Milton Friedman Predicted Bitcoin..

[hyunsookmom]

I'm a newbie, probably been posted a million times on this site but if you haven't seen this its pretty amazing he in many ways predicted Bitcoin.


http://www.forbes.com/sites/pascalemmanuelgobry/2014/01/20/milton-friedman-predicted-the-rise-of-bitcoin-in-1999/

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[chaoticbrain]

Oh ya, because don't you know only economically illiterate people think bitcoin can succeed.

[d1ggr]

Oh ya, because don't you know only economically illiterate people think bitcoin can succeed.

He's just trying to help why do you need to put him down?? 

[XBBlade]

Exactly... I think it's awesome if you can predict stuff like this. 
Also, not really on topic, but some guy (Adjiedj Bakas) is predicting that the Euro will fail ultimately. I think he will be right within 20 years. Glad that I have some Bitcoins

[chaoticbrain]

Oh ya, because don't you know only economically illiterate people think bitcoin can succeed.

He's just trying to help why do you need to put him down??  

Bring who down ? I'm just mocking people who say bitcoin is bubble, and that it's supporters have no "economic sense".

Sorry, sometimes my sarcasm is unclear.

[retrend]

Pretty brilliant foresight.

[tabnloz]

MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.

They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.

Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.

[Phrenico]

MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.

They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.

Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.

That's enough of the far left's Kool-Aid for you.

https://www.youtube.com/watch?v=dzgMNLtLJ2k

[Lauda]

Yeah, I predicted it too..

[daviducsb]

MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.

They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.

Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.

That's enough of the far left's Kool-Aid for you.

https://www.youtube.com/watch?v=dzgMNLtLJ2k

It's not far left Kool Aid it is documented fact. Not to say that Friedman was not a smart guy who maybe came up with some good economic insight, but the behavior of many of the Chicago School economists in the 70's, helping foment coups against democratically elected leaders in Latin America is abhorrent and well documented.

[Bitcoinpro]

If that was the basis for a prediction for Bitcoin, I also though about building the freedom tower before the twin towers where blown apart by the oil cartels.

[tspacepilot]

Lol at many of the responses.  I saw this story on a newsfeed today and I was pretty impressed to hear it. 

[Solidchance]

MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.

They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.

Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.

+1 MF's theory was flawed at many levels

[retrend]

This documentary series he made 'Free to Choose' is enjoyable viewing.  

http://www.youtube.com/watch?v=f1Fj5tzuYBE

[hyunsookmom]

MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.

They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.

Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.

Ypu can't blame the concept of free markets on some destructive dictatorships in Latin America. Friedman was all about freedom and capitalism. It's a truism that you can't judge any system or belief by the worst atrocities of its proponents. That goes for Christianity, Capitalism and Cheese.


In all seriousness where would you rather live now, Argentina a booming capitalist nation or Venezuela a crumbling socialist one. 

[medUSA]

The interview seemed to show MF predicted that the Internet could accommodate an anonymous payment system, which is a very common view at the time. Nothing close to predicting a cryptocurrency such as bitcoin.

[mhmgs]

One thing is sure, Bitcoin is the future currency. But the bitcoin price is not predictable.

[tabnloz]

MF is synonymous with Chicago School of Economics, whose teachings and graduates were associated with many atrocities in the developing world back in the 70's eg Chile, Arg etc.

They preached a form of financial terrorism that destroyed economies all in the name of free markets, overthrowing democracies etc.

Its great that he had the foresight to see 'bitcoin' but he shouldn't be held up as an icon as to me, his legacy was destruction.

Ypu can't blame the concept of free markets on some destructive dictatorships in Latin America. Friedman was all about freedom and capitalism. It's a truism that you can't judge any system or belief by the worst atrocities of its proponents. That goes for Christianity, Capitalism and Cheese.


In all seriousness where would you rather live now, Argentina a booming capitalist nation or Venezuela a crumbling socialist one. 

Not blaming the concept but definitely blaming the implementation.

These 'destructive dictatorships' were advised and guided by Friedman and installed with his economic plan.. In Chile, Allende was assassinated and the junta operated on a blueprint devised by Friedman. For him, a democratically elected leader, functioning state owned industries, low unemployment and growing economies meant nothing. Implementing his free market theories were more important and for that he needed a clean slate. Never mind the murder, poverty and wealth destruction it took to try and achieve this.

And remember all his experiments failed. Chile, Argentina have never really recovered.

Im neither a socialist nor free market capitalist. Still, the facts remain that democratically elected governments were overthrown and economies ruined. Doesn't matter what you adhere to, this is wrong. Latin America was experiencing a period of sustained growth under many left leaning governments, something that was considered abhorrent by the US.

And for god's sake, Argentina is hardly a booming capitalist nation, unless by booming you mean 20%+ inflation, capital controls and unemployment. Don't try and frame the debate through description. What you are saying is that it is OK to destroy a country because in 30 years time even though it will still be a basketcase, it will be better to live there than an "crumbling" socialist state. But you also say don't judge any system by its bad proponents so you are contradicting yourself.






Inflation is estimated at between 20-30%, they have had numerous defaults in the past 20 years.