I made a summary for you guys cuz I’m nice 🙂 Krugman btw is a famous economist who has won an award from the Nobel foundation (not the Nobel prize itself) and is a columnist for the NYTimes
* Crypto has existed roughly for 12 years, roughly as much as the iPad. For something that long to exist but not to achieve any economic activity says something.
* He claims to have gone to crypto meetings and asks “What problem does the technology solve and better than alternatives” etc and he hasn’t found a clear answer
* He says it looks like a ponzi scheme or speculative bubble which is really a natural ponzi scheme. He reminds you that bernie madoff’s scheme went on for two decades.
* Promoters use “technobabble” – block chain is ancient now and has no “compelling uses”.
* “Libertarian derp” – promoters crazy claim that fiat currencies will collapse is BS according to him