Krugman & Greenspan said: "Bitcoin is evil," and lacks "intrinsic value."

[salstimda]

cute how you call Paul Krugman a "puppet"

yes, he endorses keynes. thank god he does. many economists (especially in the US) are just rehashing Friedman's and Hayeks neoliberal thoughts, despite the fact that neoliberalism horribly failed and threw the world into a great depression just a few years ago. but people are so ignorant, they still think neoliberalism is the holy grail. well in fact i don't think they are ignorant, but greedy. they just want more and more and don't want to share a bit and don't care for anyone else. and they probably inherited alot of money for their parents. under these circumstances, it makes kind of sense to endorse neoliberalism instead of keynesianism.

Keynesianism relies upon the power of guns to control people. I agree that it is effective in achieving its results.


Some people have the crazy notion that freedom is better than slavery.

? this doesn't make any sense whatsoever. i think you don't even have the slightest clue what keynesianism is. or can you back up your statements with any arguments?

[Elwar]

? this doesn't make any sense whatsoever. i think you don't even have the slightest clue what keynesianism is. or can you back up your statements with any arguments?

Only via Krugman's sad arguments. He constantly refers to Bitcoin's flaw of not being backed by government/the power of guns.

Any economic system can work if you force people at the point of a gun to execute it (eg Communism/slave economies).

When people are free, other systems are used. And those do not involve Keynes' idea of centralized manipulation.

[salstimda]

? this doesn't make any sense whatsoever. i think you don't even have the slightest clue what keynesianism is. or can you back up your statements with any arguments?

Only via Krugman's sad arguments. He constantly refers to Bitcoin's flaw of not being backed by government/the power of guns.

Any economic system can work if you force people at the point of a gun to execute it (eg Communism/slave economies).

When people are free, other systems are used. And those do not involve Keynes' idea of centralized manipulation.

keynesianism was the era after the 2nd world war, up to the 70ies. it was the era of biggest prosperity and wealth increase in the recorded history. very high taxes for rich people. since about the 80ies we live in a neoliberal world. taxes for rich people got cut, banks started to make money by speculating and offering silly financial products like derivates and credit default swaps, hedge funds and locusts. the financial sector increased more than 20fold since the 80ies, compared to the real economy.

nothing of this has anything to do with pointing a gun at someone to execute it. this is just in your confused head. try to get your facts straight.

[pajo]

Fiat -  means "by decree", therefore bitcoin is not a fiat.
"Intrinsic value" is not limited to material things only. Equally, a service, as much as a material object, may have an value which is determined by market, therefore presently bitcoin has an intrinsic value.

[salstimda]

Fiat -  means "by force" therefore bitcoin is not a fiat.
"Intrinsic value" is not limited to material things only. Equally, a service, as much as a material object, may have an value which is determined by market, therefore presently bitcoin has an intrinsic value.

that is completely wrong. anyone else believing this nonsense? that would explain alot.

actuall fiat means: "let it become", "let it be done" or "it shall be"


also, you don't seem to understand what "intrinsic" means. what you are talking about is the extrinsic value. maybe this helps you a bit: https://en.wikipedia.org/wiki/Intrinsic

[justusranvier]

If Bitcoin wasn't being attacked by the likes of Krugman and Greenspan then it wouldn't be worthwhile.

The way you know you're doing good in the world is when people like that are opposed.

[salstimda]

If Bitcoin wasn't being attacked by the likes of Krugman and Greenspan then it wouldn't be worthwhile.

The way you know you're doing good in the world is when people like that are opposed.

Did you plagiarize that from FOX News?

[justusranvier]

FYI: You're trolling/shilling would be more effective if it was less obvious.

[salstimda]

FYI: You're trolling/shilling would be more effective if it was less obvious.

Again, only because someone might have a different opinion than you, doesn't make him a troll. Spamming: "TROLL! TROLL! TROLL!" without offering any argument is actually trolling.

[Mitchell]

[Adrian-x]

bitcoin will fail long term, it is just a fashion. When people will lose interest price will drop.

LOL, Bitcoin is like Pandora's box, I'm trying to lose interest.
You haven't looked under the hood if you think people are going to lose interest.
It's just so fascinating on so many levels, I'll lose interest when markets become 100% trust free, decentralised, and my social reputation becomes my biggest asset in a global community.
Once that fashion has run its course I'll be ready for a new one.

[Adrian-x]

Yeah sure, Bitcoin lacks intrinsic value just the USD lacks intrinsic value. The concepts are just mediums that function as tokens in terms of bartering.

Sure, one can say that USD has the backing of the US government and military force, but BTC has backing too. The community, set up markets, and use as a medium of exchange; not to mention its built-in protocol features such as a ledger/accounting system and double-spend prevention gives BTC a backing in and of itself.

We place value on intellectual design, and innovation. So therein lies BTC's value.

Inherent, innate, inborn, or natural all have the same connotations when we talk intrinsic value. Bitcoin has inherent, innate, inborn, natural or intrinsic properties that make useful, as a trust free decentralised medium of exchange or a unit of account that facilitates the function of a store of value.

To say "Yeah sure, Bitcoin lacks intrinsic value" is to overlook the meaning of intrinsic value.
Yeah sure, Bitcoin lacks physical malleability, but who cares, so does e-mail Skype and binary data. 

[leopard2]

According to this article Mr. Krugman and Mr. Greenspan once said: "Bitcoin is evil," and lacks "intrinsic value."
http://politix.topix.com/story/10429-in-math-we-trust-a-reply-to-krugmans-and-greenspans-bitcoin-bashing


What do you think?

did these old men notice that USD has got no intrinsic value since 1971 either? 

and speaking of bubbles ... ffffft, fffffffffffft, fffffffffffffffffffffffft ...

[nakaone]

arguing that keynesian economics is relying on guns is nothing but stupid. i almost spend all of my university career on postkeynesian/financial-keynesian economics. the pure school of keynes is nothing but an insight of how uncertainty is affecting an economy. i would pay shitloads to get keynes opinion on the bitcoin protocol, especially its potential to reduce uncertainty due to its deterministic structure.

krugman is neither a puppet, nor an idiot but he simply has as almost every economist parameters to rate something, which is totally fine. the problem with this article is that he has a total lack of the understanding of the protocol and in consequence is not capable of giving any estimations of the potential of bitcoin or the protocol in general. well he almost did the same with the internet.

he will regret this article when he understood what is behind bitcoin, maybe not on a macroeconomic level, but on a micro and mesoeconomic level.

[Elwar]

"Underpinning the value of the dollar is a combination of (a) the fact that you can use them to pay your taxes to the U.S. government, and (b) that the Federal Reserve is a potential dollar sink and has promised to buy them back and extinguish them if their real value starts to sink at (much) more than 2%/year" -Paul Krugman

He says it clearly that the value of the dollar is based upon the power of guns used to steal money from people and force people to use Federal Reserve Notes.

But you can argue what you wish. I have bitcoins. Reality will win out over keynesian religion.