Posts Tagged ‘Mises’

From the October 7, 2013 Economic Policy Journal article, Is Bitcoin Money: What Economists Have To Say, Tom Woods said:

Tom Woods: Bitcoin is a medium of exchange but not money. This isn’t an insult to or a value judgment about Bitcoin. Austrians sometimes describe money as the most widely accepted medium of exchange in society. Clearly Bitcoin does not satisfy this requirement.

Mises, for his part, describes money as a medium of exchange in common use: “A medium of exchange which is commonly used as such is called money. The notion of money is vague, as its definition refers to the vague term ‘commonly used.’ There are borderline cases in which it cannot decided whether a medium of exchange is or is not ‘commonly’ used and should be called money.”

I don’t think Bitcoin is in common enough use to be called money.

Yet, only two weeks later, Tom Woods announced that Bitcoin would be accepted as payment for his Liberty Classroom courses.

What will you believe more? Tom Woods’ words, or his actions? — in actually accepting Bitcoin for payment of his goods and services two weeks later.

For more on Tom Woods’ ever-shifting position on Bitcoin, see my article, Tom Woods had no time for a Bitcoin conference, yet had time to misrepresent government-issued currencies.

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