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"On the face of it, Bitcoin’s existence seems to violate Mises’s theorem, unless a preceding non-monetary use can be demonstrated. That is, Bitcoin would have to be first valued for its direct utility before it could hold indirect exchange value. So have the criteria been met, or does Bitcoin violate the theorem?" - Emile Phaneuf
You've inevitably come across the argument that Bitcoin violates Mises's Regression Theorem if you've been in bitcoin long enough, but is this really true? And with the obvious and undeniable emergence of Bitcoin, what can this tell us about Mises's observation, and how it applies with the dynamics of the digital age?"
Check out the original article at: Mises’s Regression Theorem, Bitcoin, and Subjective Value Theory | AIER (Link: https://tinyurl.com/49udz4pp)
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“All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.”
~ Ludwig von Mises
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