Cryptocurrency Is Bunk

That, strictly speaking, does not contradict the article, which says that the ideological basis of cryptocurrency is in Austrian economics, and that that basis is captured by a particular saying of Friedman's. The statement is one i which Friedman is in agreement with the Austrian school, and modern American adherents to the Austrian school, IME, often quote it, and while the Austrian schools shares the view there is no equally famous articulation of it by a member of the school.

> Simple mistakes like this are ubiquitous in any Jacobin article on economics or business.

The only mistake I see there is you reading a false claim into the piece that isn't actually contained within it.

Inflation isn't making the poor poorer, but it is making the middle class poorer, while turning the rich into the wealthy.

Poor people don't have money, nothing to lose value. Poor people don't have property or stocks - nothing to hold/grow value. The rich got all their cash invested (percentage-wise), so their stuff isn't affected by inflation. It's that middle class, where half their savings are in mutual funds and half in cash type assets like a CD or a savings account - that's who get the shaft here.

But that AP econ class - I took that too, and I'm an expert in economics because I got edumacation in it, and have a schwab account for my 401k. So I'm a fully qualified expert on global economics, and I say inflation is great for a country, on a global scale. Other countries buy your bonds, your cash loses value, you now owe them less value. China does this a lot to screw other countries - artificially inflate their currency, and now their external debts are less. Now, the end result is who the hell would give them credit - that's like giving the orange clow credit. But they were at that level even before their fake inflation.

We have other tools for redistributing wealth. Laws, regulations, tax codes. We don't need that feature to be built into the currency. Especially the way it's built in to the currency in reality - redistributing it to the rich every time the fed prints more of it.

Crypto is crap for one simple fact. There's no large army with nukes making its value stable. All a crypto-rich person has to do to increase its value is sell a lot of it, to himself, at a high price.

how does bitcoin solve "making the rich richer", when it is in fact "making the rich super-richer" with its soaring price?

(along with its "throw off the poor one-shot chancers with extreme price instability)

In fact, bitcoin's anti-inflationary means there's no chance of wealth-redistribution, whereas for dollars, the US government can just redirect its cash-beam.