Post
Topic
Board Economics
Re: Proof of Stake from an austrian school perspective
by
Nicolas Dorier
on 29/01/2015, 13:23:19 UTC
Quote
So the monetary value has nothing to do with the use value (and can be much larger - that is even the case for gold whose shear usage value is in fact pretty low).  But Austrians started from the idea that in order for an intermediate good to *become* money, it needed to be a highly marketable (and hence valuable) asset.

yes, this is what I understood from Mises.
So did Bitcoin started from nothing ? or can we consider its first purpose when started (buying illegal stuff) could be considered "use value" and not "monetary value" ?
If so, the use value of today is very different from what it was in the beginning. But the "insert into blockchain" I described can't be considered as the first "use value" that made it highly marketable.