Interesting Working Paper from PFS member Rahim Taghizadegan writing at scholarium.
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Working Paper
The Regression Theorem Explains Bitcoin
Rahim Taghizadegan
Working paper. The text is based on the lecture «Bitcoin from the Viewpoint of the Austrian School», given at the 19th Annual Meeting of the Property and Freedom Society, Bodrum, September 2025, and substantially extends it.
Abstract. Austrian economists have invoked Mises’s regression theorem for over a decade to prove Bitcoin impossible. Both camps of the ensuing quarrel misread it. The theorem explains how the valuation of a medium of exchange is learned; it forbids nothing. Read properly, it even explains the strangest feature of Bitcoin’s history, the cyclical monetisation along ever higher lows. I add three refinements: Laum’s sacred money at the end of the historical regression, rising marginal production costs as the essence of commodity money, and moneyness as a matter of degree.
Professor Hoppe 77th birthday is today—Happy Birthday Hans!
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In 2009, the Mises Institute published Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe, a project Guido Hülsmann and and Stephan Kinsella spearheaded to honor Hans Hoppe on the occasion of his 60th birthday. Only a few of the pieces were published independently; we are posting some of them here in this Bookstream.
Though she does buy into the simplistic and erroneous “liberty is libertarians’ highest value” canard when talking about, say, Ayn Rand: [continue reading…]
In 2009, the Mises Institute published Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe, a project Guido Hülsmann and and Stephan Kinsella spearheaded to honor Hans Hoppe on the occasion of his 60th birthday. Only a few of the pieces were published independently; we are posting some of them here in this Bookstream.
A German translation of Douglas E. French, When Movements Become Rackets and Other Swindles: The PFS Trilogy, Stephan Kinsella, ed. (Houston, Texas: Papinian Press and Property and Freedom Society, 2025), is now available, as Wenn Bewegungen Zu Betrugsmodellen Und Anderem Schwindel Werden: Die Pfs-Trilogie, translated by Andreas Tank.
My father was born in 1934 in the East Prussian city of Königsberg. In January 1945, he escaped on one of the last ships from his besieged and later fatally destroyed hometown. He was an East Prussian through and through, and in his library he had the collected works of Immanuel Kant (1724–1804), the Königsberg philosopher of the Enlightenment. I still remember well that my father pointed out to me–with a smile–that Kant’s original works were not entirely easy to read, but he nevertheless encouraged me to work through them; fortunately, he also helped me with references to more comprehensible secondary literature. This is how I gained a certain preformation or even a preference for the great philosopher of the Enlightenment.
In 2009, the Mises Institute published Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe, a project Guido Hülsmann and and Stephan Kinsella spearheaded to honor Hans Hoppe on the occasion of his 60th birthday. Only a few of the pieces were published independently; we are posting some of them here in this Bookstream.
No, it can’t. The problem of socialist calculation is the absence of property rights, as Mises explained, not knowledge, as Hayek put it. Without property rights, there is no possibility of calculating profit/loss with real opportunity costs for an actual owner who reaps the… https://t.co/YXsYKtrgMU
Just as some critics of today’s version of “capitalism” equate it with what we libertarians or advocates of “true capitalism” would call crony capitalism—or, as Gene Epstein calls it, “crapitalism”1 —some also criticize private property rights as a type of “theft”2 because of “capitalist” versions of “private property rights” such as those stemming from the English Enclosure movement.
In 2009, the Mises Institute published Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe, a project Guido Hülsmann and and Stephan Kinsella spearheaded to honor Hans Hoppe on the occasion of his 60th birthday. Only a few of the pieces were published independently; we are posting some of them here in this Bookstream.
Two different politicians from opposite sides of the aisle each held a press event 8 days apart on the same idea.
On July 27, New York Mayor Zohran Mamdani stood in Brooklyn holding a bunch of bananas. He announced 5 city-owned grocery stores, one per borough, selling food at 30% below retail. The crowd cheered. [continue reading…]
While in Portugal for 100 Years with Rothbard this past June, Professor Hoppe was interviewed for the Portuguese podcast CdK (Conversas do Karalho), for CDK | 151 | Hans-Hermann Hoppe: “O Estado é o maior parasita da história” (“The State is the greatest parasite in history.”). He was interviewed by the host, “Guru Mike Billions” (MiguelMilhão), a Portuguese entrepreneur and founder of Prozis, one of the largest sports nutrition brands in Europe. In his podcast, Milhão interviews guests on business, politics, culture, and related topics, often from a perspective critical of the state and mainstream Portuguese politics. In this interview, Hoppe touched on a wide array of topics, as can be seen in the shownotes list below. The episode was professionally produced and edited by Milhão’s team.
What if the decline of American power in the Middle East is good news for Americans?
Marc Lynch begins a recent Foreign Affairs essay with a declaration that would have been unprintable in the respectable journals a few years ago: “The American Middle East is finished.” He means the regional system built after the 1991 Gulf War, when the United States emerged from the Cold War as the only superpower and decided that this entitled Washington to supervise everything from the eastern Mediterranean to the Persian Gulf.
That system rested on American bases and security guarantees. It protected Arab monarchies, contained Iraq and Iran, and placed Israel at the center of a regional order assembled under American management. Oil would flow. Israel would receive protection. Arab governments would be brought into line through weapons sales and diplomatic pressure. Any state that refused the arrangement would be sanctioned, bombed, or isolated until it submitted. It looked formidable on a map. Then came the American-Israeli war with Iran. [continue reading…]
In 2009, the Mises Institute published Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe, a project Guido Hülsmann and and Stephan Kinsella spearheaded to honor Hans Hoppe on the occasion of his 60th birthday. Only a few of the pieces were published independently; we are posting some of them here in this Bookstream.
