Daniel Krawisz on Bitcoin and Austrian Economics Part 2

00:00:00.000 Daniel Krawisz https://twitter.com/danielkrawisz 00:00:51.045 People don't know the bottom line in bitcoin 00:01:59.657 The nature of success in bitcoin 00:02:38.457 Understanding economics is understanding success 00:03:54.667 Theory vs practice of success 00:04:34.721 Can we understand success by thinking about it? 00:05:33.429 Tradeoffs 00:07:59.852 Economics lets us look at trade-offs in an abstract way 00:08:11.536 Virtue ethics and economics https://plato.stanford.edu/entries/ethics-virtue/ 00:09:24.508 Courage and bitcoin 00:10:36.808 Austrian economics professors lack courage 00:13:14.829 Peter Schiff doesn't understand money https://twitter.com/peterschiff 00:13:22.680 Austrians only think of money as gold 00:14:03.690 What does success mean in bitcoin? 00:14:58.492 How does an entrepreneur join the bitcoin economy 00:16:43.746 Price versus value https://www.google.com/amp/s/www.forbes.com/sites/forbesfinancecouncil/2018/01/04/the-important-differences-between-price-and-value/amp/ 00:19:42.183 Value is what ultimately happens 00:25:58.918 When you invest in Bitcoin you get access to future entrepreneurs 00:26:39.453 Marginal utility https://en.m.wikipedia.org/wiki/Marginal_utility 00:28:17.484 Diamonds versus water paradox https://en.m.wikipedia.org/wiki/Paradox_of_value 00:30:57.532 Unique insights about marginal utility and Austrian economics 00:33:24.543 Readability of the Austrian school of economics 00:33:37.982 Mises https://youtu.be/QwqnRYPcrl0 00:33:39.507 Hayek https://youtu.be/GTQnarzmTOc 00:33:54.910 Is economics a science? 00:34:46.057 Karl popper https://en.m.wikipedia.org/wiki/Karl_Popper 00:35:28.934 People make choices that maximize their own benefit 00:39:25.162 Maximize benefit versus achieve girls 00:41:15.368 Thomas Szasz https://en.m.wikipedia.org/wiki/Thomas_Szasz 00:45:27.511 BTC price vs value 00:49:22.548 Subjectivity of various coins 00:50:07.547 Subjective enjoyment of BTC 00:51:24.213 Consumer good versus higher-order good 00:55:59.926 Does the Austrian school use circular reasoning? 00:59:28.595 Form next time: profits and the entrepreneur 00:59:40.327 Socialist calculation problem