In his letter, he complained about proof of stake. Bitcoin maximalists declare that they really perceive Austrian Faculty of economics, but they implicitly consider in labor principle of worth by worshiping warmth and noise of “laborious working” ASIC machines. They do not even know that Austrian Faculty of economics utterly rejects of labor principle of worth.
Secondly, he in contrast proof of stake to fiat which is laughable. Fiat actually means decree (within the case of foreign money, decree of sovereign), it derived from latin. What makes fiat cash is authorized tender regulation (decree forcing retailers to just accept particular foreign money).
Bitcoin maximalists are ignorant in Austrian economics, all their financial views for Bitcoin is only a bunch of fallacies.
Do not get me mistaken, I do love Bitcoin. Each Bitcoin and Ethereum is essentially the most of my portfolio however I actually dislike Bitcoin maximalists, they bought into Bitcoin for utterly mistaken causes.
