Epic fail by a top blogosphere economics writer.
"Bitcoins don’t serve any useful purpose."http://gonzalolira.blogspot.com/2013/11/bitcoins-get-out-while-gettings-good.htmlGonzalo Lira has long been happy to point out in detail the disastrous meltdown that is fiat money, central banks, the bankster complex. Yet the most powerful solution to this mess passes straight over his head. He can't see that an incorruptible store of value has any purpose, that sending money point-to-point anywhere in the world has any purpose, that all the advanced escrow/mutisig features which could revolutionize commerce have any purpose. He can't see that transferring $147 million in the blink of an eye without intermediaries or counterparty risk, with negligible fees, has any purpose!
He has been predicting hyperinflation of the US dollar year after year, and yet he can't see that money pouring into Bitcoin is the market predicting the ultimate hyperinflation of many currencies.
He needs to totally rethink cryptocurrency, or drown in ignominy.
Made me rethinking, do some of the harshest critics of the current financial system, really want it to go away? Without the robbers, what are cops for? If the fundamental transformation takes place and the rule of financial world becomes entirely different and the hubbub of the old time matters no more, are they going to be happy? Some of them may not, as their expertise becomes useless.
