Oddbean

Also, I would add that I don’t think that #Bitcoin fix all the World’s problem like some maxis like to claim but it’s certainly different from the current monetary system because of the predictability and trustworthiness it offers in comparison to the current system. To be changed, Bitcoin needs to reach a social consensus which isn’t easy to be captured even though we can’t exclude this scenario to happen in the future if the Bitcoin mining industry continues to be consolidated in fewer hands. But so far it’s still better than the current system which is controlled by an ultra elite composed of a few individuals.

Money is half of every trade. Money literally touches everything. Bitcoin is the most scarce form of money to ever exist. All through history, people who chose to cling to less scarce forms of money when a newer more scarce form emerged got wiped out. Bitcoin is basically a black hole for economic value, everyone doesn't have to accept it for it to win, so long as it doesn't break or get corrupted it will win. It would probably win even if it got corrupted at this point because it is far less corrupt than the fiat system(s). Monetary debasement is the root of the rising cost of living, the root of most of the poverty that remains in the world, the root of the wars that are being fought, the corruption of healthcare & nutrition, the fact that many things aren't made to last, & none of the world's major govts can exist in anything like their current forms without monetary debasement. #Bitcoin fixes far more than most people have the capacity to see. That's why we say "Fix the money, fix the world." All the people I know who have spent thousands of hours studying the subject agree, it's generally only those who haven't who don't.

There's a huge selection bias there. If I take 10 hours to study Bitcoin and conclude that it is impressive from a cryptographic point of view but economically illiterate, why would I then spend thousands of further hours studying it?

Well we've reached N of 1, at least I have a graduate degree in economics & (more importantly) have spent thousands of hours studying (mostly Austrian) economics since then I am of the opinion that Bitcoin is economically illiterate and it will be to the great shame of Austrian economists to have ever supported it I regard Bitcoin as a better form of fiat - a "nothing" but with better rules than the dominant "nothing" Also, do you imagine that Peter Schiff hasn't spent thousands of hours studying money?

I was referring to his opposition to "fix the money, fix the world." Given that Peter is infinitely critical of central banking & has made selling gold the center of his life I would wager that (despite not believing that bitcoin fixes the money) he does basically believe that fixing the money will fix many of the major problems in society.