Cryptocurrency

[matclone]

I mean, he really nailed it on the internet, right? Great track record on tech. Sorry for the low hanging fruit, but this one will always be a real laugher.

"By 2005 or so it will become clear that the internet's impact on the economy will be no greater than the fax machine"

--Krugman

Well, it appears you've been following him closely for 20-odd years and documenting his "misses"--that, or you're relying on some unnamed source for this information.

He also completely missed on inflation. He even wrote an article explaining his wrongness.


Krugman is a known partisan source for economic opinion who caters to readers who have zero knowledge of the matter and focuses on straw man attacks of political adversaries. He hasn't contributed anything meaningful to his field in years. Hell, his Nobel was for work done in the 1970s.

Whatever.

If you dig him, great. But the whole, well...Krugman thinks so doesn't hold a lot of water for me.

Never said I dug him, but, yeah, I think he knows a lot more about economics than I do, and when he confirms my suspicions about cyber currency, I'm going with that.

 

[JustAnotherTimeline]

Early money was precious metal. The metal held the value. We now have fiat currency. Issuer of fiat currency credibility becomes the largest factor in currency value.

FTX is worthless cryptocurrency. Issuer makes a difference.

You are making the flawed assumption that goes something like this:

History of money.

1. Barter
2. Shells
3. Precious Metal
4. Fiat
5. None. Go back to 4.

Also, like shells and precious metal, there is no issuer of bitcoin.

 

[matclone]

You are making the flawed assumption that goes something like this:

History of money.

1. Barter
2. Shells
3. Precious Metal
4. Fiat
5. None. Go back to 4.

Also, like shells and precious metal, there is no issuer of bitcoin.

You sound like a real expert on economics, especially since you declare a Nobel prize winner (Krugman) to be irrelevant and his readers (and, by extension, his students) to be ignorant. What are your credentials on this topic? Do you have a related degree?

 

[Cyrealist]

This is wildly inaccurate and completely void of any understanding of the history of money. Why should a currency have an issuer?

Some entity has to control the supply and thereby guarantee the value. Unless you're talking about hard currency like Gold.

 

[iowastatefan1929]

You are making the flawed assumption that goes something like this:

History of money.

1. Barter
2. Shells
3. Precious Metal
4. Fiat
5. None. Go back to 4.

Also, like shells and precious metal, there is no issuer of bitcoin.

5. Central Bank Digital Currency? Bitcoin relagated to the collectible market like baseball cards.

 

[CyCrazy]

You are making the flawed assumption that goes something like this:

History of money.

1. Barter
2. Shells
3. Precious Metal
4. Fiat
5. None. Go back to 4.

Also, like shells and precious metal, there is no issuer of bitcoin.

1-3 happened at the same time. Their is no progression., Until 4.

 

[CyDude16]

A CBDC isn’t a ponzi scheme. Do research before making yourself look more foolish than is already apparent.

Hahahaha and I’m an astronaut.

 

[JustAnotherTimeline]

5. Central Bank Digital Currency? Bitcoin relagated to the collectible market like baseball cards.

Definitely a possibility. I have a real fear of the former.

 

[JustAnotherTimeline]

1-3 happened at the same time. Their is no progression., Until 4.

There is some overlap, but no, there is a general progression.

Before 10000 - only bartering
neolithic - shells
iron age - metal coins -
Then paper/fiat

 

[BCClone]

1-3 happened at the same time. Their is no progression., Until 4.

1 still happens more than people think.

 

[CyCrazy]

1 still happens more than people think.

Well ya sure it does. I did all my father in laws landscape years ago and he bought us a king size bed/

 

[Stormin]

You are making the flawed assumption that goes something like this:

History of money.

1. Barter
2. Shells
3. Precious Metal
4. Fiat
5. None. Go back to 4.

Also, like shells and precious metal, there is no issuer of bitcoin.

Shells and precious metal have physical value.

 

[matclone]

Two Executives in Sam Bankman-Fried’s Crypto Empire Plead Guilty to Fraud

Caroline Ellison, the former chief executive of Alameda Research, and Gary Wang, a founder of FTX, are cooperating in the federal criminal case against Mr. Bankman-Fried.

www.nytimes.com

The collapse of FTX and the prosecution of Mr. Bankman-Fried have been a major blow to the crypto industry, which has reeled for months as the prices of digital assets such as Bitcoin and Ether have plunged and a procession of major companies have filed for bankruptcy. The sudden implosion of FTX has unsettled customers of other crypto trading platforms, which are scrambling to assure investors that their money is safe.

 

[siklon]

Lol keep the hope alive on a Ponzi scheme. How’s Miami working out with Bitcoin?

I like how you use an open source communication protocol to mock an open source financial protocol.

 

[CyDude16]

I like how you use an open source communication protocol to mock an open source financial protocol.

So Miami isn’t regretting their Bitcoin decision?

 

[JustAnotherTimeline]

So Miami isn’t regretting their Bitcoin decision?

What bitcoin decision is that?

 

[siklon]

So Miami isn’t regretting their Bitcoin decision?

What exactly do they regret? Not making rash decisions and allowing new technology some breathing room? Or are you implying since the price has gone down in the short term then it was a bad move?

 

[CycloneWanderer]

What exactly do they regret? Not making rash decisions and allowing new technology some breathing room? Or are you implying since the price has gone down in the short term then it was a bad move?

Cryptobro's are dense af or absolutely shameless. Who wouldn't want to be associated with fraudsters?

 

[siklon]

If I deposit gold into a bank and they rehypothecate it a thousand times, go under and lose all their users funds, there isn't a problem with the gold itself. There is a problem with the bank and those regulating the bank.

I'm not advocating for the scam coins that FTX was pushing. Bitcoin is not crypto. You're conflating the two. It's like saying the internet and an intranet are the same thing, when they are fundamentally different. One is centralized that can be manipulated and coerced while the other decentralized and transparent.

 

[JustAnotherTimeline]

Two Executives in Sam Bankman-Fried’s Crypto Empire Plead Guilty to Fraud

Caroline Ellison, the former chief executive of Alameda Research, and Gary Wang, a founder of FTX, are cooperating in the federal criminal case against Mr. Bankman-Fried.

www.nytimes.com

The collapse of FTX and the prosecution of Mr. Bankman-Fried have been a major blow to the crypto industry, which has reeled for months as the prices of digital assets such as Bitcoin and Ether have plunged and a procession of major companies have filed for bankruptcy. The sudden implosion of FTX has unsettled customers of other crypto trading platforms, which are scrambling to assure investors that their money is safe.

Here is an excellent analysis and exploration of the current money problem. You can't understand Bitcoin until you understand the issue at hand. That doesn't mean you would be convinced enough to invest. But I think people would less flippantly dismiss it.

December 2022 Newsletter: The World's Money Problem

December 18, 2022 Latest Article: The Problems with DeFi and Crypto This newsletter outlines some of the surprisingly basic problems with the global financial system. It then examines to what extent the cryptocurrency industry has tried to address some of those problems, while mostly missing the...

www.lynalden.com