Paul Krugman Admits Bitcoin Has More Utility Than 'Dead

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Don’t Hold Bitcoins; Krugman Won’t Like It | Laissez-Faire Bookstore

Don’t Hold Bitcoins; Krugman Won’t Like It | Laissez-Faire Bookstore submitted by waspoza to Bitcoin [link] [comments]

Bitcoin, Krugman and the intrisic value of money

Bitcoin, Krugman and the intrisic value of money submitted by marcomaroni to Bitcoin [link] [comments]

On Bitcoin & Trust - With guest Paul Krugman !

It isn't that Paul Krugman doesn't understand economics; it's that he doesn't fundamentally understand Bitcoin.
The public has witnessed Krugman (and other economists) propose arguments against Bitcoin that, frequently, if not entirely, concern use cases fit for the definition of "money", as it exists and is used today. In providing commentary on Bitcoin, Krugman will regularly call out Libertarians and ridicule the gold standard. He may even mention that pesky, awkward concept of “intrinsic value”. If you’re lucky, Krugman might share some enlightening words of wisdom, like “we already have credit cards for that”. You probably won't learn anything, of course, but you will be entertained!
And yet anyone today, with basic search engine skills, can educate themselves on an entire spectrum of Bitcoin use cases, many of which have little or nothing to do with money. Some of these leverage one particular attribute of the secure blockchain, like immutability. Proof of Existence is one such example - (proofofexistence.com).
Other potential use case cover the entire gamut of topics...
asset transfer
transparant voting
p2p mesh networks
digital content attribution and transfer
decentralized crowdfunding
resource allocation (via injecting market dynamics)
spam mitigation
content monetization
identity management
This isn't a fantasy thought experiment. Many of these potential "killer apps" are being aggressive financed and commercially pursued today. Some are tackling very expensive problems that impact productivity (like spam mitigation). In these areas and others, there is massive potential for value creation
And yet many economists appear to dismiss, absent of any real consideration, these Bitcoin use cases outright. They’ll make arguments concerning “intrinsic value” (or utility) that make no reference to any potential use case beyond how fiat is used today. Krugman will talk about online consumer purchases; he’ll talk about banking, about economic policy, inflation rates, the horrors of "hoarding". And this is where the gravest of errors begins...
For if Bitcoin, fundamentally, is just about “money”, then its utility will be considered on those merits alone. These other potential “killer apps” won’t surface in discussion, and the extended absence of their discovery will be passively reinforced. One may even develop a sort of dogmatic conviction, based less on the merits of the actual innovation and its real-world utility, and more on things like the inflation rate, economic policy and, of course, the horrors of "hoarding".
Imagine for a moment that you're constructing a new house. Debating in this manner is like attempting to construct the second floor before you've put in the foundation.
And yet these Bitcoin use cases all have something in common; they all typically required trust. While machines today may run deterministic code, with a predictable output, humans certainly do not. We're autonomous agents in the decision making process, and the “code” we compile cannot be audited by others . Such is the nature of the human mind and the magic of subjectivity. Others must trust that our output (action) is what they expect. It is this “friction” - this immutable nature of human interaction - that Bitcoin is really about, not just “money”. It just so happens that the concept of money is very tightly intertwined with the concept of trust. Therefore, we might be better conceptualizing this use case as “value transfer”, without restricting ourselves to “money". Humans value many things, of course - consumable goods, intellectual property, personal identity, family, financial assets like stocks and bonds, etc.
Ultimately, we must consider Bitcoin’s utility across this broader spectrum. Because Bitcoin is young, many of it’s “killer apps” may not reach mainstream for years, maybe decades. As an helpful analogy, consider the successes of the Internet. Some of the “killer apps” that inevitably came along, like Uber, took quite some time. In Uber’s case, it required the eventual emergence of another innovation - smartphones - and their rapid rise to ubiquity. I see no logical reason to believe that Bitcoin’s “killer apps” won’t roll out in a similar manner.
There are potentially 1000s of Bitcoin use cases that might demonstrate real utility in practice, addressing trust at scale.
Perhaps only a handful will eventually turn into “killer apps”, but that’s ok. In fact, it should be expected. Those that do will provide real utility to society. Since these use cases will consistently require “bitcoins”, and since those bitcoins are scarce, it logically follows that they will (and should) command a market price. Anything that is both useful and scarce will command a price. The only logical way to argue that Bitcoin, and “bitcoins”, lack utility is to argue that every single use case suggested, and many more, lack real-world utility. But given the fundamental importance (“value”) of trust, and the potential utility of a “trustless” protocol at global scale, this seems, if not overly pessimistic, incredibly naive. After all, what is the probability that every single use case, addressing trust at scale that is funded, developed and productized by intelligent entrepreneurs all fail to create value? This calculation is a simple exercise in statistics, not economics.
Bitcoin is certainly almost impossible to accurately value today. It requires, among other things, estimating both the likelihood of success and the value created across all of these potential use cases. And, of course, there are likely many more “killer apps” being discussed in private circles that we’re simply unaware of. While we might debate the precision of any suggested valuation, it should be obvious that there is a value. Like the Internet, Bitcoin's design and global reach provide incredible, lasting incentive to pursue and commercializing these ideas. And Bitcoin's egalitarian nature, like the Internet, provides the same opportunity and freedom to innovate across all participants.
It should be clear, though, that Bitcoin touches on a remarkably fundamental and important aspect of human engagement (trust); it is not merely "digital cash", any more than the Internet is merely static text and hyperlinks. It is far more fundamental and abstract.
submitted by VP_Marketing_Bitcoin to Bitcoin [link] [comments]

