Austrian School of Economics and Crypto

[Flodner]

Conversation with Eugene Romanenko aka Cryptoemcee about Austrian School of Economics and Cryptocurrencies

Eugene is an Austrian school economist, host of multiple crypto events, Trustee wallet ambassador http://trustee.deals/link/cryptoemcee


You can let me know your opinion in the comments, and I'm also planning to do the text version in some time.

Link to video:

https://www.youtube.com/watch?v=6kzpQhvm-4A&t

[passwordnow]

Putting it in the school curriculum, that's a nice initiative. And that outdated curriculum of most schools have to be updated and they should consider including cryptocurrencies whether in IT subjects or economics.
Well, both can be well applied. There is also a lot of opportunity coming in the future through blockchain technology which is solely part of cryptocurrencies.

[inoes]

hopefully from that conversation all are expected to be realized. because this is something positive, students understand about blockchain the result of technological advances. of course different between people who learn accompanied by teachers using the curriculum and people who learn self-taught. there are targets that must be achieved, not just profit.

[Tushar Ramani]

This is really good. Explaining blockchain technology to youngsters is a lot easier than people older than 30 years. But the actual problem is youngsters are busy partying and they don't care about such things. A subject in the syllabus can at least make them remember something about blockchain.

[jaysabi]

This is really good. Explaining blockchain technology to youngsters is a lot easier than people older than 30 years. But the actual problem is youngsters are busy partying and they don't care about such things. A subject in the syllabus can at least make them remember something about blockchain.

This is over generalized on both the people you classify as "older" and "younger."  30 is an arbitrary cutoff and there's nothing about being over or under 30 that gives people a better understanding of blockchain.  Further, you don't even need to understand the blockchain to use it.  Nobody understands the mechanics of how ACH works, and yet no one cares.  All that matters is that it works the way it's supposed to.  Understanding blockchain isn't integral to adoption, but it doesn't hurt.

[NavI_027]

First of all, I want to show my amazement because Austria got a School of Economics and Cryptocurrency . What a big word! It gives me an obvious sign that such country fully embraced the new tech already. I am jealous on how their government welcome cryptocurrency. I hope all countries will follow them in the near future.

Anyway, I like the concept of adding topics about crypto in the curriculum of younger generations today. Here in our country, we finally adapted the K-12 program which most countries along the SEA region implemented before already. This helps the younger students to cover now what they will study in college. Thus they can have plenty of time to choose a specialty (cryptocurrency in this case) when they already reach collegiate level. Nice .

[amishmanish]

First of all, I want to show my amazement because Austria got a School of Economics and Cryptocurrency .

Ummm.. I haven't watched the video yet but I don't think that this refers to an actual "school" or "university" located in Austria. What they are talking about is The Austrian School of thought the way it contrasts to Keynesian economics.
The way our world runs depends on what schools of thoughts gains dominance in our Economic and Political life. Most of the modern centuries have been about Democracy in Political thought and Keynesian economic theory when it comes to economics. Austrian economics is generally opposed to federal reserves with unlimited power and fractional banking. This is why they find resonance with Bitcoin.

[Betwrong]

First of all, I want to show my amazement because Austria got a School of Economics and Cryptocurrency .

Ummm.. I haven't watched the video yet but I don't think that this refers to an actual "school" or "university" located in Austria. What they are talking about is The Austrian School of thought the way it contrasts to Keynesian economics.
The way our world runs depends on what schools of thoughts gains dominance in our Economic and Political life. Most of the modern centuries have been about Democracy in Political thought and Keynesian economic theory when it comes to economics. Austrian economics is generally opposed to federal reserves with unlimited power and fractional banking. This is why they find resonance with Bitcoin.

If you really didn't watch the video before writing those words, you'll be pleasantly surprised at how soon they say almost the same words here :

https://youtu.be/6kzpQhvm-4A?t=368

Transcript:

"... first he[a beginner] thinks that this is like such a building in Austria where guys are going like at school and university. No, the Austrian School of Economics is not a building in Austria...."


I'll watch the full video later, but from the first 10 minutes I got an impression that they are basically reciting what you can read in this article, no?

[Wind_FURY]

I believe many people in the forum need to read more about Friedrich Hayek, John Maynard Keynes, and their great debate on which school of economic thought is the more correct path during boom and bust cycles, to appreciate the topic posted by OP.

[jaysabi]

First of all, I want to show my amazement because Austria got a School of Economics and Cryptocurrency . What a big word! It gives me an obvious sign that such country fully embraced the new tech already. I am jealous on how their government welcome cryptocurrency. I hope all countries will follow them in the near future.

Anyway, I like the concept of adding topics about crypto in the curriculum of younger generations today. Here in our country, we finally adapted the K-12 program which most countries along the SEA region implemented before already. This helps the younger students to cover now what they will study in college. Thus they can have plenty of time to choose a specialty (cryptocurrency in this case) when they already reach collegiate level. Nice .

Lol, the austrian school of economics doesn't have anything to do with Austria anymore. It's an economic worldview that originated with Austrian economists and is a competing theory to Keynesian economics, which is the dominant theory with modern economists.

[Silberman]

This is really good. Explaining blockchain technology to youngsters is a lot easier than people older than 30 years. But the actual problem is youngsters are busy partying and they don't care about such things. A subject in the syllabus can at least make them remember something about blockchain.

This is over generalized on both the people you classify as "older" and "younger."  30 is an arbitrary cutoff and there's nothing about being over or under 30 that gives people a better understanding of blockchain.  Further, you don't even need to understand the blockchain to use it.  Nobody understands the mechanics of how ACH works, and yet no one cares.  All that matters is that it works the way it's supposed to.  Understanding blockchain isn't integral to adoption, but it doesn't hurt.

