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Author Topic: Paul Krugman Effect  (Read 6106 times)
GoWest
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September 07, 2011, 06:25:39 AM
 #1

This is massive. 

http://krugman.blogs.nytimes.com/2011/09/07/golden-cyberfetters/

Biggest press since the Silk Road coverage.

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September 07, 2011, 06:27:12 AM
 #2

Agree. Reminds me of Schumer.

He basically said Bitcoin is digital gold and a good investment.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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September 07, 2011, 06:34:32 AM
 #3

this might hit the right audience for another bubble Smiley
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September 07, 2011, 06:43:18 AM
 #4

What, he basically called bitcoin a failed experiment that has been a good investment so far, and you think that would attract investors?

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September 07, 2011, 06:43:43 AM
 #5

What, he basically called bitcoin a failed experiment that has been a good investment so far, and you think that would attract investors?
Yes.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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September 07, 2011, 07:15:38 AM
 #6

What, he basically called bitcoin a failed experiment that has been a good investment so far, and you think that would attract investors?

Also the demographics of the readers of Kruggy is probably one that has not hear much about Bitcoin, so it could bring new users.
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September 07, 2011, 09:09:21 AM
 #7

I posted a comment. No off-topic or abusive content. Well, I call him childish, is that abusive?. Hope it gets approved.

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September 07, 2011, 09:17:58 AM
 #8

I posted a comment. No off-topic or abusive content. Well, I call him childish, is that abusive?. Hope it gets approved.

I posted a comment too. I think it was very polite but I dont know if it will be posted.

Krugman is known for censoring comments he does not like. In fact, he was getting schooled in his own blog (even by other keynesians) so he lowered the size allowed for the comments so people could not elaborate a propper answer to his posts. Krugman's blog at the NYT is more of a political propaganda platform than anything else.
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September 07, 2011, 10:17:50 AM
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BitcoinMoney.com did a good reply,
http://www.bitcoinmoney.com/post/9913036774/paul-krugman-bitcoin-op-ed
molecular
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September 07, 2011, 11:27:05 AM
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Krugman is known for censoring comments he does not like. In fact, he was getting schooled in his own blog (even by other keynesians) so he lowered the size allowed for the comments so people could not elaborate a propper answer to his posts. Krugman's blog at the NYT is more of a political propaganda platform than anything else.

This probably means my comment will be censored. Here's what I wrote:

Quote
Mr. Krugman,
I'm not a regular reader of you, so I don't know how you spin things or maybe I'm missing some irony here, but I had to jump in.

You're pretty childishly jumping to conclusions, I must say. The bitcoin experiment is in no way over. We're in the "money distribution phase". We have no substantial economy built around bitcoin and our traditional economies do not use bitcoin. It's premature to proclaim failure of the experiment. It's childish to deduct anything about a potential new gold standard from bitcoin at this point.
Please think again.

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September 07, 2011, 12:47:16 PM
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Of course it will be censored. By calling your opponent childish you are automatically excluding yourself from any serious debate.
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September 07, 2011, 01:09:35 PM
 #12

It is exposure at least.

If someone reading it today wants to invest they would probably take a few days to find out how to do that and then a few more days to get their money from MtGox to BTC.

So perhaps a bump next week with real investors and perhaps a small bump before then based on speculation.

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September 07, 2011, 01:59:45 PM
 #13

Mr. Krugman,
I'm not a regular reader of you, so I don't know how you spin things or maybe I'm missing some irony here (but was happy to read a post on a topic very dear to me, so) I had to jump in.

You're pretty childishly jumping to conclusions, I must say. The bitcoin experiment is in no way over. We're in the "money distribution phase". We have no substantial economy built around bitcoin and our traditional economies do not use bitcoin. It's premature to proclaim failure of the experiment. It's childish (or) to deduct anything about a potential new gold standard from bitcoin at this point.
Please think again.

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September 07, 2011, 02:06:27 PM
 #14

Naysaying from Krugman reverberates as a vote of confidence in the ears of the sane-minded... What a lackey.

Regardless, I hope it has a positive effect. I wonder if he actually owns a few coins...

-Jix
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September 07, 2011, 02:21:58 PM
 #15

Of course it will be censored. By calling your opponent childish you are automatically excluding yourself from any serious debate.

Yeah, that was a mistake.

EDIT: It's a bit sad really: still 0 comments. Surely the topic would be cause for some discussion even amongst his crowd, right?

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September 07, 2011, 03:38:48 PM
 #16

Mr. Krugman,
I'm not a regular reader of you, so I don't know how you spin things or maybe I'm missing some irony here (but was happy to read a post on a topic very dear to me, so) I had to jump in.

You're pretty childishly jumping to conclusions, I must say. The bitcoin experiment is in no way over. We're in the "money distribution phase". We have no substantial economy built around bitcoin and our traditional economies do not use bitcoin. It's premature to proclaim failure of the experiment. It's childish (or) to deduct anything about a potential new gold standard from bitcoin at this point.
Please think again.

Great! You should provide blog comment editorial service for moneys Smiley Few strikes and it sounds adult.

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September 07, 2011, 03:39:47 PM
 #17

Quote
The actual value of transactions in Bitcoins has fallen rather than rising.

Wow! What a claim. Fallen since Jan 09? Since Jun 09? Since Jan 10? Jun 10? Jan 11?

Not likely!

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September 07, 2011, 04:52:02 PM
 #18

All right, just posted the comment below, let's see if it gets approved.

"I feel Mr. Krugman has failed to see the essential point in the Bitcoin experiment. Its main strength isn't that it is naturally deflationary (or neutrally inflationary in the long term), but that it is decentralised. There is no government, federal reserve or central bank that determines how Bitcoins are to be "minted", this happens organically through a peer to peer network.

So it isn't so much that Bitcoin has created a new gold standard, but that in the digital realm, it has become the equivalent of the actual gold itself. Gold that is instantaneously transmissible through the internet, uncounterfeitable, fungible and infinitely scalable.

But this is hardly the end of digital or cryptocurrencies. Mr. Krugman is possibly correct in the assumption that if all there was was Bitcoin, it would lead to a stagnant economy due to hoarding. But if Bitcoin is the digital equivalent of gold, it is quite reasonable to assume that in the future, another digital currency might appear that will be just as inflationary as any fiat currency today, but based on and backed by Bitcoin.

Bitcoin is a remarkable experiment, a technological answer to the question: what is money? This has philosophical and political ramifications that go well beyond the scope of economics and market forces. The fact that it is distributed across a network that anyone can access, that it is open source and transparent, and that its creation and supply are finite and predictable makes it an eminently democratic experiment as well."
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September 07, 2011, 05:27:33 PM
 #19

Beautifully written and intriguing.

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September 07, 2011, 05:45:12 PM
 #20

Of course it will be censored. By calling your opponent childish you are automatically excluding yourself from any serious debate.

Lol. So we should rather not speak the truth?

The poster said the bloggers actions was childish, not that he is a child. But perhaps it would be interpreted that way anyway.

But there's an element of truth in what Grinder says here. If someone called me an idiot or child for some opinion that I have,
I'd probably not feel like discussing anymore with them. However, if I do have false statements or statements that lack a base
in hard facts, I'd be more than happy to learn about my errors.

Hearing that this blogger does not like to have comments on his blog is not good at all. When ego is bigger than a sincere interest
to learn and grow, the one losing out is the blogger, imo.
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