Questions on Austrian Economics from a Student in Finland

Walter E. Block

https://www.lewrockwell.com/lrc-blog/questions-on-austrian-economics-from-a-student-in-finland/

Letter 1

From: Arsen Thagapsov

Sent: Friday, October 16, 2020 4:27 PM

To: [email protected]

Subject: Austrian economics and Bitcoin Thesis

Hey Walter!

I’ve been reading your writings about Austrian economics (and bitcoin lately), and I wonder if you would be willing to participate in short email interview (max 8 short questions) that I would be using in my final Thesis. I am writing it about Austrian economics and how bitcoin fits into that. This would be helpful for my Thesis as I am already using your work as my source.

Best regards,

Arsen

Letter 2

On 17 Oct 2020, 4.05, Walter Block < [email protected]> wrote:

Dear Arsen:

Yes. Which college do you go to?

Best regards,

Walter

Letter 3

From: Arsen Thagapsov

Sent: Saturday, October 17, 2020 4:23 AM

To: [email protected]

Subject: Re: Austrian economics and Bitcoin Thesis

Hey Walter,

I am actually from Finland and go to University there.

Thank you for taking your time out of your day to answer these. I appreciate your input.

Topic of the research: Bitcoin as money and how does bitcoin as medium of exchange fit the descriptions and theory of Austrian Economics.

You can leave answers blank if you do not want to answer.

Questions:

1. Why do you think bitcoin is valued? Insurance policy against fiat currency; revulsion at fiat currency

2. What is its value based on? The value of pretty much anything is based upon the supply of it and the demand for it. bitcoin is no exception to this general rule

3. What is the function of money and does bitcoin satisfy that function? It overcomes the double coincidence of wants. Yes, to a degree, bitcoin satisfies that function

4. What are the biggest obstacles in bitcoin’s monetization process (excluding technological obstacles)? People are accustomed to fiat currency. The government may ban it

5. What do you think are the biggest use cases for bitcoin now, and in the future? Counter culture types of the free market variety like bitcoin

6. What are the most important characteristics of bitcoin that give it its moneyness? A money is a generally accepted means of payment. Bitcoin is not now a money

7. Does bitcoin violate the generally accepted Austrian theory of the origin of money (i.e. theory of saleability, regression theorem)? It doesn’t violate anything in Austrian economics since it is not a money.

8. History is full of failed monies. What could differentiate bitcoin from them? Well, bitcoin is still around. None of these others are

This material might interest you:

Davidson, Laura and Walter E. Block. 2015. “Bitcoin, the Regression Theorem, and the Emergence of a New Medium of Exchange.” Quarterly Journal of Austrian Economics; Vol. 18, No. 3, Fall, pp. 311-338; https://mises.org/library/bitcoin-regression-theorem-and-emergence-new-medium-exchange; https://mises.org/library/bitcoin-regression-theorem-and-emergence-new-medium-exchange?utm_source=Mises+Institute+Subscriptions&utm_campaign=b9f735e1cc-EMAIL_CAMPAIGN_9_21_2018_9_59_COPY_01&utm_medium=email&utm_term=0_8b52b2e1c0-b9f735e1cc-227976965; https://mises-media.s3.amazonaws.com/Bitcoin%20the%20Regression%20Theorem%20and%20the%20Emergence%20of%20a%20New%20Medium%20of%20Exchange.pdf?file=1&type=document

Davidson, Laura and Walter E. Block. 2017. “Bitcoin, the Regression Theorem, and the Emergence of a New Medium of Exchange.” (translated to: “Bitcoin, o teoremada regressao e a emgergencia de un novo meio de troca”) MISES: Interdisciplinary Journal of Philosophy, Law and Economics, Vol. 5, No. 1, January-June, pp. 83-98;

https://www.revistamises.org.br/index.php/misesjournal/issue/view/10; https://www.revistamises.org.br/index.php/misesjournal/article/view/43;

https://www.revistamises.org.br/index.php/misesjournal/article/view/43/9

January 15, 2014. Subject: RE: Reddit AMA; [email protected]; reddit.com/r/anarcho_capitalism; http://www.economicpolicyjournal.com/2014/04/walter-block-on-bitcoin-seasteading-and.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

