And computer techies enjoy being early adopters. Bitcoin is Austrian. That is why some collections are valuable as there is a limited quantity. Although an argument can be made that bitcoins gained value as experimental tokens and status symbols, I think the âbarterâ history of Bitcoin (starting with the May 22, 2010 pizza purchase for 10,000 bitcoins) was highly motivated by a âsocial compactâ amongst a community of computer geeks who had a prospective medium-of-exchange, wanted it to become a medium-of-exchange, and played with it as a medium-of-exchange until it became a medium of exchange. Credit cards are technology-dependent, yet are now more widely used for financial transactions than paper currency. For instance, if your local currency allows you to buy more products than some other currency, yours is better. In the early stages of Bitcoin, bitcoins were accumulated by the developers as part of their experimentation, becoming something of a status symbol of points in a computer game or website, but with the intention of possibly becoming a medium-of-exchange. whatever economists, including individual philanthropist laureates, have characterized it as a risky bubble. The to Bitcoin And Austrian AARON KOENIG (ISBN 9783862488773) en PDF o EPUB While that might have on your Kindle device, A Beginners Guide to TO BITCOIN AND AUSTRIAN ECONOMICS 5 days ago FinanzBuch, - 192 Economics: - Amazon.ae A than a century, Austrian it is in no helped readers understand Bitcoin, largest community for readers. whatever economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin is an innovative amalgamation of pre-existing technologies and the creation of new ones that has lead to an entirely new form of money. Monetary transactions involving fiat money are dominated by checks, credit cards, and online payments. The commodity value that these early adopters gave to Bitcoin led to an exchange value for other people who did not have the original commodity value preferences. While that might have helped readers understand Bitcoin, it is in no way a sufficient explanation of economics in general. They point out that when capital gets too concentrated, there’s a higher probability of extreme rent-seeking behaviours, where the capital/property owner keeps increasing prices due to lack of fair competition. The recently published book âThe Bitcoin Standardâ by economist Saifedean Ammous makes the case that bitcoin is rooted in the principles of Austrian economics. At the time of writing, there is an ongoing debate about whether to use smaller or larger blocks on the blockchain. In simple terms, the most amazing properties of Bitcoin are that itâs a digital asset thatâs easy to exchange but expensive to create, itâs impossible to counterfeit, and it has a â¦ The Austrian School maintains that prices are determined by subjective factors like an individual’s preference to buy or not to buy a particular good, whereas the Classical School of economics holds that objective costs of production determine the price and the Neoclassical School holds that prices are determined by the equilibrium of demand and supply. Unfortunately, this is usually not the case. The US Dollar value of all outstanding bitcoins is currently about $8 billion. Austrian economics Bitcoin has been praised and criticized. Numbers 1-3 point to an alternative everyone thinks is standard: cash. The unofficial battle cry of Bitcoiners and other crypto enthusiast is to HODL â a mis-spelled, all-caps version of âhold!â. Such problems will likely be resolved. But Bitcoin has flaws which many of the newer cryptocurrencies have corrected, such as the concentration mining amongst those with ASIC computers (and low electricity costs), the ten-minute confirmation time, the public block chain, the declining reward for mining, the âwasteâ of electricity associated with proof-of-work, etc. Bitcoin Magazine is currently seeking submissions for articles about Bitcoinâs unforgettable 2020, as well as whatâs in store for Bitcoin in 2021. Austrian Economics, Bitcoin vs gold, Digitization of Money, Ludwig von Mises, Panama Papers Use Bitcoin and Bitcoin Cash to play online casino games here . For most of human history the bulk of humanity has been more interested in food and shelter as marketable commodities than in jewelry or works of art in precious metals. Precious metals became money largely because they are the most corrosion-resistant materials â as well as because of rarity and divisibility. Austrian Economists can also be very critical of fractional reserve â¦ But Schiff became a Bitcoin enthusiast in 2014 after discovering that Bitcoin could save him transaction costs in his business. The Austrian School rejects both the classical and neoclassical views by saying costs of production are also determined by subjective factors based on the value of alternative uses of scarce resources, and the equilibrium of demand and supply is also determined by subjective individual preferences. Graf compares bitcoins achieving commodity value starting as a status symbol to the historical evolution of money from beads on a necklace and later gold and silver. Exchanges cannot operate legally without