Quote from: Marlsfarp on June 08, 2011, 07:31:00 PM

Austrians have a lot of good thoughts, but they tend to be religiously inflexible in their theories. Bitcoins shouldn't exist according to Austrian theory, so they cannot admit that they do. "What has to happen, according to this quoted authority" beats out "what actually is happening in real life." If you point this out, they'll just call you an empiricist (an insult, apparently) or demand you try to refute the theory.

Bitcoin is completely compatible with Austrian theory. Many Austrian economists, unfortunately, simply do not understand it. Too many are stuck in gold standard dogma.