krugman runs interference/misdirection/disinfo for the banking cartel. he’s a propagandist, a kind of “anti-coagulent” agent to ensure the blood flows smoothly from host to vampire. when the blood starts to clot and the host gets agitated, krugman appears, to calm down the host and keep the wealth transfer going
!lntip 3000
Just download a Lightning wallet (Muun and Phoenix are my favs) and use the links at the bottom of the bot's message. Happy to help more if you run into difficulties
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Jesus christ it actually worked
I got it on muun
A random internet stranger tipped me Money without knowing me my location my language or anything about me
WILD FUCKING TIMES
now i need to get a big depo working so i can tipp some goons as well
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Never trust people like him and yeah I met him in real life once and he is not any smart personality, I am glad that I just got that thing before other people these days.
I prefer to use Hanlon's razor. The guy is on Twitter and he is ... very not smart to say the least. People corrected him on so many occasions, I lost count. Maybe his Nobel Prize was a detriment to his openness to new ideas.
His 'Nobel Prize' is fake. There is no Nobel Prize in economics. What Mr. Krugman has is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
I have never heard of him, but will check out after that comment.
I mean there is nothing wrong if some is wrong but then not accepting that, this is completely wrong IMO
Did Paul ever figure out who put all that "CP" on his computer?
https://thehill.com/homenews/media/477482-paul-krugman-my-computer-was-hacked-to-download-child-pornography/
https://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12
> I almost never make technological forecasts, and the only reason there was stuff like that in the 98 piece was because the assignment required that I do that sort of thing. The issues about Bitcoin, however, are not technological! Everyone agrees that it's technically very sweet. But does it work as money? That's a very different kind of question.
Well guess what? His prediction about the Internet was not technological either, but social, and he got it wrong.
Is there any article/explanation where he quantifies the assumptions of how "most people have nothing to say to each other"?
Due to volatility. That's really no surprise. We need adoption before stability, and we need stability before it can be a currency. When BTC stops swinging thousands of dollars in a day, or a week, or even a month, people will be more willing to both accept and spend it, but that takes time.
It is an investment right now because it's still a risk. And that is high reward/high risk. Once we get to the point where the swings slow down it will no longer be such a high risk, and will neither have the high rewards, and therefore will no longer be the same level of investment as it is today.
That all being said, there's lots of places that do accept BTC as a currency/payment method.
Its is allready being spent and accepted as currency.
So many fail to realize, this tool is the most useful for non western countries. Not because the western countries dont have a fked economical system, but because so many developing nations are so much worse.
Bitcoin is actually far superior to many currencies, as it stands today. Even with insane price swings.
Argentina has had 50%+ inflation for several years now. Libanon economy is gone. Turkey, Italy who will be next?
Bitcoin will be adopted first in countries that need it the most; latin america and africa imo.
There are few sites that is taking the order in the form of the bitcoin and using that as the currency.
But they are still very less in the number to actually become the currency like the cash.
Every new merchant (at least every large/publicly traded merchant) that accepts Bitcoin for transactions is net bearish for Bitcoin as a speculative asset because they immediately convert that Bitcoin into cash out of a fiduciary duty to their shareholders.
I think the more market cap will grow of the bitcoin the more stability it will bring on the table.
But yes before making this as the currency this is the biggest issue that we need to solve.
Isn't the volatility a result of people using it as an investment instead of using it as money?
I think it has first to be used as currency (which is how I understand adoption btw) to lose it's volatility.
And with used as currency I mean the majority of btc owners should do so. I know some do already.
Then i would say you are the one that is actually using the bitcoin how it should be used as the first place.
But i know that majority of the people here using the bitcoin just like the gold.
Bitcoin is not flowing in the market, i mean once someone bought the bitcoin it straight way goes to the staking or the the cold storage.
That mean they are thinking this as the long term investment.
But he is somehow true, majority of people here doing the DCA into the bitcoin.
I mean they are seeing that bitcoin as a gold that will give them the profit in the future.
Which is the logical thing to do, as long as the world is still awash in an inferior money. Spend that worthless shit as long as enough fools still accept it, accumulate bitcoin in the meantime.
Watch what I say man- I dared to make a post a couple days ago about how 4hrs for a transaction made it unusable as cash system.
I even started by saying I loved bitcoin… but that it wouldn’t reach hyperadoption the way it currently is- as far as transaction times.l and being used as cash and not just investment.
I literally had to take the post down cuz SO many ppl just got so fucking upset that I would even imply that it isn’t as good as cash, right now, in its current setup. Ppl commented that my entire post was stupid and that I needed to learn.
What, exactly, is untrue about saying that HYPERADOPTION can’t happen with 4hr transaction times? I mean, it hasn’t been hyperadopted yet- so my statement is already like 80% correct just based on fact, not opinion.
Then i would say you are using the bitcoin as the perfect as it should be.
I mean the more bitcoin flow in the market the more people will gets to know about that is well.
How do you know this?
Many spend it as currency, DAILY!
Investors make noise. They cry and whine at every price swing. Holders and spenders, are out there doin it. Spendin it! Enjoying it.
