Op Ed: Debunking Bitcoin Myths, The 'Intrinsic Value' Fallacy
Bitcoin Magazine, May 30th, 2019
June 9, 2019,
Volume 255, Issue 1
Kyle Torpey is a freelance writer and researcher who has been following Bitcoin since 2011. His work has been featured in VICE Motherboard, Business Insider, NASDAQ, New York Post,The Next Web, American Banker, and other media outlets.
"One of the earliest criticisms of Bitcoin was that the underlying token in the system had no intrinsic value,"
writes Kyle Torpey in
Bitcoin Magazine. "This point was an area of heavy debate among libertarians and Austrian economists who had become interested in bitcoin as a potential digital alternative to gold in the early stages of the crypto asset's development.
Much of the debate revolved around Austrian school economist Ludwig Von Mises' regression theorem, which claims non-monetary use cases as a prerequisite for any good to become a money..."
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