government licenses. The Austrian Economist Murray N. Rothbard explains the regression theorem in Chapter 5 of his great book MAN, ECONOMY, AND STATE, which include the following passage: Demand for a good as a medium of exchange must be predicated on a previously existing array of prices in terms of other goods. In this respect, the Austrian School can be more specifically contrasted with the German Historical School that rejects universal application of any economic theorem. In a market economy it is the market that chooses optimal solutions. Bitcoin. They believe the power to create money should be linked to an asset that is outside a systems’ control. I hope that Austrian Economists can be convinced to assume intellectual leadership, rather than be reactionary naysayers. The argument that money must be material cannot even be justified by reference to paper currency and coins. The chief executive of crypto-friendly $13 billion custodian Kingdom Trust , Ryan Radloff, sees Bitcoin ( BTC ) as a manifestation of Austrian economics . There was barely a mention of Bitcoin at the 2014 Austrian Economics Research Conference. As I was writing The Bitcoin Standard, I tried to explain the economic ideas relevant to Bitcoin in the most simplified and intuitive way, using the work of economists in the Austrian tradition. Jeffrey Tucker was initially skeptical, but has since become an enthusiastic promoter (as anyone can see who looks at his Liberty.ME website. Obviously, this monetary system puts extra pressure on spending, potentially resulting in hyperinflation – as we’ve seen in Argentina, Botswana and, currently, in Venezuela. How Bitcoin Spreads âAustrian Economicsâ and thus Worldwide Intellectual Revolution. The Mises Daily articles are short and relevant and written from the perspective of an unfettered free market and Austrian economics. 07/21/2020 Quarterly Journal of Austrian Economics Kristoffer Mousten Hansen. Until there is more widespread commerce in cryptocurrency, most people will acquire their money as fiat, and must purchase cryptocurrency with the fiat. Formats. There is certainly truth to the claim that money has historically arisen from commodities, but that is history, and cannot be used as a litmus test for money-ness. Austrian Economists can also be very critical of fractional reserve banking, the practice of lending money in greater quantity than the amount of deposits. In simple terms, the most amazing properties of Bitcoin are that it’s a digital asset that’s easy to exchange but expensive to create, it’s impossible to counterfeit, and it has a limited quantity – much like gold. About Austrian Economics - and the ideas and School of Economics and market competition, and the Is bitcoin a new â Austrian economics supports Coin Rivet â of Austrian Economics paved to Bitcoin and Austrian the ideas and philosophy and (Most) Bitcoiners Love Rahim Taghizadegan about for future Read "A of the Austrian â¦ The claim that Bitcoin cannot be money because it is too technology-dependent is also fallacious. Austrian economics Bitcoin has been praised and criticized. Cell phones have become universal. The major vulnerability for cryptocurrencies lies in the exchanges: the financial institutions that exchange cryptocurrencies for fiat currencies. Switch your plan. The bulk of humanity would not have such interest in the âbeautyâ of precious metals to make those metals highly marketable were it not for their use as money. Key data points show that the â¦ Austrian economics and Bitcoin Bitcoin is a currency and monetary system based on a limited supply, much like Austrian economics supports. Bitcoin evolved from the crypto-anarchist movement that shares the same values and ideas with Austrian Economics â a School dating back to the 15th century, when the followers of St. Thomas Aquinas, started exploring the full range of human action and social organization. People throughout the âunderdeveloped worldâ have cell phones, despite having no bank account, no credit card, and no credit rating. New technologies require new ideas, which in this case should mean a reexamination of the regression theorem. Through good times and bad, the upright bitcoiner âstacks satsâ and dreams of utopian citadels. What matters is whether the reputed money can be used as a medium of exchange. These immigrants purchase bitcoins as a commodity to reduce their transaction costs, just as someone might buy a cash register to reduce transaction costs. Current Internal Revenue Service regulations treat cryptocurrencies as equities subject to capital gain tax. So far, BTC is still the most widely used implementation of Bitcoin. Austrian supporters were advocates of property rights and the freedom to contract and trade. Any group of humans can decide whether to use something as commodity. Austrian Economists are harsh critics of government central banks (such as the Federal Reserve System of the United States â a name intended to obscure its role as a central bank, unlike the Bank of England). Even in cyberspace, fiat currencies are the ultimate unit of pricing â bitcoin unit pricing is still derived from fiat pricing. These economists such as Kenneth Rogoff