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NYTimes’ Paul Krugman trashes bitcoin [summary]

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

[https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html](https://www.nytimes.com/2021/05/20/opinion/cryptocurrencybitcoin.html)

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* 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



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8 Comments

  1. Who cares what someone else thinks? I’m sure if I google for it I could find a person who trashed Cardano, Polygon, Ethereum etc….I mean, who the fuck is this dude? No one, that’s who, he’s nothing to me anyways. Apparently you hold him in high regard. I don’t.

What do you think?

BTCUSD. Source: TradingView

Bitcoin Dipped to $33,500 Amid The News From China: Dominance Soars As Altcoins Plunge (Market Watch)

When your family asks you about your crypto investing 😂