Paul Archives - Page 2 of 33 -
Wanna see Logan Paul throw fists at his brother, Jake Paul?? Well, better hope for a crappy Thanksgiving in the Paul household. Logan tells TMZ Sports the ONLY way he’ll step in the ring with his YouTube star little brother is if the two have…
Jake Paul ain’t just training for his superfight with YouTube star Deji by pummeling his friends in his living room boxing ring … he tells TMZ Sports he’s getting LEGIT coaching from ”Sugar” Shane Mosley too! We got the Internet sensation…
When President Trump was taking all kinds of flak after his meeting with Vladimir Putin last month, one of his most vocal defenders was Rand Paul, who praised the president for working to “prevent us from having World War III,” per CBS News . On Monday, the Kentucky senator engaged in…
Paul Krugman, the famed economist who’s made a career out of being wrong about things, is wrong again. That in itself is no more surprising than the fact that his latest op-ed takes aim at his favorite bête noire – bitcoin. The surprising part is that Krugman has resorted to the same hackneyed arguments he always uses to attack cryptocurrency. It’s an odd decision from such a learned scholar when there are far more lethal lines of attack for a crypto sceptic to take.
Krugman Swings and Misses
In 1998 Paul Krugman famously predicted: “By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” On the rise of communication networks (read social media) he said they’ll fail because: “most people have nothing to say to each other”. Now he is at it again, but with Bitcoin.
“Beware that, when fighting monsters, you yourself do not become a monster,” Nietzsche warned, “for when you gaze long into the abyss, the abyss gazes also into you.” Bitcoin is Paul Krugman’s monster, and despite having swung at it repeatedly over the years, he’s yet to strike a meaningful blow. In an op-ed published in the NYT today, Krugman outlines, for the umpteenth time, why he’s a crypto cynic.
Cynics, for all their doom and gloom, are a welcome antidote to the mindless euphoria, shilling, and moon predictions that pervade the crypto space. Paul Krugman, therefore, is perfectly entitled to take issue with bitcoin. But why has he chosen to attack the very things that make bitcoin so appealing? It’s astonishing how many times someone can be wrong in the course of a single article – and one penned by a Distinguished Professor of Economics, no less. Either Paul Krugman is the world’s subtlest troll or he’s the world’s most benighted professor of economics.
Paul Krugman vs Reality
Here’s a sample of what Paul Krugman has to say during the course of his NYT op-ed:
PK: “Instead of near-frictionless transactions [with fiat], we have high costs of doing business, because transferring a Bitcoin or other cryptocurrency unit requires providing a complete history of past transactions.”
Reality: Er…no it doesn’t. If anyone cares to look up past transactions using a blockchain explorer they’re welcome to, but that has no bearing on doing business with bitcoin, and has zero correlation with the cost of sending bitcoin.
PK: “You’re supposed to be sure that a Bitcoin is real without knowing who issued it, so you need the digital equivalent of biting a gold coin to be sure it’s the real deal.”
Reality: The same could be said of everything digital. Have you ever seen a Facebook in real life? Or squeezed a YouTube video to see if it was ripe? Have you ever fondled a tweet in the palm of your hand or tripped over a computer virus on the way down the stairs? And as for knowing who issued a bitcoin, that is no more relevant than knowing who printed those benjamins in your wallet or that diamond around your beloved’s ring finger. Or, if you want to get really meta, we still don’t know who issued planet earth and all life upon it, and yet here we are, muddling along just fine.
PK: “If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless.”
Reality: The same argument can be applied to such incongruous things as ancient fossils; Renaissance art; peace treaties; and the earning power of celebrities. In other words, the market pays what the market is willing to pay for an asset, be it a product endorsement from Kim Kardashian or one unit of magical internet money.
If You’re Gonna Pick a Fight with Bitcoin, Go for the Achilles
Time will tell whether Paul Krugman’s position on cryptocurrencies – that they will ultimately collapse and go to zero – is vindicated. In the meantime, if he wants to be taken seriously and to land some painful blows on bitcoin, he would do well to rein in the cheap shots and aim for bitcoin’s achilles instead. There are plenty of criticisms that could be made against crypto; the way it’s primarily benefited the privileged rather than the impoverished; the internal in-fighting over block sizes and arcane politics; the lack of privacy by default with bitcoin transactions; the fact that cryptocurrency is still somewhat unsuited to the tech illiterate. While none of these weaknesses constitutes a fatal flaw in bitcoin’s design, they are all reasonable grounds for attack.
