https://medium.com/@adam_selene/genesis-c5b4edff6b9c
Medium
Genesis – Adam Selene – Medium
It seems that many people within the bitcoin community are willing to accept whatever they’re told blindly without validation. Others have…
Reading time
----------------
7 min read

(77kB)
May 22nd at 12:03 AM


newliberty
[8:52 AM]
Thanks for the link.
Lit crit is the vocation of reading more into an author's words than the author wrote.  It is its own form of literature and worthy of appreciation as art.


----- May 24th -----
adamselene [5:19 PM]
joined austrian-economics by invitation from @satoshi. Also, @hmr joined.