When Austrians argue about Bitcoin there seems to be two basic camps. On the one hand there are those who use the regression theorem to argue that Bitcoin isn’t money, and on the other there are Bitcoiners who don’t see the regression theorem as relevant to Bitcoin at all. The regression theorem applies to Bitcoin in the same way that modern evolution theory applies to Darwinism. The regression theorem explains the origins of money, but it does not explain the current state of the money market.
Posts Tagged ‘Austrian Economics’
Diax’s Rake is a phrase coined in Neal Stephenson’s novel, Anathem:
“Diax’s Rake: A pithy phrase. Uttered by Diax on the steps of the Temple of Orithena when he was driving out the fortune-tellers with a gardener’s rake. Its general import is that one should never believe a thing because one wishes that it were true.”- (Anathem p. 895)
While this idea already exists in our world, to my knowledge there is no other succinct phrase to express it.