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Paul Krugman writes slam piece on crypto market
Posted on 5/21/21 at 12:28 pm
Posted on 5/21/21 at 12:28 pm
Krugman's thoughts on BTC and crypto in general (NYT)
I know Krugman is probably not well received here but he does have some points
I currently hold a small amount of Crypto myself so I'm not trashing it. Just thought the board might find this take interesting.
quote:
First, crypto boosters are very good at technobabble — using arcane terminology to convince themselves and others that they’re offering a revolutionary new technology, even though blockchain is actually pretty elderly by infotech standards and has yet to find any compelling uses.
Second, there’s a strong element of libertarian derp — assertions that fiat currencies, government-issued money without any tangible backing, will collapse any day now. True, Britain, whose currency was still standing last time I looked, went off the gold standard 90 years ago. But who’s counting?
quote:
The story so far: Bitcoin, the first and biggest cryptocurrency, was introduced in 2009. It uses an encryption key, similar to those used in hard-to-break codes — hence the “crypto” — to establish chains of ownership in tokens that entitle their current holders to … well, ownership of those tokens. And nowadays we use Bitcoin to buy houses and cars, pay our bills, make business investments, and more.
Oh, wait. We don’t do any of those things. Twelve years on, cryptocurrencies play almost no role in normal economic activity. Almost the only time we hear about them being used as a means of payment — as opposed to speculative trading — is in association with illegal activity, like money laundering or the Bitcoin ransom Colonial Pipeline paid to hackers who shut it down.
I know Krugman is probably not well received here but he does have some points
I currently hold a small amount of Crypto myself so I'm not trashing it. Just thought the board might find this take interesting.
25
Posted on 5/21/21 at 12:33 pm to Powerman
quote:ok
has yet to find any compelling uses
Posted on 5/21/21 at 12:33 pm to Powerman
quote:
Just thought the board might find this take interesting.
They won’t. It’s just “FUD”
Posted on 5/21/21 at 12:34 pm to Powerman
Posted on 5/21/21 at 12:34 pm to Powerman
I bet he thinks China's Yuan is a major player in the currency markets and global trade while thinking BTC is an irrelevant commodity.
Posted on 5/21/21 at 12:34 pm to Powerman
Krugman will be the first person to shite on anything remotely libertarian. That dude is bought and paid for.
That's because it's still so early on and most people are still treating it like a speculative investment. I don't cash out my stocks when I want to order a pizza.
quote:
Oh, wait. We don’t do any of those things. Twelve years on, cryptocurrencies play almost no role in normal economic activity.
That's because it's still so early on and most people are still treating it like a speculative investment. I don't cash out my stocks when I want to order a pizza.
Posted on 5/21/21 at 12:35 pm to Powerman
quote:
even though blockchain is actually pretty elderly by infotech standards and has yet to find any compelling uses.
Wouldn't crypto currency constitute a "compelling use" of that?
Posted on 5/21/21 at 12:36 pm to FinleyStreet
quote:
That's because it's still so early on and most people are still treating it like a speculative investment. I don't cash out my stocks when I want to order a pizza.
I suppose his stance is that it isn't that early on and the fact that it's still only a speculative investment means it's similar to a ponzi scheme or a speculative bubble.
I'd certainly have to think that the overwhelming majority of all of these shite coins have almost 0 actual value.
Posted on 5/21/21 at 12:37 pm to Y.A. Tittle
quote:
Wouldn't crypto currency constitute a "compelling use" of that?
It's a currency that isn't really used to buy anything with though
Not on any grand scale at least
Posted on 5/21/21 at 12:38 pm to Powerman
I know. I'm not even really trying to make an argument for the virtues of crypto-currency. It just seemed a weird angle to slam something that actually sort of found a "compelling use" for a certain technology for which maybe there wasn't another. I mean, so what?
This post was edited on 5/21/21 at 12:52 pm
Posted on 5/21/21 at 12:39 pm to FinleyStreet
quote:
That's because it's still so early on and most people are still treating it like a speculative investment. I don't cash out my stocks when I want to order a pizza.
To be fair, your stocks have never been billed as a currency either.
I’ve argued with rocket about this for a while, but the entire “digital gold” narrative of BTC is a very new mainstream development. It only became the predominant argument when it became clear BTC was impractical as a currency.
Posted on 5/21/21 at 12:45 pm to slackster
quote:
I’ve argued with rocket about this for a while, but the entire “digital gold” narrative of BTC is a very new mainstream development. It only became the predominant argument when it became clear BTC was impractical as a currency.
Yeah, I hear what you are saying. I just think Krugman is so wound up inside his own keynesian a-hole, he would never in a million years admit there just might possibly be an upside to crypto.
Posted on 5/21/21 at 12:52 pm to FinleyStreet
quote:
Yeah, I hear what you are saying. I just think Krugman is so wound up inside his own keynesian a-hole, he would never in a million years admit there just might possibly be an upside to crypto.
Probably right.
Posted on 5/21/21 at 1:01 pm to slackster
The fact that any of these are called “currency” is still kind of boggling to me. It’s not “money”.
Posted on 5/21/21 at 1:05 pm to Powerman
Paul Krugman by his own admission is "more left-wing than modern monetary theory"
The very idea of a scarce asset probably keeps him up at night.
The very idea of a scarce asset probably keeps him up at night.
Posted on 5/21/21 at 1:09 pm to Powerman
Krugman, 1998:
quote:
“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other!
By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s"
Posted on 5/21/21 at 1:10 pm to Powerman
quote:
Paul Krugman
Posted on 5/21/21 at 1:10 pm to When in Rome
quote:
Krugman, 1998:
Clearly he was very wrong on that
And it's difficult to imagine anyone being that wrong about anything
I was in high school then and I had imagined that the internet would continue to progress into much bigger and better things
Posted on 5/21/21 at 1:12 pm to When in Rome
quote:
“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other!
Nobel prize quality analysis
what a prognostication
Posted on 5/21/21 at 1:13 pm to Powerman
quote:
And it's difficult to imagine anyone being that wrong about anything
I was in high school then and I had imagined that the internet would continue to progress into much bigger and better things
Yeah, it's so dumb I wonder if that quote is somehow out of context - even for that time.
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