> "The problem with Bitcoin is it shoves basic economics and monetary history in the toilet and replaces these with a radical monetary ideology, a blockchain-based embodiment of The Sovereign Individual."<p>Quite the opposite. Bitcoin recognizes the history of the debasement of monies very well, unlike the Keynesian view. I find it ironic when people use the term 'basic economics', but have clearly never read "Basic Economics" (<a href="https://sowell.org/books/basic-economics" rel="nofollow">https://sowell.org/books/basic-economics</a>).<p>> "As the financial system has slowly shifted to cater to the post-WW2 status quo, money supply has become the least important factor. It's why barely any economist or monetary official brings it up, and why they don't take Bitcoin seriously."<p>And it's why you're enjoying 7.8% inflation and why prices will double in just 9 years, <i>if</i> inflation stays at this rate and doesn't increase any further. (Hint: It will)<p>They don't bring it up because they're paid to push inflationism, which benefits the early receivers of new money at the expense of savers, fixed-wage earners and property owners.<p>> "The idea of digital scarcity is ludicrous, because you can create an unlimited quantity of digital items and now, thanks to crypto, an unlimited amount of links to those items. According to the basic laws of economics, an infinite supply will always lead to insufficient demand, which in crypto is a shortfall of increasingly greater fools willing to risk investing their money in “securities fraud as a business”. When demand dries up in this scenario, prices always go to zero, usually in spectacular fashion."<p>Very true about 'crypto'. Anybody can create new tokens, there are effectively infinite. However, nobody can just create new Bitcoin. Bitcoin is scarce, but shitcoins are abundant.<p>Overall the author is mostly correct about 'crypto'. The misunderstanding is thinking that Bitcoin is part of 'crypto'. It is not.