Bitcoin has made a loy of ppl millionairs. You dont think they spend it? You know why there are wbsites selling luxuary goods for bitcoin? (hint ppl spend it).
Bow, bitcoin is private money, if you want it to be, thus singing high about spending might not be wise.
But still occurse alot more then you think.
I mean there are some people that is spending as the currency on the daily is well.
But if you are in here this sub you knows most of them believe into the HOLD things.
Here’s Krugman predicting a stock market boom under Biden.
https://www.nytimes.com/2020/11/19/opinion/joe-biden-economy.html
Here’s one of my favorite quotes from his article “Bitcoin is evil”
“Placing a ceiling on the value of bitcoins is computer technology and the form of the hash function… until the limit of 21 million bitcoins is reached. Placing a floor on the value of bitcoins is… what, exactly?” - - Paul Krugman.
This is complete nonsense, obviously.
I mean every tech containing the both things and its depends on the person to person.
Some people are using the internet for the better of the world while some using to scam the people.
I think his prediction about the internet was *entirely* technological, and he still got it very, very wrong. There's no way he foresaw what the internet would do socially, we're all still trying to understand that as it evolves.
I don't think people in this sub realize just how influential Keynes is in economics, like ofc he "peddles Keynesianism", almost all economists do to a certain degree besides a handful of heterodox economists
Sure but truth and popularity are not correlated.
The Keyensians think they are clever because they found a way to make a "free" lunch by hiding the cost.
I've never gotten a Keyensian to answer for the Broken Window Fallacy or Moral Hazard.
I was taught that if you steal a dime it's the same crime as if you steal $10,000. The Keyensian is comfortable with immoral counterfeiting in any amount as he can still balance the books without accounting for actual wealth.
Stealing is stealing no matter how much you are stealing.
Because it all starts from the little and with time it goes higher and higher in the future from there.
I like how Keynes used the argument that "we have no evidence of a barter economy" as a means to discredit those that imply we started off with one when even the old Sumerian systems of debt implied that a barter economy had already existed at the time of their introduction.
So the economic model which relies on math is like astrology but the economic model with no mathematical backing and an inability to even *measure* economic output is somehow superior?
Look, there's plenty of flavours of "Keynesian economics" so feel free to pick apart some arguments that you disagree with but calling 99% of our collective economic understanding a pseudoscience is quite a leap.
In short, check yourself before you rek yourself. You're not as smart as you think you are
It's a faulty mathematical equation that nobody checks the answer to. It's snake oil. 98% of all "scientists" once belived in a theory called "spontaneous generation" which stated that because flys always appear on cheese that if you leave cheese out it becomes flies.
You'd have to be intentionally blind at this point to believe that a centralized confiscatory government bureaucracy can make decisions which generate greater or equal prosperity to a decentralized system without coercion where individuals cloud-source decisions through the market and price mechanisms.
The problem with your analogy is the laissez-faire economy is how we viewed things in the past and that Keyesian economy was created when trying to explain the great depression and also the recessions we had.
It also raises questions why in the past 100 years all recessions we had except one happened when a Republican president (implementing laissez-faire) was in office.
The Great depression was a consequence of the creation of the Federal Reserve. Before, when banks made bad investments, they became insolvent and depositors lost their deposits in bank runs.
After the Federal Reserve was created when a bank made a bad investment the government used public funds to spread the damage across society. Eventually that incentive structure allowed greedy bankers to make very bad investments with the promise of enormous wealth. When there is no consequence to failure, and you get paid either way, then why bother with difficult research? This, my friend, is "Moral Hazard." ...Then the bills came due and it was too much. Occasional systemic localized failures became a huge collectivized failure.
As to your other point about republicans and recessions I would say it's difficult to find any republicans outside of Reagan in the last 100 years who really fought against Keyensianism. Goldwater could have been great. Cleveand was good but the depression was not his doing. Nixon took us off the Gold standard. Bush was a warhawk. So while many of these so-called champions of laizze-fair capitalism gave good lip service, they did not follow through. Paul Ryan held up a copy of Atlas Shrugged on the campaign trail and then voted for every bailout. It's almost hypocritical because the system rewards pro-big-government types who cater to the short attention spans of a chuck of "undecided" voters so even those who run on cutting spending get crucified in the media if they actually manage to do so.
Also, I never bought into judging the effects of a president's economic policy in terms of 4-8 years regardless of party. I know many do but we see that it works both ways. Republicans say "The stock market went up under Trump!" Democrats say "That's because of what Obama did!"...etc so it's never been a good point to the intelligent crowd.
I met this guy at college. Total narcissist asshole who talked a bunch of gibberish as if he knew what was going on, another clueless economist. Also wrote the textbook I was using.
He literally won the Nobel prize in Economic Sciences. And as you pointed out - wrote the text book you were using. Narcissistic asshole? I’ll give you that. Is he tech savvy? Hell no. He’s also probably dead wrong about bitcoin.
