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Started By
Message
Bitcoin Commentary from Krugman
Posted on 1/1/18 at 9:49 am
Posted on 1/1/18 at 9:49 am
LINK
I’m not sure if that was meant to dissuade me or not?
quote:
BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states ability to collect tax and monitor their citizens financial transactions.
I’m not sure if that was meant to dissuade me or not?
14
Posted on 1/1/18 at 9:51 am to Aubie Spr96
If you aren’t putting your money into bitcoin you’re pretty stupid
Posted on 1/1/18 at 9:54 am to Aubie Spr96
Hmmm,
Krugman's opposition tells me that this may be a good thing.
Krugman's opposition tells me that this may be a good thing.
Posted on 1/1/18 at 9:54 am to olddawg26
(no message)
This post was edited on 9/25/20 at 11:07 am
Posted on 1/1/18 at 9:56 am to Aubie Spr96
quote:
I’ve written about it has been obvious that large numbers of economists can’t bring themselves to make that distinction; they dislike activist government on political grounds, and this leads them to make really bad arguments
Krugman mistakenly calls himself out
quote:
BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states ability to collect tax and monitor their citizens financial transactions.
Posted on 1/1/18 at 10:02 am to Aubie Spr96
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." That was the message satoshi put in the genesis block...
"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts."-satoshi. Hard to say author is incorrect, but obviously not in a bad way
"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts."-satoshi. Hard to say author is incorrect, but obviously not in a bad way
Posted on 1/1/18 at 10:03 am to Aubie Spr96
This article is the pivot from "it won't work, it's useless" to "yeah it works, but I don't like it because technocrats should be running the macro economy"
Krugman is the worst.
Krugman is the worst.
Posted on 1/1/18 at 10:05 am to NCAAFootballGenius
I'd love to buy bitcoin. The problem is I can find no rational method of price discovery.
Posted on 1/1/18 at 10:06 am to Aubie Spr96
Have they ever figured out who Satoshi Nakamoto is? I know there's some theories.
Posted on 1/1/18 at 10:08 am to olddawg26
quote:
If you aren’t putting your money into bitcoin you’re pretty stupid
Let's just say you're a libertarian minded person doing international business. You can't use bitcoin like cash, at least not in its current state. Cash is not meant to be an investment vehicle, with all the risks that implies. The dollar and the euro may vary slightly in value day to day, but they primarily act as a medium of exchange and a store of value for future transactions. IMO, for all the ballyhoo bitcoin advocates have made about speculative returns, they've inadvertently harmed the notion of using bitcoin like cash.
Posted on 1/1/18 at 10:08 am to olddawg26
quote:
If you aren’t putting your money into bitcoin you’re pretty stupid
It is/was a good speculative investment. There's already been a shitload of money made on Bitcoin, the only way it's a long term winner is if Bitcoin becomes the cryptocurrency standard then it could really get interesting if you bought in early. Either way the Fed/Global Banking cabal are not going to get cut out of the action and they damn sure don't like cryptocurrencies circumventing their interest charging and money supply scam.
Sounds like olddawg's has an interest in Bitcoin, need to keep that momentum for Bitcoin positive by convincing people they're missing out on the investment of a life time.
Posted on 1/1/18 at 10:09 am to Bass Tiger
Yeah I was kidding
Posted on 1/1/18 at 10:09 am to olddawg26
The appeal to Bitcoin as a Libertarian isn’t an investment medium. It’s a means to keep the gov’t away from my wealth by avoiding both consumption taxes and income taxes. It also avoids the central bank’s and central govt’s attempts to jack the value of the currency.
Frankly, I’m amazed that Bitcoin and other crypto currencies have been allowed to continue.
Frankly, I’m amazed that Bitcoin and other crypto currencies have been allowed to continue.
Posted on 1/1/18 at 10:10 am to Aubie Spr96
quote:
Frankly, I’m amazed that Bitcoin and other crypto currencies have been allowed to continue.
Because people in high places are making a shitload of money from it.
Posted on 1/1/18 at 10:13 am to Aubie Spr96
quote:
to damage states ability to collect tax and monitor their citizens financial transactions
Posted on 1/1/18 at 10:17 am to olddawg26
quote:
you’re pretty stupid
I confess. No way I'm paying $16,000 for one coin when the market is as volatile as it is concerning bitcoins.
quote:
As of Thursday, bitcoin's value was just above $16,500, according to CoinDesk.Dec 14, 2017
Posted on 1/1/18 at 10:19 am to Homesick Tiger
You don’t have to buy a full coin.
Posted on 1/1/18 at 10:25 am to AUstar
quote:I think he was one of the Iron Chefs on the Food Channel.
Have they ever figured out who Satoshi Nakamoto is?
Posted on 1/1/18 at 10:26 am to olddawg26
quote:
You don’t have to buy a full coin.
So it's like tearing a $10 bill in half and telling the clerk here's five for that pack of smokes? j/k.
Posted on 1/1/18 at 10:30 am to Aubie Spr96
Maybe his opinion pieces are actually satire, and someday he's going to reveal that it's been a big troll all along. For his sake, I hope so.
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