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5 seconds of ‘wisdom’ from an ‘expert’: “Fiat is backed by men with guns, Bitcoin is not, so why this thing should have any value” – Economist, Nobel prize-winning NY Times columnist Paul Krugman-

5 seconds of ‘wisdom’ from an ‘expert’: “Fiat is backed by men with guns, Bitcoin is not, so why this thing should have any value” – Economist, Nobel prize-winning NY Times columnist Paul Krugman-

https://reddit.com/r/<a title="" class="aalmanual" href="https://cryptonewmedia.press/category/bitcoin/">Bitcoin</a>/comments/q1brp8/5_seconds_of_wisdom_from_an_expert_fiat_is_backed/


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43 Comments

  1. Judging by his tone he was probably not asserting this but contrasting it with a pro-bitcoin perspective. But what do I know, I’m just some guy that requires more than a 5-second clip to judge what people are saying…

    Got a link to the whole interview?

  2. I agree it takes more than a five second clip to judge a comment. But with that said I’m from the south and me and all my buddies all own bitcoin and we all on guns.

  3. A number in an account is a record of who owns what. It has to be kept safe. Since we (humans) all agree to trade other units of value or goods and services for the number in an account the number makes trade efficient and the world progress faster. We can’t trade items every time we need something else. We need a unit.

    USD is kept safe by buildings, guards, guns, and computers with encryption.

    Crypto currency’s are kept safe by cryptography.

    Both are numbers in a accounts. Kept safe in different ways.

  4. That’s the best thing about crypto is it can’t be ruled by men with guns. Why would this guy ever get a noble prize, any currency that is pushed with threats is never going to last.

  5. Men with guns? That’s absolutly false.

    Fiat just means “official decree”, and their are several kinds of ‘fiat money’. Gold coinage conforming to the official decree of the organic US Coinage Act is/was, strictly speaking’, ‘fiat money’.

    The central bank fiat money is created to represent the monetary value of the debt instruments is created to represent.

    Debt backs it.

    Paul Krugman is telling lies, and Bitcon shills are fallaciously appealing to authority based on this lie.

  6. When you have to threaten people with violence and death so they’ll use your “currency,” it means your currency has no value.

    Krugman is fucked up.

    The Nobel Prize means ***NOTHING*** now, for this and similar awards.

  7. It’s simply because you don’t need guns to protect it. It’s apples and oranges, you need high security information systems, firewalls, intrusion detection systems, etc. If bitcoin was in the physical form such as gold you would definitely already see it protected with force. If the coinbase vault held physical coins they would be armed up.

  8. I met Paul at an event half a decade ago, I knew the guy was intelligent but the guy is actually brilliant. There’s something to his short-dude/senior-wise-man, commonly-dressed-American-dude aura that combines with his intellect to make for a very, very convincing and interesting man; whatever he was saying there it’s not all of it. Krugmans no idiot

  9. That’s the entire premise of government, not just a fiat money. Dress people up in costumes, give them the power to use escalating force (up to and including death), and then allow only people that are drawn to exerting dominance over others to control this apparatus. Government is the root, fiat money unfortunately is just a branch.

  10. Lol, Paul Krugman actually knows what he’s talking, been doing this for a long time. I’ve had material he’s written as assigned readings back when I was in university…. In 2010.

  11. If you do not accept dollars for your natural resources, you will receive a dose of “freedom”

    Several commentators writing contemporaneously with the buildup to the invasion linked Iraq’s Nov 2000 re-denomination of oil from USD to euros and the possibility of more widespread adoption of the euro as an oil pricing standard to the risk that that would place on the post-Bretton Woods use of the USD as the international reserve currency and the impact that that would have on the US economy, and theorized that one of the fundamental purposes for war in Iraq would be to force Iraq to revert to pricing its oil in USD.

    https://en.wikipedia.org/wiki/Petrodollar_recycling#Petrodollar_warfare

  12. If nothing else, it just made it exceptionally clear how Krugman thinks the world should work: those with guns get to make the rules.

    Well, I’m off to annex my neighbor’s house with my AR-15 now, I can only assume he will support my actions! (that was sarcasm, just in case any authorities are reading this).

  13. I love how it’s “men” with guns. Last I checked these same people are going full pc to get those men to quit the service. Society is built and defended by men. If those men find no use for that society it falls. That paper becomes worthless twice as fast.

What do you think?

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