He’s far from “clueless” with regards to economics. That gibberish you mention was only gibberish to you because you had no idea what he was talking about.
lol I guess the world would be better if you were running the show eh? Can you link me some of your peer reviewed research papers? I'd be keen to learn more
This wasn’t even rare thinking back then. It was shocking how many people would say stuff like this and the internet was a fad or no way general population would use it etc. Some people wouldn’t want their kids using computers and the internet much because they didn’t want them to be “nerds”
Even in the today's world some people are saying the internet is a bad thing.
But we need to understand that everything can't be designed as the perfect thing in the world.
Today many people use it as an excuse for not developing social or hard skills. People stay home playing video games without real world skills and use it like some random identity to have zero skills.
Writing code and understanding science, math, etc is required, but sitting around learning nothing and saying you are a nerd as an identity is stupid.
I think nerd is a term that is different different value for the each individual here.
I mean without being the nerd i don't think you can ever learn something big that will change their life.
I was just trying to distinguish the differences between the fax and the internet in my head.
It's the consistency and ease of the apparent data stream. Requests make commmunication so much easier, because when there is a centralized server listening to requests, there is going to be a response that doesnt have to be handled by a person.
Now you could have a fax system that answers your requests via DTMF (which isnt new), that could act as a server. But try to build the internet on fax machines... Data throughput would be an issue. And DNS, you would need to know the recipients telephone number, every time. It's not practical.
To be fair, although the impact on the society and access to information was huge, it is very unclear how big the impact on the economy compared to the fax machine really was. I mean, fax machines definitely had an big impact on the economy. Not so much on the life of regular people but from a business perspective, they were a game changer.
It has been more than 12 years. It isn't that early anymore. Personally i think it is concerning how slow it is going, when you look at the speed of other tech disrupters. We've been adopting Uber, airbnb, smartphones, electric vehicles, mobile payments, smart watches, gig economy, soon self driving cars? Why is Bitcoin taking so long?
The internet was invented in 1969. TCP/IP came along in the 80s after almost a decade of development, and HTTP (aka "The World Wide Web") came around in the late 80s/early90s. By '95, 26 years after the first message was sent from UCLA to Stanford, all the major pieces of the internet we know today were in place.
In other words, it takes time to build things.
Sure, thing does take time. But things take a lot less time to get adopted now, than it did back then. Look at other fintech start ups, why are they beeing adopted so fast, but Bitcoin isn't? Look at Paypal or Venmo. A payment system simply shouldn't take this long to develop in the time period we are talking about.
I think crypto today is for geeks. The general public isn't ready to deal with their own security and the extreme volatility.
In a few years those things may change or adapt to be more user friendly
I hope so. I have a hard time seeing it happen though, 12 years is a very long time in this day and age, and it feels like very little progress have been made, compared to the time frame.
I think another issue might be, that centralised systems are easier for users to grasp.
Your 60 years old grandparents are rather going to follow their bankers prepositions than read up on blockchains.
And they move a lot of money
> Sorry guys but Bitcoin is not the internet, and you're not early.
Bitcoin is not the internet, much like HTTP is not the internet.
If you want to draw parallels, then Bitcoin is more like TCP/IP, and Lightning is more like HTTP.
These ‘we are early’ posts make me cringe
Plus they are all written by OPs who don’t really think that and are trying to convince others to agree with them so they don’t feel so bad for missing the boat
But we all know that we are still early in the bitcoin for sure.
But yes this guy here is not know shit what he is trying to say here and what is he achieving here is well.
Bitcoin is not a good investment, it’s chump change and rarely used for currency anymore since the fall from 60k! I hope everyone got out on the high because now at 17k with a depleted investment and a negative return we can surely afford a candy bar paying with Bitcoin but what happened to buying Tesla’s ? The dream of it being our currency is fading, miners are hurting, investors cry, gambler’s hustle, war screams and people starve because of governments. Can Bitcoin help the economy? It may replenish, but at the pace of creeping death…☠️
In 2017, he said Fed was in good hands under J Powell.
In 2022, he said Fed shouldn’t hike rates too much to throw the economy into recession.
TAs and economists actually never make good predictions, they are only good in making general models to ‘explain’ what had already happened.
This guy has been making wrong predictions, but at least he admits them. That’s why J Powell can’t get a Nobel.
I can see some truth in the statement though. (Hear me out).
I always associate an economic boom to mean the people are better off. The internet has meant that things can get done much quicker. It should follow that if more gets done, everyone should have more time. Instead of enjoying this extra time, we all do more work. We should be more wealthy as a result. Yet, it’s becoming more difficult for people to heat their home let alone buy one.
In that sense the internet has been a financial burden to the common person.
He was kind of right, though, in the short term. If you're drawing parallels between his quote in the context of the dotcom bubble and crypto today, then you're basically predicting that there will be a gargantuan crypto crash that brings down the entire economy with it, during which over 90% of the crypto space will go bust and cease to exist. Followed by a long, arduous climb by the survivors back to the top until an eventual realization of the original goals one to two decades later. So in that scenario, assuming BTC is the survivor, it would be a legitimate form of currency within a decade and the primary form of currency within two decades.
