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Initial Frustration with austro-libertarians. The Genesis of a new blog.

June 13, 2011

When I became aware of bitcoin weeks ago I got excited about it’s prospects.  I decided I wanted to learn more about Austrian Monetary theory because from what I had already gathered a supply of money that does not inflate a ton over the years can be a great thing and money is possibly the most important part of a society.  A money that is outside of government control and remains in stable supply is just what the doctor ordered for the progress of civilization.

Then after reading a few people’s commentaries on bitcoin I found that not everyone agreed with me.  And I don’t mean the one’s who wouldn’t agree with me anyway who believe in a supply of money infinitely inflatable but rather those influenced by the Austrian school who believe in free-market money had very bad things to say about bitcoin.  I was dumb-founded!  They didn’t seem to understand the austrian take on money the same way I did.  And they knew more Austrian economics than I did!  Surely I must have been mistaken.

I needed to read an expert’s opinion on bitcoin to settle this: one of the economists from Mises.org.  But to my dismay none had written about it.

So I began to research into austrian theory on money using primary sources from the Austrian greats (Mises, Rothbard, Hayek) themselves so I could be certain what the Austrian take is (and adjust my understanding  of it accordingly).  I decided if I had a correct understanding I would have to publish the article myself drawing heavily from the Primary Sources and let the words come straight from the mouths of the Austrian-School greats.
I read Gary North’s short online book Mises on Money and gleened some knowledge that seemed to back up what i thought from North and the quotes from Mises he used.

Someone had to write an article to show these austro-libertarian gold bug bitcoin haters that they aren’t following the very experts they esteem.  And since clearly no one else was going to do it… it would have to be me.  Great.

As I was laboring in this research and procrastinating and getting distracted by other matters of life outside of hobby-academics I found an article entitled Libertarian Gold-bugs hating on Bitcoin–free market money.  “Yes!” I thought.  Now I don’t have to write this article, this guy did it for me!  That was yesterday morning.  Later that evening I read a blog post and figured out getting out of writing the paper wouldn’t be so easy…

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