Re:The Fair Price of a Bitcoin is Zero
by maaku on Tuesday December 03, 2013 @07:15PM
(#6844167)
Furthermore, theories in economics are descriptive. One should not expect with certainty an innovative currency to succeed or fail based on how well it matches a particular theory. When we are in new territory, we should expect a few surprises.
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Re:The Fair Price of a Bitcoin is Zero
by bitcoin-truth on Tuesday December 03, 2013 @10:55PM
(#6844947)
Scientific theories are falsifiable: they make testable predictions.
Austrian Economic theory comes closest to this ideal.
And now you've discovered why economics is a social science. It builds models of human behavior. Humans are non-deterministic at this scale. As soon as you build an economic model, it's possible it stops working because its existence influences the behavior of the humans its modeling.