
Hermitix Landian Philosophy of Bitcoin - 3.0 - 4.0 - Bitcoin and its Doubles - State of Play
Jun 13, 2021
Dive into the intriguing intersection of Bitcoin and Austrian Economics. Explore Bitcoin as a new form of political legitimacy and social contract. Discuss the significance of proof-of-work, energy expenditure, and its role in ensuring fairness. Unpack value theories alongside Mises and Menger, and investigate how Bitcoin creates objective monetary truth. Delve into Bitcoin's separation from traditional politics and its implications for economic autonomy. Lastly, engage in a thought-provoking audience Q&A on proof-of-stake versus proof-of-work.
AI Snips
Chapters
Books
Transcript
Episode notes
Proof Of Work Replaces Transcendent Trust
- Bitcoin removes trusted third parties by replacing trust with cryptographic proof and proof-of-work timestamps.
- This creates a decentralized, successive record that legitimizes ownership by energy expended rather than authority.
Skin In The Game As Political Legitimation
- Bitcoin ties legitimacy to sunk energetic cost: miners' energy expenditure is the network's validation of claim to value.
- This reframes political power as allegiance measured by participation in the system, not external authority.
From Promissory Notes To Ontological Coins
- Banknotes are promissory signs with no intrinsic commodity substance and depend on collective trust.
- Bitcoin substitutes that sign-without-thing by making the sign identical to value via proof-of-work.




