I think it is pretty funny that the popular thing to do now is for minor economists to write one paper after another explaining how Bitcoin will never work and will go away a failure.
I remember back in the old days noone even heard of it unless you were a complete geek. It was like trying to explain servlet frameworks to a non-programmer. Now we have Reuters and the Wall Street Journal publishing articles every week. As far as I am concerned just getting a single article published ever in the WSJ would be total victory, yet we have them coming out constantly. It's hilarious all these articles predict the doom of Bitcoin. Well, hello, wake up, we have already won.
Titles like "Bitcoin plunges below $100" make me laugh. I remember when Bitcoin first spiked to $30 and the first news articles appeared, all announcing what an absurd "bubble" it was and equating $30 to a bitcoin was just a crazy fad. Now, it "plunges" below $100, more proof that the crazy fad is over. I wonder if they will still be writing these articles when it "plunges" below $20,000?
Keep writing those articles. I need my chuckles.
Keynesians will be Keynesians. On a larger scale, when one goes to college you generally learn whatever is mainstream and practiced by the establishment in your chosen field. Naturally anything going against the grain will be met with opposition and even hostility. Unfortunately graduation is when many people stop learning. They're experts, equipped with the hubris that accompanies a degree... surely there is nothing more to learn... especially when their job at an establishment publication depends on it.
There are many who think they've missed the boat, proven by how low some are willing to stoop to grab cheap coins and increase their position at the expense of others. Just look at the amount of FUD over the Gox debacle and the effects. These are the same day traders who are content to lose money day in and day out, yet are quick to sell the second Gox proves incompetence. Where was that itchy trigger finger last year when Gox twice crashed the market, then repaired its trading engine? What have we learned about investing? What do we really understand about Bitcoin in the long term? Not much apparently.
Protip:
If Gox comes through this, it will have been the best accumulation opportunity in Bitcoin that I've seen thus far. And a good thing too, as the coins will be distributed from the weak hands once again, making the market more resilient in the future. God knows we're gonna need it.