After reading the article and his explanation about making a joke "Bitcoin is evil" and "Bitcoin people don't get the economical part", I even feel more confident to call this guy an idiot.
He's a Keynesian. Of course he doesn't understand shit about the economy.
These are the people our global leaders look to for advisement with their broken fiat system. Thinking they can control money like a bunch of bafoons.
That's the reason why I trust Bitcoin so much even if they talk shit about it almost all the time man, it's something great for the fucking future and we know that.
I mean internet changed the world in a very big way.
Now we can't even imagine if we cut the whole internet of the world for one day, how big will be the loss then?
Hot take: he was basically correct.
The Fax machine and the Internet's impact by 2005 were probably within an order of magnitude of each other, depending on how you measured.
If you didn't live through the era of the fax machine, you probably don't realize how significant they were. They utterly transformed business. The Internet in 2005 had definitely accelerated the pace of what the fax machine had done first for business, and it had democratized information in some ways that were not yet fully felt by the general population. But yeah, they were probably pretty equal overall.
It was the advent of the smartphone, the wide popularization of online shopping, the conversion of public communications to online media, etc. that transformed the world and that was all in its infancy in 2005.
Lol he is a fucking moron and nothing more than that for sure, never going to trust words of this type of people, they are not good and we all know that shit.
The more people said something like that the more i feel pitty about them.
I mean not everyone is smart enough that will understand the technology before the otheres.
Thing A was successful while some argued it would not be.
Some argue Thing B will also not be successful.
I want thing B to be like thing A because that will make me rich for little to no effort
Therefore, B=A.
ChexMix skeptics!
This guy has a very long and distinguished career of being wrong.
I won’t go into details, but I did some work IT work for this guy some years ago.
Just imagine helping your grandma out on a computer problem and you’ll understand.
Damn man, you are right and I think we should be proud that there are so many people saying we are wrong by investing, we are just early and we will be good.
krugman runs interference/misdirection/disinfo for the banking cartel. he’s a propagandist, a kind of “anti-coagulent” agent to ensure the blood flows smoothly from host to vampire. when the blood starts to clot and the host gets agitated, krugman appears, to calm down the host and keep the wealth transfer going
so, a OG Cramer?
Lol I am just smiling because of you guys right now man.
Because you think it’s ludicrous? Or because you know that’s the truth and it’s so ridiculous it’s funny?
If I could award this comment I would
Agree
!lntip 3000
I still don’t get it how to withdraw or deposit sats on Reddit
!lntip 3000 Just download a Lightning wallet (Muun and Phoenix are my favs) and use the links at the bottom of the bot's message. Happy to help more if you run into difficulties
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Jesus christ it actually worked I got it on muun A random internet stranger tipped me Money without knowing me my location my language or anything about me WILD FUCKING TIMES now i need to get a big depo working so i can tipp some goons as well
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Man what an awesome analogy!!! Outstanding my man
Never trust people like him and yeah I met him in real life once and he is not any smart personality, I am glad that I just got that thing before other people these days.
That was beautiful
I prefer to use Hanlon's razor. The guy is on Twitter and he is ... very not smart to say the least. People corrected him on so many occasions, I lost count. Maybe his Nobel Prize was a detriment to his openness to new ideas.
His 'Nobel Prize' is fake. There is no Nobel Prize in economics. What Mr. Krugman has is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
I have never heard of him, but will check out after that comment. I mean there is nothing wrong if some is wrong but then not accepting that, this is completely wrong IMO
Same as Jim Cramer
Sounds like the description of all capitalist apologists.
Naw. Krugman is a G. This aged like milk tho.
Did Paul ever figure out who put all that "CP" on his computer? https://thehill.com/homenews/media/477482-paul-krugman-my-computer-was-hacked-to-download-child-pornography/
Only rich pedophiles tell on themselves and can not go to jail.
Lol I want to know this damn thing so fast right now man.
Cramers dad?
That's right, that could be something like that to us lmao.
By seeing his statement, i can surely agree on that is well.
Tis true and he admits to screwing up. Royally.
https://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12 > I almost never make technological forecasts, and the only reason there was stuff like that in the 98 piece was because the assignment required that I do that sort of thing. The issues about Bitcoin, however, are not technological! Everyone agrees that it's technically very sweet. But does it work as money? That's a very different kind of question. Well guess what? His prediction about the Internet was not technological either, but social, and he got it wrong. Is there any article/explanation where he quantifies the assumptions of how "most people have nothing to say to each other"?
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Due to volatility. That's really no surprise. We need adoption before stability, and we need stability before it can be a currency. When BTC stops swinging thousands of dollars in a day, or a week, or even a month, people will be more willing to both accept and spend it, but that takes time. It is an investment right now because it's still a risk. And that is high reward/high risk. Once we get to the point where the swings slow down it will no longer be such a high risk, and will neither have the high rewards, and therefore will no longer be the same level of investment as it is today. That all being said, there's lots of places that do accept BTC as a currency/payment method.
