From Volatile Bitcoin to a Stable Monetary System
Austrian Economists Carl Menger, Ludwig Mises, and Friedrich Hayek explained how a hard commodity, as a base money, is stabilised by an elastic layer of credit money, as a money substitute. However, their teachings also saw internal opposition, especially by Rothbard. The internal debate is unresolved until today, recently carried forward by Antal Fekete, Juan Rallo, and myself, while opposed by Philipp Bagus, Jesus Huerta de Soto, and Guido Hülsmann. An the interactive audience live demo the current release of the Bitcredit Protocol, a novel FOSS protocol for credit money ("Umlaufmittel") on Bitcoin rails which now aims to settle the question after a century of debate: we will see practically which side has it right.
