Disagree. You should do whatever you want so long as it doesn't negatively impact society more broadly. As I demonstrated in the Albanian example there is a real chance that allowing people to do as they please can lead to a complete implosion of the economy - and even war. Everything we do as a group is about balancing individual freedoms against their impacts on others. This is the "your right to swing your arms around wildly ends where my face begins" argument.
> You can design a currency using the tools used to make bitcoin and have any sort of economic philosophy as your guide. It isn't limited to Austrian economics. You can have a linear, predictable supply increase, a finite supply, a logarithmic debasement rate (percentage of supply increase rate), a complex algorithm to determine it, a democratic process, or even just some guy calling the shots if you want. It's a general purpose tool.
None of that is useful without the ability to step in and actively manage it during situations that weren't baked into the original design. Think the DAO.
> I'm aware of the huge flaw in the "market cap" metric and it's relative uselessness.
The argument I was responding to initially was your assertion that "surely there's something there because the number is so up! Check out that market cap!"
> If reversible transactions are a value add, people will use currencies with that option, and where it's not, people won't.
They do, everyone uses dollars.
> But I do think you can make good money with the technology.
I disagree fundamentally because it cannot handle edge cases and the edge cases are the only thing that really matters in the end.
The philosophy behind "it" is a pretty complex thing. You can design a currency using the tools used to make bitcoin and have any sort of economic philosophy as your guide. It isn't limited to Austrian economics. You can have a linear, predictable supply increase, a finite supply, a logarithmic debasement rate (percentage of supply increase rate), a complex algorithm to determine it, a democratic process, or even just some guy calling the shots if you want. It's a general purpose tool.
I'm aware of the huge flaw in the "market cap" metric and it's relative uselessness.
If reversible transactions are a value add, people will use currencies with that option, and where it's not, people won't.
I don't think bitcoin makes good money. But I do think you can make good money with the technology, I think it is good that this thing is driving people to make technology with which you can make potentially better money, I think we are finding the utility of this stuff by just letting people do what they want with it, and I personally find it useful in my life.