Those ranting about anti-semitism are not really concerned with genuine anti-semitism, anymore than the antifa is really anti-fascist1 or the Southern Poverty Law Center is really aimed at fighting poverty.2
Manuel had originally intended a smaller, local event, but we ended up needing a larger space for the almost 400 attendees, which were about 80% Portuguese but many others from Spain, Europe, and elsewhere. The first venue booked ended up canceling the booking, due to local political concerns over our libertarian views. A second venue was booked. They also backed out. Finally, a third venue was booked, which thankfully did not end up backing out.
Wow. The Stanford Encyclopedia of Philosophy entry on “Capitalism” (Aug 5, 2026) is a doozy. As my friend @NotGovernor pointed out, the Encyclopedia chose as the author of this entry is
a University of Chicago political theorist [Chiara Cordelli] whose published brand is the normative critique of privatization, whose prize-winning book treats outsourcing government functions as a regression to the “state of nature,” whose personal site lists “critiques of capitalism” among her core topics, and whose current book project is explicitly titled toward a “normative critique of capitalism and a defense of financial democracy.”
Len D. Pozeram, “America’s Singapore: The Iran War and Imperial Collapse,” Libertarian Alliance (22 August, 2026)
What happens when an empire built by men of ability falls into the hands of placemen?
Britain supplied the classic answer at Singapore in February 1942. Before the Second World War, Singapore was the great British naval and commercial base at the bottom of the Malay Peninsula. It guarded the sea route between the Indian Ocean and the Pacific. British officials called it the “Gibraltar of the East” and encouraged the world to regard it as an impregnable fortress. Its guns, docks, fuel tanks, warehouses, and reputation were supposed to secure British power across Asia. [continue reading…]
That genocide could be so expensive, asks retired U.S. Airforce Lieutenant Colonel (and self-described “aspiring anarcho-capitalist”) Karen Kwiatkowski. She refers of course to the Israeli state’s “thugacracy” and its wars of genocide in Palestine, Lebanon, and elsewhere.
The Israelis should study the history of the American West. As soon as the “Civil War” ended the U.S. government commenced a war of genocide against the Plains Indians “to make way for the [government-subsidized] transcontinental railroads,” as General William Tecumseh Sherman, the commanding officer of this quarter-century war of genocide, said. Sherman was known for his statement that “the only good Indian is a dead Indian,” and regretted in his memoirs that his armies did not kill every last one of them. It took 25 years to kill most of the Indians (some 60,000 according to some estimates) with the rest sent to concentration camps called “reservations” under the supervision of the “Bureau of Indian Affairs.” There is no other such “Bureau” for Mexicans, Italians, Irish, or any other ethnic group. Keeping a standing army for all of this for twenty-five years must have cost a pretty penny.
In 2009, the Mises Institute published Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe, a project Guido Hülsmann and and Stephan Kinsella spearheaded to honor Hans Hoppe on the occasion of his 60th birthday. Only a few of the pieces were published independently; we are posting some of them here in this Bookstream.
As noted here, the 2026 Twentieth Annual Meeting of the Property and Freedom Society will be held from Thursday, September 17, 2026 to Tuesday, September 22, 2026.
Rothbard at 100 is in production! As you can see, the books are printed in premium hardcover with gold foil stamping, and then they will be covered with a dust jacket. Also available as an audiobook and eBook. Preorder your copy now: https://t.co/iaEh0bk5G0pic.twitter.com/bapPGmhFHb
To donate with BITCOIN please use the address below. If you would like us to credit your payment (for dues, conference fees, etc.) please email Stephan Kinsella ([email protected]) when you make the bitcoin payment.
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“Property does not exist because there are laws, but laws exist because there is property.” — FrédéricBastiat
“Because the concept of property, for instance, is so basic that everyone seems to have some immediate understanding of it, most people never think about it carefully and can, as a consequence, produce at best a very vague definition. But starting from imprecisely stated or assumed definitions and building a complex network of thought upon them can lead only to intellectual disaster. For the original imprecisions and loopholes will then pervade and distort everything derived from them. To avoid this, the concept of property must first be clarified.” —Hans-Hermann Hoppe, TSC, ch. 2
The Property and Freedom Society (PFS; Facebook) stands for an uncompromising intellectual radicalism: for justly acquired private property, freedom of contract, freedom of association—which logically implies the right to not associate with, or to discriminate against—anyone in one's personal and business relations—and unconditional free trade. It condemns imperialism and militarism and their fomenters, and champions peace. It rejects positivism, relativism, and egalitarianism in any form, whether of "outcome" or "opportunity," and it has an outspoken distaste for politics and politicians. As such it seeks to avoid any association with the policies and proponents of interventionism, which Ludwig von Mises identified in 1946 as the fatal flaw in the plan of the many earlier and contemporary attempts by intellectuals alarmed by the rising tide of socialism and totalitarianism to found an anti-socialist ideological movement. Mises wrote: "What these frightened intellectuals did not comprehend was that all those measures of government interference with business which they advocated are abortive. ... There is no middle way. Either the consumers are supreme or the government."
(A more complete statement of our Principles can be found here.)
Professor Hoppe 77th birthday is today—Happy Birthday Hans!
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