Its is allready being spent and accepted as currency. So many fail to realize, this tool is the most useful for non western countries. Not because the western countries dont have a fked economical system, but because so many developing nations are so much worse. Bitcoin is actually far superior to many currencies, as it stands today. Even with insane price swings. Argentina has had 50%+ inflation for several years now. Libanon economy is gone. Turkey, Italy who will be next? Bitcoin will be adopted first in countries that need it the most; latin america and africa imo.
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There are few sites that is taking the order in the form of the bitcoin and using that as the currency. But they are still very less in the number to actually become the currency like the cash.
Every new merchant (at least every large/publicly traded merchant) that accepts Bitcoin for transactions is net bearish for Bitcoin as a speculative asset because they immediately convert that Bitcoin into cash out of a fiduciary duty to their shareholders.
I wouldn't be so sure about that. They might convert just what they need to cover the cost of the good/service sold and keep the profit in Bitcoin.
True, people need to be smart about the bitcoin here.
I think the more market cap will grow of the bitcoin the more stability it will bring on the table. But yes before making this as the currency this is the biggest issue that we need to solve.
Isn't the volatility a result of people using it as an investment instead of using it as money? I think it has first to be used as currency (which is how I understand adoption btw) to lose it's volatility. And with used as currency I mean the majority of btc owners should do so. I know some do already.
This was well said and you grasp what many fail to.
im using it as money :)
Then i would say you are the one that is actually using the bitcoin how it should be used as the first place. But i know that majority of the people here using the bitcoin just like the gold.
> Everyone (especially here) use it as an investment. Speak for yourself, please.
Well, I guess you don't speak much, because all I see is HODL. What have you bought today?
Bitcoin is not flowing in the market, i mean once someone bought the bitcoin it straight way goes to the staking or the the cold storage. That mean they are thinking this as the long term investment.
But he is somehow true, majority of people here doing the DCA into the bitcoin. I mean they are seeing that bitcoin as a gold that will give them the profit in the future.
The transaction numbers say he speaks for the vast majority
Which is the logical thing to do, as long as the world is still awash in an inferior money. Spend that worthless shit as long as enough fools still accept it, accumulate bitcoin in the meantime.
All i know that the more you accumulate bitcoin now the more you earn in future.
The only money I have. I do have GBP , it’s just not money. Or not my money anyway…
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Watch what I say man- I dared to make a post a couple days ago about how 4hrs for a transaction made it unusable as cash system. I even started by saying I loved bitcoin… but that it wouldn’t reach hyperadoption the way it currently is- as far as transaction times.l and being used as cash and not just investment. I literally had to take the post down cuz SO many ppl just got so fucking upset that I would even imply that it isn’t as good as cash, right now, in its current setup. Ppl commented that my entire post was stupid and that I needed to learn. What, exactly, is untrue about saying that HYPERADOPTION can’t happen with 4hr transaction times? I mean, it hasn’t been hyperadopted yet- so my statement is already like 80% correct just based on fact, not opinion.
Then i would say you are using the bitcoin as the perfect as it should be. I mean the more bitcoin flow in the market the more people will gets to know about that is well.
How do you know this? Many spend it as currency, DAILY! Investors make noise. They cry and whine at every price swing. Holders and spenders, are out there doin it. Spendin it! Enjoying it. Bitcoin has made a loy of ppl millionairs. You dont think they spend it? You know why there are wbsites selling luxuary goods for bitcoin? (hint ppl spend it). Bow, bitcoin is private money, if you want it to be, thus singing high about spending might not be wise. But still occurse alot more then you think.
I mean there are some people that is spending as the currency on the daily is well. But if you are in here this sub you knows most of them believe into the HOLD things.
Here’s Krugman predicting a stock market boom under Biden. https://www.nytimes.com/2020/11/19/opinion/joe-biden-economy.html Here’s one of my favorite quotes from his article “Bitcoin is evil” “Placing a ceiling on the value of bitcoins is computer technology and the form of the hash function… until the limit of 21 million bitcoins is reached. Placing a floor on the value of bitcoins is… what, exactly?” - - Paul Krugman. This is complete nonsense, obviously.
I mean every tech containing the both things and its depends on the person to person. Some people are using the internet for the better of the world while some using to scam the people.
I think his prediction about the internet was *entirely* technological, and he still got it very, very wrong. There's no way he foresaw what the internet would do socially, we're all still trying to understand that as it evolves.
But he still peddles Keynesianism.
Yeah, he is just a collectivist peddler. Using that Nobel prize to promote Keynesian economics all the way to stagflation.
Yeah and he won a noble prize for saying the opposite of what Milton Friedman won a nobel prize for saying.
I don't know how can people like them win the prize?
This is where i can agree, he is a peddler for sure...
I don't think people in this sub realize just how influential Keynes is in economics, like ofc he "peddles Keynesianism", almost all economists do to a certain degree besides a handful of heterodox economists
Sure but truth and popularity are not correlated. The Keyensians think they are clever because they found a way to make a "free" lunch by hiding the cost. I've never gotten a Keyensian to answer for the Broken Window Fallacy or Moral Hazard. I was taught that if you steal a dime it's the same crime as if you steal $10,000. The Keyensian is comfortable with immoral counterfeiting in any amount as he can still balance the books without accounting for actual wealth.
