Krugman bitcoin gold

krugman bitcoin gold

Skeptic. Millennia ago the first human beings decided to stop using stones as barter goods, and started using metals, then gold and then paper money, and finally, today, virtual money. He believes if those fees were reduced, that would remove his primary opposition to cryptocurrency. Join us on Telegram, disclaimer: Opinions expressed at The Daily Hodl are not investment advice.

Paul Krugman Admits Bitcoin Has More Utility Than Dead Gold

krugman bitcoin gold

Hundred dollar bills are seeing diminishing acceptance. Open Positions at CCN: Full Time and Part Time Journalists Wanted. Krugmans considerations, however, start from way back when man began to have a sense of money and began to exchange goods. While conceding that governments have occasionally abused the privilege of creating fiat money, Krugman says that the conventional central banking system has done its job quite well, providing users with low-friction transactions and stable purchasing power. Bitcoin you can probably guess where this is going is not useful as a medium of exchange or a store of value. Krugman then admitted that despite his concern that Bitcoin mining uses a lot of energy, the leading cryptocurrency already has more utility than gold. I have yet to see a clear answer to that question. Gold is dead Bitcoin has more utility than gold. He also indicated that his concerns on Bitcoin are only regarding its role as a form of money. Indeed, eight years after Bitcoin was launched, cryptocurrencies have made very few inroads into actual commerce.

But while 100 bills may not be a useful medium of exchange for legitimate transactions many stores do not accept them Krugman says that they have one key advantage over bitcoin: their value is tethered to the value of smaller-denomination bills, which have underlying value. Krugman argues that, throughout history, money has gradually evolved toward frictionless transactions, culminating in the current monetary regime centered around credit and debit cards and other types of digital payment methods.

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