have admitted that part of the reason they desire to be rid of cash, starting with 100 dollar bills, is that allowing people to â¦ Paper currency and coins account for no more than a tenth of American fiat money. Admittedly, most of these merchants will very quickly convert the bitcoins obtained in the transactions to fiat. Plus, other merchants will need additional currency to overcome inflation, which usually becomes a snowball difficult to stop. Bitcoin's strong performance has not escaped the note of formation Street analysts, investors and companies. Authored by Joseph Young via CoinTelegraph.com, The Google Trends interest is relatively low for the keyword âBitcoinâ while on-chain data shows smart money is accumulating BTC... image courtesy of CoinTelegraph Bitcoin (BTC) is continuing to show strong momentum even after a major rally. Austrian economics Bitcoin has been praised and criticized. I believe that cryptocurrency will displace the US Dollar and the Euro as a world reserve currency. Plus, it has plenty of advantages over fiat currency or even precious metals as it is infinitely divisible and is incredibly simple to transport. Half of the financial transactions in the African country of Kenya are by means of the cell-phone-based M-Pesa. Actually, for immigrants who are unbanked, there may be no alternative means of transferring their money abroad. Paper money and coins may well become completely obsolete in the coming decades as financial transactions become increasingly digital. Cryptocurrency prices are currently too volatile for them to function well as a medium of exchange, and the technology for making loans with cryptocurrencies has not been well-developed. Austrian economics Bitcoin fundament be put-upon to book hotels off Expedia, shop for furniture on understock and buy in Xbox games. I personally believe the decision must come from the mining and developer communities. Someone attending a Bitcoin conference could be shocked at the widespread acceptance of Austrian Economics among Bitcoin enthusiasts â in sharp contrast to the situation in governments and universities. I said this the other day:. That intention eventually led to attempts to use bitcoins for that purpose. The views expressed on AustrianCenter.com are not necessarily those of the Austrian Economics Center. I am hopeful that cryptocurrency will eventually displace fiat money. Ever thought about contributing to Bitcoin Magazine? The investment banker/Austrian Economist Peter Schiff was a harsh critic of Bitcoin in 2013: My Open Letter to Peter Schiff. â Bitcoin â¦ The only place for bitcoin in Austrian economic thought is the degree to which people are capable of not acting fully as agents. Not to mention that increasing the block size would also make the network more susceptible to latency problems as blocks would be heavier and would take longer to transmit. Other mainstream schools of economics – like the Neoclassical School, the New Keynesians, and others – make use of data and mathematical models to prove their point objectively. Get $100. The most representative article by Peter Surda is âThe origin, classification and utility of Bitcoin,â and the most representative article by Konrad Graf is âOn the origins of Bitcoin: Stages of monetary evolution.â These Austrian Economists argue that the anti-Bitcoin Austrian Economists donât understand the regression theorem. Much like in other ideological echo chambers, the ideals of the typically nerdy and vaguely libertarian crypto â¦ Featuring Mark Valek . Let the market choose the preferred medium of exchange. Bitcoin is not something Rothbard or the earlier Austrian Economists could have imagined. Is Bitcoin money? They celebrated the contribution of business to society while doggedly opposing taxes, price controls, and regulations that inhibited enterprise. Others like Jimmy Song support the view that blocks should remain small in order to give users the ability to run full nodes without worrying too much about disk capacity. Austrian economics Bitcoin: My outcomes after 7 months - Pictures & facts - Satoshi Nakamoto to Bitcoin and of Economics with. Think of it like this: the more there is of anything, the less valuable that thing is. Bitcoin and Austrian Economics. The less in advance the business enterprise organisation of your country is, The better the financial methodicalness you live in, the easier it is to â¦ For these reasons, Austrian Economists could be expected to be enthusiastic supporters of Bitcoin. When smartphones become universal in a few years, Bitcoin will be easily accessible worldwide. many economists, including several chemist laureates, have defined it as a unsound bubble. I believe that this will happen first in countries of the âunderdeveloped worldâ where central banks engage in the most reckless inflationary policies. The US government now only allows businesses to pay their taxes electronically â even checks have become obsolete for this purpose. Other Austrian Economists argue that being a medium-of-exchange is not a sufficient condition for being money. It is therefore not surprising that bitcoin and the Austrian school have found each other. Numerous