A man of Paul Krugman’s wisdom and reputation ought to be capable of launching much more erudite attacks on bitcoin, but instead he resorts to recycling the same old cliches, while completely missing the astonishing properties that bitcoin provides over regular money, like the ability to transact with anyone without seeking permission from some higher power, and the ability to retain full custody of your wealth, with 100% uptime and 0% asset freezing. Krugman could pen another 100 salty op-eds about bitcoin (and he probably will), but no matter how wrong he’s shown to be, and no matter how high bitcoin climbs, his failure to recognize the second greatest invention of the 21st century won’t be his epitaph. Instead, his obituary shall be determined by his inability to recognize the first:
“By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” – Paul Krugman.
What do you make of Paul Krugman’s latest pronouncement on bitcoin? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
In Ariana Grande‘s world, God is a woman — and she wears Jean Paul Gaultier.
Paul Ryan is planning to buy a new car when he leaves office in January—partly because he will no longer be driven around by a security detail, and partly because a family of woodchucks ate his old one. The House speaker told an Economic Club of Washington event Thursday…
They’ve partied together … they’re fans of each other … and now rapper YG says he knows why Paul George ultimately decided NOT to sign with the Los Angeles Lakers — Kobe Bryant. It’s not a personal thing … YG says PG knows the…
Paul Newman may still be celebrated as one of most iconic movie stars of the 20th century, but one of the actor’s proudest achievements was helping others when cameras weren’t rolling.
“If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” tweeted Nobel laureate economist with the ears of American progressive politicians, Paul Krugman. He was prompted by a colleague’s recent article regarding a push by Ripple’s XRP to urge users to do more than just speculate. Mr. Krugman, it turns out, backed into one of the main arguments for bitcoin cash (BCH).
Paul Krugman Trolls Ripple, BTC
Useless. Evil. Antisocial. Worthless. Impractical. Bubble. Fraud. Those are the kinder adjectives the preeminent US court US economist, with exclusive access to freer world leaders, has used to describe the cryptocurrency phenomenon. He’s also maniacally cheered bitcoin core (BTC) price haircuts, tacitly approving investors being wiped out and worse. More recently, he took to Twitter yet again to troll XRP and BTC enthusiasts, chiding, “If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?”
Mr. Krugman, interestingly enough, backed into a main argument for bitcoin cash (BCH), at least as proponents see things. He made no mention of the fourth largest decentralized currency by market capitalization, but the bitcoin cash gang maintains that for a cryptocurrency to be a currency in any meaningful sense it must be used. Otherwise, it’s just an exercise in greater fool game theory.
Mr. Krugman’s snide, smug take has to do with Nathaniel Popper’s, “Here’s Some Cryptocurrency. Now Please Use It,” published in The New York Times this week. Mr. Popper examines Ripple’s recent press barrage, shoving its XRP in front of mainstream audiences from Los Angeles (Ellen DeGeneres) to New York (Stephen Colbert), which have hosted giveaways totaling more than $ 30 million … and just for those two shows, mind you.
“Now comes the hard part,” Mr. Popper explained, “persuading people to use XRP for something other than speculative trading. It is an issue facing most of the still-young cryptocurrency industry. Digital tokens like bitcoin and its many imitators (like XRP) were designed to make electronic transactions of all sorts easier. But today almost no transactions are happening, other than on virtual currency exchanges where people bet on their price.”
Cash Flush, Business Light
It’s an all-out push by Ripple, including getting perpetually inebriated rapper Snoop Dogg to host after parties. They’ve even forked over $ 300 million to grease the wheels of getting businesses to use XRP. They’re looking to lure developers. This desperation has its own term, “cash flush, business light.”
Store of value arguments have held the day, and so most enthusiasts do hold their positions rather than use, at least as it concerns XRP and the world’s most popular cryptocurrency, BTC. Mr. Popper notes how many “people who bought the digital tokens created by these projects did so in the belief they will one day be useful for real transactions of some sort. If the projects want to keep those investors from selling, the projects have to convince them the tokens will have some long-term value.”
