Category Archives: Economics

BTC as Sui Generis

In a recent discussion about Bitcoin, my interlocutor sought to compare a real ledger (with real property) and the Bitcoin ledger. I thought this comparison was such a devastating admission to any claim of value in BTC that it only … Continue reading

Posted in Economics | 5 Comments

BTC and Subjective Theory of Value

Suppose that you are approached by a vacuum salesman. You ask the obvious question, “Why should I buy this vacuum?” The salesman being a committed libertarian says, “Because everyone believes this vacuum is extremely valuable.” Being a realist you ask, … Continue reading

Posted in Economics | 1 Comment

Usury and the Church in Error

It may not be sufficiently clear the criticism that is leveled against the Scholastics and the Church by the claims in the previous post. When the scholastics were making arguments about the evil of usury and proposing that it is … Continue reading

Posted in Economics, Usury | Leave a comment

Bitcoin Blockchain vs. BTC

There is a distinction between the system of the blockchain and the actual units of account on the ledger run on a blockchain. A blockchain may be valuable as a means of transacting under various conditions, however, the question then … Continue reading

Posted in Economics | 14 Comments

BTC as Superstition

Suppose that you own some stock in a company. The price of the stock does fairly well. However, you take a look at the books of the company in detail and realize that the company is a fraud. Their liabilities … Continue reading

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Noonan Notes III – Justifying Usury with Just Price

Reading the first paragraph of the chapter on just price gives the impression that this is a sort of throw away chapter. Just price and usury are not formally connected theoretically and there is no strict contradiction between the two, … Continue reading

Posted in Economics, Usury | 7 Comments

A Ledger without Property

In my recent discussion about Bitcoins, I’ve started solidifying my critique of Bitcoins. In the first case, the Bitcoin blockchain is a distributed ledger. The Bitcoins on the ledger are nothing other than the numbers on the ledger, that is … Continue reading

Posted in Economics | Tagged | 6 Comments