In this episode Saifedean talks to regular seminar attendees about why bitcoin operates like a machine. They discuss why – like a washing machine – bitcoin continues to serve people who use it regardless of whether they understand the mechanics of how it works, why bitcoin’s critics are analogous to luddites, and why money should be understood as a private market good, rather than a public good.

Links referenced:

• @s2fmultiple on Twitter
• For Ludwig von Mises’ definition of money as a medium of exchange, see “Media of Exchange and Money", Chapter XVII, in Human Action
• For Murray Rothbard’s explanation of the nature of money see: The Emergence of Indirect Exchange, Chapter 3-The Pattern of indirect exchange in Man, Economy and State
• This passage from Mises’ The Theory of Money and Credit provides an explanation and refutation of the state theory of money