[2015-08-20] Paul Krugman Doesn’t Seem to Have a Basic Understanding of Bitcoin

[tyz]

Early last month, Economist Paul Krugman was asked for his opinion on digital currencies, such as bitcoin, at a 92Y event called The Genius of Economics. Krugman has shared his views on bitcoin more than once over the past few years, and he has even gone as far as to say it is “evil.”

http://insidebitcoins.com/news/paul-krugman-doesnt-seem-to-have-a-basic-understanding-of-bitcoin/34386

[pedrog]

I'm pretty sure he is a very smart guy, but when it comes to technology he should shut is mouth, and he should've already learned this lesson by now.

"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

[goxed]

I'm pretty sure he is a very smart guy, but when it comes to technology he should shut is mouth, and he should've already learned this lesson by now.

"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

Unfortunately most economists do not understand the power of technology very well. They cannot comprehend that technology such as Bitcoin can "rewrite" Economic laws that these economists take close to their chests.

[RustyNomad]

One would expect people in these positions to at the very least do some basic research on new trends before they throw comments around. The fact that they so easily comment on things which they clearly have no understanding of just go to show their complete and utter ignorance.

Most economist want to compare bitcoin to the existing economic/fiat system we have and that is where they go wrong. These wise minds will do themselves a big favour to honestly and truly study bitcoin. They might just find that it's the solution for the house of cards they have been building over the past couple of decades. I do not see why anything new has to stand up to what we have today as the economic system and principles we have in place today is nothing but one big fraud.

Maybe that is why they hate bitcoin so much, you cannot fudge it to your liking.