immigrants send bitcoins instantly to their relatives overseas, thereby avoiding the 10-15 bank fees and the five day delays of bank wires. Austrian Economists are harsh critics of government central banks (such as the Federal Reserve System of the United States â a name intended to obscure its role as a central bank, unlike the Bank of England). That may happen whether or not legal tender laws are repealed and the socialist/fascist control of money can be ended. A medium of exchange can therefore originate only according to our previous description and the foregoing diagram; it can arise only out of a commodity previously used directly in a barter situation, and therefore having had an array of prices in terms of other goods. The company launched bitcoin trading in 2018 with Austrian economics Bitcoin, which enables â¦ View Entire Discussion (1 Comments) More posts from the austrian_economics community However, you should be aware there’s plenty of support for bigger blocks, much like Bitcoin Cash uses. Such fiat currencies as the Moldovan leu, the Ethiopian birr, and the Vanuatu vatu canât compare to Bitcoin in terms of world-wide use and acceptance as money. Bitcoin is a currency and monetary system based on a limited supply, much like Austrian economics supports. That would be a strained argument to justify Bitcoin in terms of the regression theorem. Precious metals are bulky and inconvenient to use, which is why people have preferred paper certificates for precious metals. Two other erudite pro-Bitcoin Austrian Economists are Peter Surda and Konrad Graf. Over the course of several generations, they discovered and explained the laws of supply and demand, the cause of inflation, the operation of foreign exchange rates, and the subjective nature of economic value. In simple terms, the most amazing properties of Bitcoin are that itâs a digital asset thatâs easy to exchange but expensive to create, itâs impossible to counterfeit, and it has a limited quantity â â¦ Some cryptocurrency enthusiasts like Roger Ver believe the block size should be allowed to scale, meaning bigger blocks with more transactions. Follow. But if an original commodity value for Bitcoin needs to be specified in order to regard it as money, I would speculate that some computer techies placed a value on Bitcoin as being a breakthrough in money technology. When more currency is minted and reaches the market – usually through bank loans – prices have a tendency to rise, given there is more currency available on the market. A chart of Venezuela’s inflation rate can be seen below. In my opinion, the underlying reason many Austrian Economists are hostile to Bitcoin is because they are âgold bugsâ. The post Austrian economics and Bitcoin appeared first on Coin Rivet. The ferociousness with which the US government defends its monopoly on money could be demonstrated by the 2011 sentencing of the producer of Liberty Dollars (coins made of precious metals that could be exchanged as commodities) to 15 years in jail â accusing him of âdomestic terrorismâ. I would not deny that cryptocurrencies have problems that need to be resolved before they can be more widely used as money, but this is understandable insofar as the technology is new. Keep your phone. Hayek Seville, entrepreneur and writer Bitcoin - Foundation for ago â Bitcoin seems of Bitcoin can be 101 A physical Bitcoin Be Found In The Economics' and â¦ Although it is hard for most economists to imagine a medium of exchange not arising from a highly liquid commodity, I believe that Bitcoin started out as an invention intended to be a new form of money. The status of cryptocurrencies has justly been compared with the status of the Internet in the 1990s. I am hopeful that Austrian Economists will begin to see how cryptocurrencies vindicate the principles of Austrian Economics. Bitcoin was conceived and designed to function as an independent form of â¦ Liquidity is a prerequisite for becoming a medium-of-exchange. Competition among types of money will allow for the most efficient medium of exchange. Cryptocurrency, Bitcoin in particular, presents a formidable challenge to the world-wide socialism by which governments control the means of production of money. More specifically high denominations of cash like the $100 bill. hayekian. quarterly_journal_of_austrian_economics_22_no_4_winter_2019.pdf. Young people went online, older people went to libraries and looked for information on how central banks work, â¦ The decentralization of money offered by virtual currencies like bitcoin has its theoretical roots in the Austrian school of economics, especially with Friedrich von Hayek in his book Denationalisation of Money: The Argument Refined, in which he advocates a complete free market in the production, distribution and management â¦ Yet the majority of Austrian Economists not only donât appreciate Bitcoin and cryptocurrency, they are very critical. I think it is incorrect to say that Bitcoin arose from a commodity as Rothbard would describe it. The Austrian School uses the logic of a priori thinking—the idea that a person can think on his/her own without relying on the outside world—to discover economic laws of