Economist and Bitcoin Hater Paul Krugman Claim's Hackers Planted Child Pornography on His Computer

Economist and Bitcoin Hater Paul Krugman Claim's Hackers Planted Child Pornography on His Computer submitted by CryptoDangerousDave to btc [link] [comments]

Throwback Thursday - 'The Conscience of a Liberal' by Paul Krugman: Bitcoin is Evil

https://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/
submitted by highdra to Bitcoin [link] [comments]

Economist and Bitcoin Hater Paul Krugman Claim's Hackers Planted Child Pornography on His Computer

Economist and Bitcoin Hater Paul Krugman Claim's Hackers Planted Child Pornography on His Computer submitted by CryptoDangerousDave to CryptoCurrencies [link] [comments]

I am a kid from Greater India, and I want to know. Why does Paul Krugman keep negative things about Bitcoin?

Why does Paul Krugman keep saying negative things about Bitcoin?
P.S. I used to start my posts with: "I am a teen from Sri Lanka, and I want to know." I now no longer consider myself Sri Lankan. I call it Greater India.
UPDATE: I believe that Krugman may have gotten one or two things "maybe wrong". But look at his strike rate. Think about all the things he gets right. As for him being a Keynesian, that's not a crime the last time I checked.
submitted by aboutcode to btc [link] [comments]

Economist and Bitcoin Hater Paul Krugman Claims Hackers Planted Child Pornography on His Computer

Economist and Bitcoin Hater Paul Krugman Claims Hackers Planted Child Pornography on His Computer submitted by WaltWalrus to Bitcoincash [link] [comments]

Economist and Bitcoin Hater Paul Krugman Claim's Hackers Planted Child Pornography on His Computer

Economist and Bitcoin Hater Paul Krugman Claim's Hackers Planted Child Pornography on His Computer submitted by CryptoDangerousDave to CryptoMarkets_News [link] [comments]

“Gold is dead… Bitcoin has more utility than gold. There is some chance for Bitcoin to be valuable in the future.” <--- Is Krugman going nuts? What next, will he become a HODLer???

“Gold is dead… Bitcoin has more utility than gold. There is some chance for Bitcoin to be valuable in the future.” <--- Is Krugman going nuts? What next, will he become a HODLer??? submitted by DesignerAccount to Bitcoin [link] [comments]

Saifedean Ammous, author of The Bitcoin Standard, replies to Paul Krugman's critique of Bitcoin.

Saifedean Ammous, author of The Bitcoin Standard, replies to Paul Krugman's critique of Bitcoin. submitted by General_knasus to Bitcoin [link] [comments]

Hey Paul Krugman, Bitcoin Doesn't Need 'Men With Guns' to Have Value

Hey Paul Krugman, Bitcoin Doesn't Need 'Men With Guns' to Have Value submitted by Suberg to Bitcoin [link] [comments]

Butter ranks famous people (Bill Gates, Warren Buffet, Krugman etc) based on their economics knowledge and if they support bitcoin - hint - everyone who disagrees with bitcoin "doesn't understand economics".

