The Subjective Theory of Bitcoin

By Michael Accad MD

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In a recent article on the Mises Institute’s Power and Market blog, Kyle Ward appealed to the subjective theory of value to castigate Peter Schiff for his notorious skepticism of Bitcoin:

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Schiff is quick to point out that gold has uses outside of being money. It is used in electronics, dentistry, and jewelry, to name a few…This leads Schiff to claim that bitcoin is unlike gold in that it has no fundamental (or objective) value. His mistake is obvious: there is no such thing as objective value, whether we’re talking about gold or bitcoin. Value is subjective and determined internally by individuals…Yes, gold can be used to build electronics, but that only has value because consumers subjectively value electronics. (emphasis in the original)

I believe Ward errs in how he relates the subjective theory of value to Bitcoin, but his error stems both from an ambiguity in phrases like “objective value” and from an ambivalence in how the founding fathers of Austrian economics themselves considered the relationship between the human agent and the good being valued.

In this article I will argue that the “orthodox” Austrian school position regarding the emergence of sound money from commodities—first proposed by Carl Menger, subsequently developed by Ludwig von Mises, and presumably adopted by Peter Schiff—is the correct one. But I will appeal to a Scholastic notion of the good to defend that view. That notion of the good is also critical to secure the foundation of a sound economic science.

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READ: http://alertandoriented.com/the-subjective-theory-of-bitcoin/

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EDITOR’S NOTE: Florida Podiatry Practice Now Accepts Bitcoin 

JAWSPodiatry is now one of the first medical practices in South Florida to accept Bitcoin! Bitcoin, as you know is a virtual currency that has generated a lot of headlines and has been growing in use and acceptance across the country and around the world. It is a distributed, peer-to-peer digital currency that functions without the intermediation of any central authority. 

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UPDATE: First Quarter Stock Index Review & T-Bond Yields

By Staff Reporters

U.S. stocks fell Thursday afternoon to cap a quarter in which Federal Reserve monetary tightening and the Russian invasion of Ukraine have weighed on sentiment and has put the S&P 500 on track for its first quarterly loss in two years.

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How stock indexes performed?

  • The Dow Jones Industrial Average fell 336 points, or 1%, to about 34,893.
  • The S&P 500 was down 38 points, or 0.8%, at 4,564.
  • The NASDAQ Composite shed 107 points, or 0.7%, to trade near 14,335.

BONDS: The yield on the 10-year Treasury fell to 2.331%, while the yield on the 2-year Treasury was at 2.337% at one point in late trading Thursday. After a brief inversion, both yields were basically trading at the 2.34% level in the latest trading.

CITE: https://www.r2library.com/Resource/Title/082610254

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HAPPY APRIL 1st 2022

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PODCAST: Health Care EMR and I.T. Inter-Operability Explained

By Eric Brikcer MD

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Electronic Medical Record Interoperability is the Ability of Different Hospital Systems and Doctor Practices to Share Patient Data.

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