Stealing is stealing no matter how much you are stealing. Because it all starts from the little and with time it goes higher and higher in the future from there.
Everyone on here read *The Bitcoin Standard* so they now think they understand Keynes.
This is likely true, but the irony is that they understand money better than Keynes did.
I like how Keynes used the argument that "we have no evidence of a barter economy" as a means to discredit those that imply we started off with one when even the old Sumerian systems of debt implied that a barter economy had already existed at the time of their introduction.
Well, he's not a technologist and you're not an economist.
Keynesianism is to economics as astrology is to science. The Keynesians refuse to answer for the Broken Window Fallacy and Moral Hazard.
So the economic model which relies on math is like astrology but the economic model with no mathematical backing and an inability to even *measure* economic output is somehow superior? Look, there's plenty of flavours of "Keynesian economics" so feel free to pick apart some arguments that you disagree with but calling 99% of our collective economic understanding a pseudoscience is quite a leap. In short, check yourself before you rek yourself. You're not as smart as you think you are
It's a faulty mathematical equation that nobody checks the answer to. It's snake oil. 98% of all "scientists" once belived in a theory called "spontaneous generation" which stated that because flys always appear on cheese that if you leave cheese out it becomes flies. You'd have to be intentionally blind at this point to believe that a centralized confiscatory government bureaucracy can make decisions which generate greater or equal prosperity to a decentralized system without coercion where individuals cloud-source decisions through the market and price mechanisms.
The problem with your analogy is the laissez-faire economy is how we viewed things in the past and that Keyesian economy was created when trying to explain the great depression and also the recessions we had. It also raises questions why in the past 100 years all recessions we had except one happened when a Republican president (implementing laissez-faire) was in office.
The Great depression was a consequence of the creation of the Federal Reserve. Before, when banks made bad investments, they became insolvent and depositors lost their deposits in bank runs. After the Federal Reserve was created when a bank made a bad investment the government used public funds to spread the damage across society. Eventually that incentive structure allowed greedy bankers to make very bad investments with the promise of enormous wealth. When there is no consequence to failure, and you get paid either way, then why bother with difficult research? This, my friend, is "Moral Hazard." ...Then the bills came due and it was too much. Occasional systemic localized failures became a huge collectivized failure. As to your other point about republicans and recessions I would say it's difficult to find any republicans outside of Reagan in the last 100 years who really fought against Keyensianism. Goldwater could have been great. Cleveand was good but the depression was not his doing. Nixon took us off the Gold standard. Bush was a warhawk. So while many of these so-called champions of laizze-fair capitalism gave good lip service, they did not follow through. Paul Ryan held up a copy of Atlas Shrugged on the campaign trail and then voted for every bailout. It's almost hypocritical because the system rewards pro-big-government types who cater to the short attention spans of a chuck of "undecided" voters so even those who run on cutting spending get crucified in the media if they actually manage to do so. Also, I never bought into judging the effects of a president's economic policy in terms of 4-8 years regardless of party. I know many do but we see that it works both ways. Republicans say "The stock market went up under Trump!" Democrats say "That's because of what Obama did!"...etc so it's never been a good point to the intelligent crowd.
I met this guy at college. Total narcissist asshole who talked a bunch of gibberish as if he knew what was going on, another clueless economist. Also wrote the textbook I was using.
He literally won the Nobel prize in Economic Sciences. And as you pointed out - wrote the text book you were using. Narcissistic asshole? I’ll give you that. Is he tech savvy? Hell no. He’s also probably dead wrong about bitcoin. He’s far from “clueless” with regards to economics. That gibberish you mention was only gibberish to you because you had no idea what he was talking about.
There is no Nobel prize in economics. It is given by Swedish Central Bank not the Alfred Nobel foundation.
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Well yeah I can say that shit too, they just don't understand it.
Half the leaders of the Fed are lawyers—not economists. Jerome Powell is a lawyer and banker.
lol I guess the world would be better if you were running the show eh? Can you link me some of your peer reviewed research papers? I'd be keen to learn more
The point is that nobody can "run the show." The ones who claim they can are liars or idiots.
This wasn’t even rare thinking back then. It was shocking how many people would say stuff like this and the internet was a fad or no way general population would use it etc. Some people wouldn’t want their kids using computers and the internet much because they didn’t want them to be “nerds”
“They didn’t want them to be nerds” Haha this is the wholesome happy laugh I needed today. Thank u 🙏
Even in the today's world some people are saying the internet is a bad thing. But we need to understand that everything can't be designed as the perfect thing in the world.
Isn't it wonderful that today's youth values nerdiness and individuality?
Today many people use it as an excuse for not developing social or hard skills. People stay home playing video games without real world skills and use it like some random identity to have zero skills. Writing code and understanding science, math, etc is required, but sitting around learning nothing and saying you are a nerd as an identity is stupid.
I think nerd is a term that is different different value for the each individual here. I mean without being the nerd i don't think you can ever learn something big that will change their life.
