For most of his life, Max Hilleband has been an avid reader of Austrian Economics. So when the El Salvador bitcoin adoption as legal tender was announced, he couldn't help but express his perspective on the praxeological & human action implications.

This episode is sponsored by Vaultoro and Wasabi wallet.

Time stamps:

1:40 – Intro

3:20 – The Austrian School of Economics

04:05 – Why the left-right dichotomy doesn’t make much sense

05:03 – What’s the deal with praxeology and what does it have to do with El Salvador?

10:18 – When is a country ready to adopt bitcoin?

15:00 – Denominating products and services in bitcoin

19:40 – Every country is pretty bad, but some are worse than others

20:05 – Democracy vs monarchy

36:02 – All previous forms of government have failed

40:00 – Choice, opting-out, and opportunity cost

44:50 – First reactions to El Salvador’s decision to adopt bitcoin as legal tender

51:30 – The short-term opportunity costs of adopting bitcoin in El Salvador

57:00 – The unforeseen consequences of adopting bitcoin as legal tender in El Salvador

01:00:00 – Bitcoin revolution vs French Revolution vs American Revolution vs the Bolshevik Revolution

01:05:00 – After bitcoin wins, what’s next?

01:08:30 – Opting out by voting with your feet

01:14:20 – How can we consider and individual’s choices to be truly free in a world where everyone is trying to influence us?

01:23:30 – Keeping Bitcoin censorship-resistant with home mining

01:28:00 – Recommendations for computer operating systems (Qubes, Tails, Debian, Nix Bitcoin)

01:31:20 – NixOS vs Nix Bitcoin

02:32:20 – Reflexive behavior in relation to praxeology

01:39:00 – Schumpeter’s story

01:42:00 – Shitcoiners returning to bitcoin

01:44:00 – We never really had an altcoin (alternative to bitcoin)

01:45:25 – Sidechains & BIP 300 (Drivechains)