And if the crypto fails, there will be no one to exchange it for euros at a fixed rate. Again trillions will have changed hands, with no relation to work done.
This is tacit admission that the good professor is using the thoroughly discredited Marxist Labor Theory of Value. The LTOV has been obsolete for more than a century when several economists (including William Stanley Jevons) independently came up with what is known today as Marginal Utility.
Marginal Utility is used by all non marxist economists today, not just Austrians. Keynesians, Monetarists, neoclassical economist all accept it as a better metric. It's like Newton's laws of motion. It's foundational.
If you talk economics and don't understand it, any real economist will know that you are talking out your ass.
http://en.wikipedia.org/wiki/Marginal_utilityIt is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a dismal science. But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.
― Murray N. Rothbard