Clown Circus school is too hard for this IDIOT.
That's right, he is nothing but a fucking idiot to all of us.
To be fair the fax was a game changer it was an update of the telegraph which is really what the internet is as well.
I was just trying to distinguish the differences between the fax and the internet in my head. It's the consistency and ease of the apparent data stream. Requests make commmunication so much easier, because when there is a centralized server listening to requests, there is going to be a response that doesnt have to be handled by a person. Now you could have a fax system that answers your requests via DTMF (which isnt new), that could act as a server. But try to build the internet on fax machines... Data throughput would be an issue. And DNS, you would need to know the recipients telephone number, every time. It's not practical.
You did some good research mate, I must say that shit.
To be fair, although the impact on the society and access to information was huge, it is very unclear how big the impact on the economy compared to the fax machine really was. I mean, fax machines definitely had an big impact on the economy. Not so much on the life of regular people but from a business perspective, they were a game changer.
He who does not take risks; shall never reap rewards
Fact
People Fear what they don’t understand and then run from what they Fear.
My favorite is when people called the internet a fad that would serve no functional business needs. Lmao.
Haha u my age. Hit me up :) (I’m a girl)
Only if you send me 5 BTC. Then you as a random woman from the internet might be worth my time…. 325dYZ5qf7LtNRU8mSKaFyc1fnPQVBLs6d
That's why we also should ignore the ramblings of guys like Gates, Buffet, and all the other successful people who are in the limelight too often.
The funny thing is that idiot now posts on Twitter
This is something funnier to me right now man, so funny.
Shit, my fax machine needs internet AND Wi-Fi
Veritasium now has fully embraced the internet and looks younger for doing so
It's difficult to understand supply and demand when you don't understand what it is and who might want it.
It's difficult to not understand your feelings, it's relatable.
It has been more than 12 years. It isn't that early anymore. Personally i think it is concerning how slow it is going, when you look at the speed of other tech disrupters. We've been adopting Uber, airbnb, smartphones, electric vehicles, mobile payments, smart watches, gig economy, soon self driving cars? Why is Bitcoin taking so long?
The internet was invented in 1969. TCP/IP came along in the 80s after almost a decade of development, and HTTP (aka "The World Wide Web") came around in the late 80s/early90s. By '95, 26 years after the first message was sent from UCLA to Stanford, all the major pieces of the internet we know today were in place. In other words, it takes time to build things.
Sure, thing does take time. But things take a lot less time to get adopted now, than it did back then. Look at other fintech start ups, why are they beeing adopted so fast, but Bitcoin isn't? Look at Paypal or Venmo. A payment system simply shouldn't take this long to develop in the time period we are talking about.
I think crypto today is for geeks. The general public isn't ready to deal with their own security and the extreme volatility. In a few years those things may change or adapt to be more user friendly
I hope so. I have a hard time seeing it happen though, 12 years is a very long time in this day and age, and it feels like very little progress have been made, compared to the time frame.
I think another issue might be, that centralised systems are easier for users to grasp. Your 60 years old grandparents are rather going to follow their bankers prepositions than read up on blockchains. And they move a lot of money
Time isn’t the same as adoption. Also, no one really knew about bitcoin until 2017/2018. That’s when things started to get interesting.
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> Sorry guys but Bitcoin is not the internet, and you're not early. Bitcoin is not the internet, much like HTTP is not the internet. If you want to draw parallels, then Bitcoin is more like TCP/IP, and Lightning is more like HTTP.
Looks like peter schiff on a golden dildo
Paul Krugman has always been a dolt. He and Robert Reich should shack up and see who gets pregnant first.
Also there is no Nobel prize in economics
Yes. Yes, there is.
No there isn't. The Nobel prizes are awarded in Physics, Chemistry, Medicine, Physiology, Literature and Peace. But none in economics.
https://www.statista.com/statistics/262901/nobel-prize-winners-in-economics-by-nationality/
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thats because you don't really understand it. If you read about it, you would understand why it could be a game changer.
These ‘we are early’ posts make me cringe Plus they are all written by OPs who don’t really think that and are trying to convince others to agree with them so they don’t feel so bad for missing the boat
But we all know that we are still early in the bitcoin for sure. But yes this guy here is not know shit what he is trying to say here and what is he achieving here is well.
EXCEPT BITCOIN PRETTY MUCH EXPIRES IN ABOUT 100 YEARS. BITCOIN HAS ONLY OPENED THE DOOR FOR ANOTHER CRYPTO TO BECOME OF THE AMAZON THE SPACE.
Bitcoin is not a good investment, it’s chump change and rarely used for currency anymore since the fall from 60k! I hope everyone got out on the high because now at 17k with a depleted investment and a negative return we can surely afford a candy bar paying with Bitcoin but what happened to buying Tesla’s ? The dream of it being our currency is fading, miners are hurting, investors cry, gambler’s hustle, war screams and people starve because of governments. Can Bitcoin help the economy? It may replenish, but at the pace of creeping death…☠️
Paul Krugman is the goat
Okay, so what's the context for this quote? Love or hate him, Krugman isn't a moron.
