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Topic: 2013-11-28 Guardian: Is Bitcoin a Weapon of Mass Economic Destruction? - page 2. (Read 3820 times)

legendary
Activity: 4228
Merit: 1313
Agreed. Krugman is a hack who supports the authoritarians and gets rewarded for doing so.

Quote
As Paul Krugman, the Nobel prize-winning economist, wrote more than two years ago: "What we want from a monetary system isn't to make people holding money rich; we want it to facilitate transactions and make the economy as a whole rich. And that's not at all what is happening in Bitcoin."

I don't know if he noticed, that it is not working as intended. Because people who have money will invest them in houses or other things, they not only get richer while others don't they also increase price of houses for other people so they can't afford one when they need them for living and not for investment. And it is not only for houses but for everything people invest money in to not lose value of they fiat.
hero member
Activity: 546
Merit: 501
Quote
As Paul Krugman, the Nobel prize-winning economist, wrote more than two years ago: "What we want from a monetary system isn't to make people holding money rich; we want it to facilitate transactions and make the economy as a whole rich. And that's not at all what is happening in Bitcoin."

I don't know if he noticed, that it is not working as intended. Because people who have money will invest them in houses or other things, they not only get richer while others don't they also increase price of houses for other people so they can't afford one when they need them for living and not for investment. And it is not only for houses but for everything people invest money in to not lose value of they fiat.
member
Activity: 87
Merit: 11
This is pretty one-sided. Not everyone is in BitCoin to get rich. Some people want to protect their money from being devalued and BitCoin can give us that because there is no central regulator..granted it can be devalued by the market. He talks about "Surely it is akin to a counterfeiting scam promoted by people who like the idea of their computer making them rich without lifting much more than a finger?" But how is that any different from the bankers who just make money from nothing and then charge us interest on our own debt? Or the Wall St. folks? To me BitCoin would be a way to finally end government overspending and eliminate the banking scum middlemen who steal our savings right out of our pockets. Sure BitCoin has it's problems but at least be fair in assessing it. I think that in the end the people will have the power and the people will choose what they want. HOPEFULLY the internet age and technology will provide this to us. The only thing I fear is the government making a functioning quantum computer and using it to ruin everything somehow.
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