Getting enough of the miners to agree is known as the Byzantine Generals problem, and has a technical history of its own.In effect, Bitcoin has created its own private gold standard world, in which the money supply is fixed rather than subject to increase via the printing press.
Paul Krugman Calls Bitcoin "EVIL" Because It May DamageThe real track record of fiat currencies is that most of them are run responsibly except in the aftermath of political chaos.So much for New York Times being a model of journalism. Krugman is looking for the floor value of Bitcoin.
The gold and silver money which circulates in any country, and by means of which, the produce of its land and labour is annually circulated and distributed to the proper consumers, is, in the same manner as the ready money of the dealer, all dead stock.The gold and silver money which circulates in any country may very properly be compared to a highway, which, while it circulates and carries to market all the grass and corn of the country, produces itself not a single pile of either.Some extremely wealthy libertarians have a lot to answer for if these sorts of ppl lose all due to believing in them.
Paul Krugman, the Nobel Prize winning economist, is not really interested in Bitcoin.
Paul Krugman, the Nobel Prize winning economist who likes to explain things to we mortals via the New York Times, is a man some people love to hate, right.I absolutely hate Krugman, but this is Econ 101 and even he gets it right.
A quick glance at the Bitcoin price charts will inform you that Bitcoin has not done well as a store of value over the course of this year.It was such an irrational piece of drivel that I decided to.So buying into Bitcoin has, at least so far, been a good investment.Thanks to Bitcoin, you can instead have your wealth stolen by private hackers.BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states ability to collect tax and monitor their citizens financial transactions.Smith actually wrote eloquently about the fundamental foolishness of relying on gold and silver currency, which — as he pointed out — serve only a symbolic function, yet absorbed real resources in their production, and why it would be smart to replace them with paper currency.
Paul Krugman, the Nobel Prize-winning economist and New York Times editorial contributor, recently lashed out in a blog post at Bitcoin and other cryptocurrencies for.
Bitcoin - The Internet of MoneyBut the psychology and sociology of the phenomenon are the same old same old.China growth slows - Asian stocks decline - U.S. also softening - Battle of the Obama millionaires - Krugman rips Bitcoin.
Also, your mother was a hamster and your father smelt of elderberries.Placing a ceiling on the value of gold is mining technology, and the prospect that if its price gets out of whack for long on the upside a great deal more of it will be created.Paul Krugman and Brad DeLong have found fault with bitcoin,.