It is a very wide generalization but at the same time there is some truth to it, I know people of very old age that do not trust in banks and I understand their feelings because I do not trust banks either, but a concept like bitcoin is completely foreign to them and when I tried to explain bitcoin to them they just ignore it and tell me they do not trust that either, which is their decision to make but this shows me that adoption is going to take a very long time because we will need to see a generational change before bitcoin is accepted by most people as a form of payment.

[DoublerHunter]

I think this really good development will be very revealing for young people who are interested in the blockchain field and they can improve themselves better in this field.

^ Aside from the fact that this would mean a nationwide adoption of bitcoin and cryptocurrencies in Austria it will also lead every individual to the right ideology and perception about cryptocurrency. Moreover, adding blockchain to the curriculum may bring lots of opportunities whereas citizens particularly students will be able to continue enhancing the technology by exploring all its capabilities. In addition, the plan is perfect to that awareness should start in the younger generations since they are more inclined into technology and the future lies on the hand of these young ones.

[ReiMomo]

Austrian school economist is already a fan of bitcoin even before the creation of it by Satoshi Nakamoto I guess as I have read an article in bitcoin.com here is the link: https://news.bitcoin.com/austrian-school-economists-bitcoin/ that even Ludwig von Mises an Austrian economist wrote a book titled "The Free Market and Its Enemies" in 1951 where he is already looking forward to a revolution in the fiat currency or it should even be replaced by gold due to the tendency of inflation whereas the latter is apolitical and decentralized.

Von Mises also mentioned in this

"I am in favor of gold coins so that the individual will be involved, so one will realize when the slightest inflation takes place. The fact that the individual citizen can see when the situation changes are one of the most important checks of the Constitution against inflation."

.. and because of these statements, I'm in no doubt that the Austrian School of Economics will definitely support bitcoin and cryptocurrencies as it is already being taught by their previous economist which handed them the belief of digital gold and decentralized currency.

[Flodner]

Transcript:

"... first he[a beginner] thinks that this is like such a building in Austria where guys are going like at school and university. No, the Austrian School of Economics is not a building in Austria...."


I'll watch the full video later, but from the first 10 minutes I got an impression that they are basically reciting what you can read in this article, no?

Thanks for the transcript, yes this thread is one more proof that some people think that Austrian school is a building in Austria

No, we are not reciting the wikipedia page, but of course a lot of information can be found these days online, even on the wikipedia page

And those who have bigger interest, the particular books and authors were named, and about them you can also find information on wikipedia. However those who have a real interest, it's better to read the texts, books.

[friends1980]

OP, great article and great initiative to try and educate people on the points of view of such an important institute as the Austrian School (I'll merit you for that, as soon as I have more sMerits ).

It will be difficult to find any other opinion closer to Satoshi's original idea and inspiration to create a decentralized concept of money. These people are a source of inspiration for classic-liberals (libertarians) all over the world for over almost a century now.

I'd kindly suggest you to move this discussion to the Serious Discussion, because it's a shame to see it gone to waste in a sea of shitposters.

Off-topic: Everyone who's posted something like "It's great to see Austria organize School of Economics and Crypto fur future adaptation and integration of crypto yeey" in this thread, can expect a very in-depth review of their post history. You can count on me. I will teach you a few things about the BTCTalk School of Spam.

[Flodner]

OP, great article and great initiative to try and educate people on the points of view of such an important institute as the Austrian School (I'll merit you for that, as soon as I have more sMerits ).

It seems something is going on with Merit.
I have 6 sMerits, but I tried to send it to one person here and now to you, it's not sending.
"Session verification failed. Please try logging out and back in again, and then try again."
I logged out, and the same situation

Regarding the topic, yes I will follow your advice and will create it in Serious Discussion section

And regarding shitposters, I got used to them in another sections, threads, maybe it's a sign that 2017 returns? When just by posting something like this it was easy to earn funds in bounties

[Betwrong]

Transcript:

"... first he[a beginner] thinks that this is like such a building in Austria where guys are going like at school and university. No, the Austrian School of Economics is not a building in Austria...."


I'll watch the full video later, but from the first 10 minutes I got an impression that they are basically reciting what you can read in this article, no?

Thanks for the transcript, yes this thread is one more proof that some people think that Austrian school is a building in Austria

No, we are not reciting the wikipedia page, but of course a lot of information can be found these days online, even on the wikipedia page

And those who have bigger interest, the particular books and authors were named, and about them you can also find information on wikipedia. However those who have a real interest, it's better to read the texts, books.

While watching further, I liked Romanenko's words on Murray Rothbard, who basically has founded anarcho-capitalism, and wrote many books on the matter. I personally read only one of them, “Man, Economy, and State”, several years ago, and it was like a breath of fresh air to me at the time.

Today I find some parts of it a bit too severe, like, for example, this one:

All human beings act by virtue of their existence and their nature as human beings.3 We could not conceive of human beings who do not act purposefully, who have no ends in view that they desire and attempt to attain. Things that did not act, that did not behave purposefully, would no longer be classified as human.

and others too naive, like ones regarding supply of defense services on the free market. But overall it's a great book, a must read for people interested in the Austrian School.

[darewaller]

I think merits in bitcointalk managed to get these type of things going, and we end up seeing the benefits of it and how smart theymos is. He not only manage to put merits in the system, but he also managed to make them valuable as well, you get more merit and you get higher level, so people want to get merit.

How do you get merit? You write something that will make people want to merit you, and since it is not abundant, you do not end up with a lot of merit everywhere neither, hence you need to write very very high quality posts like these.

Thankfully these type of educational posts are more available today than it used to be, there are still some spam as well and hopefully we will get rid of those spam topics as well but at least we have higher quality available for now.