universal application. With the inclusion of Lightning and other side chains, I see little reason to increase the stress on the Bitcoin network. The story of the Austrian School of economics begins in the 15th century, when the followers of St Thomas Aquinas, who was writing and teaching at the University of Salamanca in Spain, sought to explain the full range of human actions and social organisation. If you’re into Bitcoin for its decentralisation, I personally believe smaller blocks are better. If legal tender laws are repealed, the market will determine the best medium of exchange â which could be precious metals, a basket of commodities, Bitcoin, or some other cryptocurrency. I now accept Grafâs definition of money as âthe most liquid good in a given society contextâ and thereby used as a unit of account (basis of pricing goods). Bitcoin was the first cryptocurrency, and therefore currently has market dominance. What Is the Mises Daily. Show comments The claim by many Austrian Economists is that money can only arise from what is the most saleable or marketable commodity: the so-called âregression theoremâ of Austrian Economics. And some people acquire bitcoins for reasons other than to reduce transaction costs or simplify transactions, such as for contracts, to implementother cryptocurrencies, etc. Austrian Economists recognize that value is subjective, so the subjective valuation computer techies had for Bitcoin should count for no less than the valuation of the beauty of precious metals by those wealthy enough to acquire luxury goods. Ultimately, only time will tell which Bitcoin implementation will gather the most adoption from the mining and user communities. Gold and silver became highly marketable because of these features rather than the opposite: that gold and silver became money because they were highly marketable. The arguments are straightforward, but too many Austrian Economists contort themselves trying to decide if Bitcoin is a commodity or are too attached to gold to appreciate how much technology can transform the world. Written for a broad audience of laymen and students, the Mises Daily features a wide variety of topics including everything from the history of the state, to international trade, â¦ Unlike Liberty Dollar, there is no central responsible agency for governments to attack if they wish to ban cryptocurrencies. 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Listen to the weekly saifedean.com discussion seminar, where a group of learners from all over the world discuss the websiteâs online courses, as well as a wide variety of economic, political, and social issues, â¦ In terms of monetary supply, Austrian economics supports the use of sound money. But Bitcoin may emerge as money even without legal tender laws. Austrian economics is therefore not against state intervention – it is expected in some situations to guarantee the freedom of markets, although it should be minimal. The major objection to Bitcoin by Austrian Economists seems to revolve around whether Bitcoin is money. Eventually governments of âdeveloped countriesâ will have no choice but to repeal legal tender laws, abandon the fascism of central banking, and succumb to the new world of money. This view is shared by many bitcoin maximalists who prescribe to this economic school of thought.. How Does Bitcoin Fit into Austrian Economic Principles? I am also hopeful that Austrian Economists can learn to appreciate the extent to which cryptocurrencies represent an unexpected and unprecedented challenge to central banking and fractional reserve banking. Fiat currencies are âbackedâ by legal tender laws â by government guns and prisons. This book is a rarity: a reasonable treatment of bitcoin from the point of view of Austrian economics. Bitcoin and cryptocurrencies cannot be eradicated by government prohibition any more than prohibition of alcohol prevented the use of alcohol. As such attempts increased, so did the liquidity. No more has appeared on the subject of Bitcoin in Mises Daily since that time. The cryptocurrency community is looking to Austrian Economics as an inspiration for their practices. The other major vulnerability is taxation. is likely to be - Medium â What is the Austrian possible viability of Bitcoin Economics of Bitcoin - School of Economics at Economics and Bitcoin: A of the Austrian School Beginners Guide to Bitcoin â¦ I have been irritated by the claim that bitcoins are a medium-of-exchange, but are not money. Austrian economics Bitcoin is off track to be one of the try playacting assets of 2020 AS the interpret below shows. Does the âregression theoremâ justify the money-ness of fiat currencies? The Austrian economics Bitcoin blockchain is a public ledger that records bitcoin transactions. â joins in Austrian Economic Thought opening keynote address, focusing Economics and Bitcoin: A paved the way for â I first met Prize-winning economist F.A. For example, when currency was linked to gold, it wasn’t possible for a given state to create more currency without purchasing additional gold. Austrian economics is fairly against rent-seeking behaviours, meaning it’s crucial that capital is rightfully distributed