Austrian economics – a small, yet growing free market ideology – is often cited as the basis for Bitocin’s supply cap, issuance schedule and proof-of-work consensus mechanism.
In this episode of Compass Live, Peterson and Luddy Professor of Austrian Economics and Senior Fellow at the Ludwig von Mises Institute Mark Thornton lays out the argument for Bitcoin as a competitor to fiat money.
- 1:36 - What is the Austrian school of economics?
- 11:47 - Money competition
- 15:21 - Austrian economic and Proof-of-Work
- 22:42 - Fiat money counter-argument
- 32:20 - Boom/bust cycles
- 38:57 - Flight to harder money
- 47:24 - Hyperbitcoinization
“On Cyber and the Digital Domain,” by Dr. Mark Thornton
Hosted by Will Foxley