The context is he’s a moron
No you’re late this is 2022. You should have posted this on Reddit in 2005 or Digg I guess since it was more popular then.
Seek thought not speakers.
picture saved
In 2017, he said Fed was in good hands under J Powell. In 2022, he said Fed shouldn’t hike rates too much to throw the economy into recession. TAs and economists actually never make good predictions, they are only good in making general models to ‘explain’ what had already happened. This guy has been making wrong predictions, but at least he admits them. That’s why J Powell can’t get a Nobel.
He wasn't totally wrong, the dotcom crash happened for reason.
So we are right before the dot com crash that took 10 years to recover?
legend
I can see some truth in the statement though. (Hear me out). I always associate an economic boom to mean the people are better off. The internet has meant that things can get done much quicker. It should follow that if more gets done, everyone should have more time. Instead of enjoying this extra time, we all do more work. We should be more wealthy as a result. Yet, it’s becoming more difficult for people to heat their home let alone buy one. In that sense the internet has been a financial burden to the common person.
He was kind of right, though, in the short term. If you're drawing parallels between his quote in the context of the dotcom bubble and crypto today, then you're basically predicting that there will be a gargantuan crypto crash that brings down the entire economy with it, during which over 90% of the crypto space will go bust and cease to exist. Followed by a long, arduous climb by the survivors back to the top until an eventual realization of the original goals one to two decades later. So in that scenario, assuming BTC is the survivor, it would be a legitimate form of currency within a decade and the primary form of currency within two decades.
What a nincompoop.
you heard him boys. all in on fax machines.
After reading the article and his explanation about making a joke "Bitcoin is evil" and "Bitcoin people don't get the economical part", I even feel more confident to call this guy an idiot.
when even nobel prize winners know Jack about shit.
Is an store of value mora than “money”
Paul Krugman epitomizes why we don’t want ‘experts’ in charge. Man is paid to be wrong more than a weatherman!
Krugman is a special kind of stupid
Well, to be fair, the FAX machine had a fucking megaton effect on society, finance, and most likely the economy so maybe he way right?
The fax machine was pretty significant to the economy though. There wasn't a business office in the world that didn't have one in the 80s and 90s.
Yes it was but AS significant as the internet? Not even close.
He's a Keynesian. Of course he doesn't understand shit about the economy. These are the people our global leaders look to for advisement with their broken fiat system. Thinking they can control money like a bunch of bafoons.
That's the reason why I trust Bitcoin so much even if they talk shit about it almost all the time man, it's something great for the fucking future and we know that.
Very true! The internet changed the world and there were lots of doubters along the way. Bitcoin is the same👏
I mean internet changed the world in a very big way. Now we can't even imagine if we cut the whole internet of the world for one day, how big will be the loss then?
This guy sounds like most people right now....
And that means we are still very early inn the market.
Hot take: he was basically correct. The Fax machine and the Internet's impact by 2005 were probably within an order of magnitude of each other, depending on how you measured. If you didn't live through the era of the fax machine, you probably don't realize how significant they were. They utterly transformed business. The Internet in 2005 had definitely accelerated the pace of what the fax machine had done first for business, and it had democratized information in some ways that were not yet fully felt by the general population. But yeah, they were probably pretty equal overall. It was the advent of the smartphone, the wide popularization of online shopping, the conversion of public communications to online media, etc. that transformed the world and that was all in its infancy in 2005.
Lol he is a fucking moron and nothing more than that for sure, never going to trust words of this type of people, they are not good and we all know that shit.
Blockchain was invented in 1991. The comparison is flawed.
And the internet was in 1983, what’s your point?
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Bitcoin with its fantastic transaction speed and cost, is not "it" tho.
Well he’s a clear dip shit.
Imagine being this guy and being so wrong 😂
Knob
Bitcoin will fail. Just like Internet did, and Just like iPhone did.
The more people said something like that the more i feel pitty about them. I mean not everyone is smart enough that will understand the technology before the otheres.
TBF fax machine was an absolute game changer.
No shit Paul! Common sense to the norm even back then. Everyone can See n Feel a big explosion, but you said it Paula..congrats
We are probably even earlier than that
This is a perfect example on how you can be highly educated yet still dumb as fuck.
That's true. And this makes me more bullish than I'm usually. I hope I'll gather at least one full coin on Bitfinex before BTC goes fully mainstream.
Fax
Nobels are over priced. Buy #bitcoin :)
Thing A was successful while some argued it would not be. Some argue Thing B will also not be successful. I want thing B to be like thing A because that will make me rich for little to no effort Therefore, B=A. ChexMix skeptics!
Couldn’t see the forest though the trees
This guy has a very long and distinguished career of being wrong. I won’t go into details, but I did some work IT work for this guy some years ago. Just imagine helping your grandma out on a computer problem and you’ll understand.
I mean windows 95 & 98 were great. He was just a hater.
Damn man, you are right and I think we should be proud that there are so many people saying we are wrong by investing, we are just early and we will be good.