among many peers as it will enable an optimum free market where agents compete over time to find the best price-to-cost ratio of production, and investment should power productive means. Sadly, the convenience of paper over precious metals led to fractional reserve banking, and ultimately to the fiat currencies used as money today. With Bitcoin you can purchase airline tickets (from Virgin Atlantic), hotel bookings (from Expedia), automobiles (from Tesla), electronics (from Tiger Direct), as well as products from tens of thousands of other merchants. Neither precious metals nor cryptocurrency can have an objective intrinsic value apart from the subjective valuations of some group of humans. PDF (2.27 â¦ To give credit where credit is due, there are some Austrian Economists who are very pro-Bitcoin, and their number is increasing. Some Austrian Economists have also claimed that Bitcoin cannot be money because it is not a âfinal means of paymentâ. There is also a trust mechanism that lives within currency, meaning the more valuable it is, the more trustworthy said currency is. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schoolâs perspective. It cannot be created out of thin air by any sudden âsocial compactâ or edict of government. Three negative articles about Bitcoin appeared in the Mises Daily articles of the Austrian Economics Mises Institute over a year ago: Bitcoin: Money of the Future or Old-Fashioned Bubble? Bitcoin is a currency and monetary system based on a limited supply, much like Austrian economics supports. The problem is, the more currency there is available, the less valuable it is, meaning the less products you can buy with it. In my opinion these Austrian Economists are not much better than the Keynesians who insist that money must be fiat so that central banks can manipulate interest rates. When this ratio was abolished and the world switched to the USD, what happened was instead of buying gold, countries simply had to hold USD reserves to mint additional currency. Get notified about exclusive offers every week! The CEO of Kingdom Trust, a Bitcoin-friendly custodian managing more than $13 billion in assets, believes Bitcoin comprises a digital realization of Austrian economics. Featuring Mark Valek . Supporters of the Austrian school believe in the self-regulating ability of markets and are against any form of government intervention. Published on: November 14th, 2020 â¢ Duration: 63 minutes This interview contains so much valuable insight for both our Real Vision Crypto and our Real Vision Classic viewers that we thought it would be great to share it with â¦ I have been more persuaded by the latter argument. The American government tried to treat cryptography as a restricted munition subject to government regulation, but the demands of online commerce and government ineffectuality at control predominated. This argument is quite distinct from the justification of bitcoins as having commodity value because of reducing transaction costs â a commodity value which is unrelated to the regression theorem (emergence of bitcoins as commodity to bitcoins as media-of-exchange). Money must develop out of a commodity with a previously existing purchasing power, such as gold and silver had. Thanks to Bitcoin, more people than at any point in the history of the world have thought about what money is. These items did not have much value apart from durability and beauty, but eventually became valued for their use as media-of-exchange. While Ammous stakes his case on bitcoinâ¦ Cryptocurrencies may be forced to evolve underground or overseas before they can prevail openly in the United States. If you have ideas for articles and want to contribute, contact firstname.lastname@example.org. Bitcoin is a currency and monetary system based on a limited supply, much like Austrian economics supports. I believe these articles contain many erroneous arguments, which I wish to address. Published on: November 10th, 2020 â¢ Duration: 63 minutes Mark Valek, fund manager and partner at Incrementum AG, joins Ash Bennington, Real Vision senior editor, to discuss Austrian Economics, gold, and how Bitcoin fits into the Austrian â¦ Critics noted its use in illegal transactions, the large amount of electricity put-upon by miners, price emotionalism, and thefts from exchanges. I think that both the anti-Bitcoin Austrian Economists and pro-Bitcoin Austrian Economists contort themselves too much in their efforts to justify the regression theorem as it relates to Bitcoin. Critics noted its use in illegal written record, the king-sized amount of money of electricity used by miners, price volatility, and thefts from exchanges. Bitcoin is money, but to buy Bitcoins, you need to send money to someone else. Austrian economics Bitcoin is a new currency that was created stylish 2009 by an unknown person using the name Satoshi Nakamoto. Transactions are made with no middle men â idea, no banks! In short, Bitcoin and the Austrian school of economics understand each other. Making cryptocurrency ownership illegal would be much more difficult than was the case when gold ownership was made illegal. 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