September 10, 2013. Michael Shanklin [mailto:[email protected]] lmr.radio; Duke Boyne [email protected]; [email protected];

https://plus.google.com/hangouts/_/36d86793428dfcb299c3fbf640452d3ae1a62141?authuser=0; http://youtu.be/qyYgGBBmjR8; liberty movement radio.com; How Walter Block Became A Voluntaryist Libertarian: https://www.youtube.com/watch?v=JPkstrFj2NI. on Rand Paul and Political Action: https://www.youtube.com/watch?v=aD4AUslAaFU. full interview on Voluntary Virtues Radio 9/10/2013 Rand Paul, Bitcoin, Tragedy of the anticommons: https://www.youtube.com/watch?v=iUikrwcWXIw. on Bitcoin: https://www.youtube.com/watch?v=duDykrxwIxw. Video interviews: on Animal Rights & Untouched/NonHomesteaded Land. https://www.youtube.com/watch?v=HZt2Sz2UpLo. full interview on Triple-V: Inchoate Crimes, Political Action, Self-Defense: https://www.youtube.com/watch?v=XTfyC9YyhXk. “Obama & Bush Are War Criminals”, Hitmen, and Inchoate Crimes: https://www.youtube.com/watch?v=P4hyFyLsxY4;

http://www.youtube.com/watch?v=duDykrxwIxw

critique of wb on bitcoin: http://www.economicsofbitcoin.com/2013/09/professor-walter-block-is-clueless.html; Freedomforall [email protected]

September 20, 2013. Guillermo Jimenez, [email protected]; Skype: tracesofreality; RBN Producer; 800-313-9443; the philosophy of libertarianism, anarcho-capitalism, stateless order, bitcoin, rights to privacy; http://tracesofreality.com/2013/09/20/tor-radio-09202013-walter-block-on-the-fed-qe-infinity-bitcoin-and-anarchy/

November 24, 2013. Vancouver. LibertyMingle, Victor Pross [email protected]; [email protected]; [email protected]; LibertyMingle Presents: An Evening with Walter Block & Victor Pross. 7pm. The Cobalt – 917 Main St, Vancouver City. Pavil Hawkins hosts an evening of live music and talks by Anarchist Artist and Austrian Economist Walter Block. This is followed up with an open talk between the two speakers concluding with a Q&A from the audience. Mark “going” on the Facebook Invite Page! http://www.meetup.com/bitcoinvan/events/151194782/; http://allevents.in/vancouver/libertymingle-walter-block,-victor-pross,-mike-shanklin-at-the-cobalt/514884495263609; Freedomforall [email protected]

http://www.economicpolicyjournal.com/2013/10/is-bitcoin-money-what-economists-have.html

Block, Walter E. 2013. “The regression theorem and bitcoin.” December 28;

http://bastiat.mises.org/2013/12/regression-theorem-and-bitcoin/

Block, Walter E and Robert Wenzel. 2013. “Walter Block Responds to Wenzel Comments on Bitcoin.” December 31; http://www.economicpolicyjournal.com/2013/12/walter-block-responds-to-wenzel.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

September 10, 2013. Michael Shanklin [mailto:[email protected]] lmr.radio

Duke Boyne [email protected]; [email protected];

https://plus.google.com/hangouts/_/36d86793428dfcb299c3fbf640452d3ae1a62141?authuser=0;

http://youtu.be/qyYgGBBmjR8; liberty movement radio.com; How Walter Block Became A Voluntaryist Libertarian: https://www.youtube.com/watch?v=JPkstrFj2NI. on Rand Paul and Political Action: https://www.youtube.com/watch?v=aD4AUslAaFU. full interview on Voluntary Virtues Radio 9/10/2013 Rand Paul, Bitcoin, Tragedy of The anticommons: https://www.youtube.com/watch?v=iUikrwcWXIw. on Bitcoin: https://www.youtube.com/watch?v=duDykrxwIxw. Video interviews: on Animal Rights & Untouched/NonHomesteaded Land. https://www.youtube.com/watch?v=HZt2Sz2UpLo. full interview on Triple-V: Inchoate Crimes, Political Action, Self-Defense: https://www.youtube.com/watch?v=XTfyC9YyhXk. “Obama & Bush Are War Criminals”, Hitmen, and Inchoate Crimes: https://www.youtube.com/watch?v=P4hyFyLsxY4;

http://www.youtube.com/watch?v=duDykrxwIxw

Best regards,

Arsen Thagapsov

Letter 4