Butter ranks famous people (Bill Gates, Warren Buffet, Krugman etc) based on their economics knowledge and if they support bitcoin - hint - everyone who disagrees with bitcoin submitted by aoratos22 to Buttcoin [link] [comments]

Nassim Taleb: Mr Krugman has been effectively wrong on everything (markets, bitcoin, technology, trade, GDP, FX, elections, history...): the real world is not something he has ever managed to grasp.

Nassim Taleb: Mr Krugman has been effectively wrong on everything (markets, bitcoin, technology, trade, GDP, FX, elections, history...): the real world is not something he has ever managed to grasp. submitted by cryptonewsguy to Bitcoin [link] [comments]

Jihan Wu to Paul Krugman: "Please try Bitcoin Cash."

Jihan Wu to Paul Krugman: submitted by Egon_1 to btc [link] [comments]

Bitcoin is back. A middle finger to Nouriel Roubini, Krugman and every crap economical "expert" of this world

Bitcoin is back. A middle finger to Nouriel Roubini, Krugman and every crap economical submitted by chek2fire to Bitcoin [link] [comments]

Nassim Taleb is punking out paul krugman about bitcoin on twitter right now.

Nassim Taleb is punking out paul krugman about bitcoin on twitter right now. submitted by MakeTotalDestr0i to Bitcoin [link] [comments]

PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was submitted by PostNationalism to economy [link] [comments]

We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin

submitted by SyntheticOne to Economics [link] [comments]

Paul Krugman: "So is Bitcoin a giant bubble that will end in grief? Yes. But it’s a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology. And there’s something to be learned about the times we live in by peeling away that wrapping."

Paul Krugman: submitted by Pilebsa to Freethought [link] [comments]

PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was submitted by Bastet1 to technology [link] [comments]

PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was submitted by Majk___ to neoliberal [link] [comments]

Debating Crypto: Katie Haun vs. Paul Krugman PAUL KRUGMAN: Bitcoin is a More Obvious Bubble than Housing Was Paul Krugman - Bitcoins isn't backed by men with guns so why should it have any value A Skeptic's View of Crypto (from the Point of View of Monetary Economics) Paul Krugman:

By Paul Krugman. Opinion Columnist. July 31, 2018; The bitcoin logo on display at the Consensus 2018 blockchain technology conference in New York in May. Bitcoin (BTC)–Bitcoin is again in the headlines being criticized by a Nobel Prize winning economist. Paul Krugman, one of the most accoladed and celebrated economists of our time, has again written in his contribution to The New York Times that Bitcoin fails to constitute money, but could also be responsible for erasing much of the monetary innovation created over the last three centuries. Bitcoin is Paul Krugman’s monster, and despite having swung at it repeatedly over the years, he’s yet to strike a meaningful blow. In an op-ed published in the NYT today, Bitcoin is often dismissed as "volatile," and Krugman repeated this criticism. Yet bitcoin's volatility pales in comparison to nations in monetary distress and is therefore very attractive in Bitcoin Is A Bubble To be sure, this is not the first time that Krugman has come out against bitcoin. Back in December, when bitcoin prices were shooting to record highs, Krugman said that the

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Debating Crypto: Katie Haun vs. Paul Krugman

Money, Krugman argues, is "a lubricant" that facilitates transactions, so the entire history of money has been about making it as invisible and frictionless and moving it into the background as ... This "Let's Settle This" debate (hosted by Versus by KIO Networks) between a16z crypto general partner Katie Haun and Nobel Prize-winning economist Paul Krugman took place in front of bankers ... The Super Mario Effect - Tricking Your Brain into Learning More Mark Rober TEDxPenn - Duration: 15:09. TEDx Talks Recommended for you Paul Krugman - Bitcoins isn't backed by men with guns so why should it have any value Globalization, Technological Change, and Inequality: Jeffrey Sachs and Paul Krugman in Conversation - Duration: 1:07:00. The Graduate Center, CUNY 59,894 views

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