For XRP the campaign to get users to see it as a functional currency might be less than a philosophical harkening back to crypto’s rebellious roots. Projects like it are in grave danger of being legally relegated to securities, meaning “they will be subject to restrictions on trading and movement, making it even less likely that people will use the tokens for their intended purposes,” Mr. Popper insists, something Ripple executives are keen to avoid at all cost. They’ve gone to great pains to separate Ripple the company from the currency XRP, with an obvious irony, “Its efforts to promote XRP could demonstrate how reliant XRP is on Ripple.”
In any event, the crypto community has at least one example of a currency gaining adoption and medium of exchange use case. Seemingly daily, an innovation or re-adoption of a previous concept long abandoned by bitcoin core as it veered off into settlement layer/digital gold land is implemented, resurrected, as bitcoin cash is, you know, actually a currency.
Does Paul Krugman have a point? Let us know in the comments section below.
Images via the Pixabay, Twitter.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.
The post Paul Krugman Trolls Ripple, Accidentally Making a Case for Bitcoin Cash appeared first on Bitcoin News.
Just recently the notorious libertarian and Austrian economist, Ron Paul, released a paper that discusses the world’s issues with central economic planning. In the report, Paul goes into vast detail on how precious metals and cryptocurrencies can co-exist in order to prevent current market monopolies from “rigging the economy.”
Ron Paul: “Ultimately, the Market Proves More Powerful Than Government Manipulation of Economic Events”
Ron Paul is a very popular libertarian that ran for the U.S. presidency a few times, but he has always proposed some contrarian opinions unlike any other politician today. For instance, Paul constantly tells the American public that they should “end the Federal Reserve,” or at the very least audit the private bank and find out how it has been operating over the years. Furthermore, Paul fundamentally believes our money should revert back to the ‘Gold Standard,’ and feels it is “a fallacy to believe the U.S. has a free market economy.” Paul’s unique libertarian teachings have inspired a great number of people to embrace free-market economics and question the current way governments operate.
In Paul’s latest paper, The Dollar Dilemma, he details just how bad the monetary system is today, and explains how precious metals and cryptocurrencies can co-exist to help fight against the decaying global economy.
“The economy is run by a conglomerate of individuals and special interests, in and out of government, including the ‘Deep State,’ which controls central economic planning,” explains Paul’s paper.
Rigging the economy is required to prevent market forces from demanding a halt to the mistakes that planners continuously make — This deceptive policy can last only for a limited time — Ultimately, the market proves more powerful than government manipulation of economic events.
Cryptocurrencies & Gold: A Combination of the Old and New Monetary Practices
Paul further asks whether or not precious metals will serve as a better system for the future or if it will be the concept of cryptocurrencies. He believes the proper way to assess the situation is to make certain that “free people in the marketplace make the choice whether the use cryptos, absent the dictates of government and central banks.” Paul emphasizes the process “requires the rejection of the use of force and fraud for any chance of achieving success.” In order for cryptocurrencies to challenge the history of precious metal acceptance it will take a “significant amount of time to reach consensus,” explains the former U.S. senator.
“The marketplace is quite capable of sorting out the advantages and disadvantages of cryptocurrencies and precious metals. The biggest challenge will be to get the government out of the way to allow this choice,” Pauls paper details. “It’s conceivable that cryptocurrencies, using blockchain technology, and a gold standard could exist together, rather than posing an either-or choice — Different currencies may be used for certain transactions for efficiency reasons.”
The desire for storage and speed can make a difference in choosing a currency. It appears that decentralized ledger technology will also be useful outside the sphere of digital currencies. A combination of gold and crypto will prove to be a lot more achievable than getting people to adapt to a totally new concept of money.
“A Modern Day Currency Needs an Enlightened Attitude About What the Proper Role for Government Ought to Be in a Civil Society”
The paper further states that each type of money may serve different needs and cryptocurrencies may be able to help with privacy, especially when it involves larger transactions and settlement across greater distances. Paul says the biggest challenge right now for digital currencies is satisfying the prerequisites of a ‘standard unit of account.’ In Paul’s view, a workable currency must keep the public confident and the monetary unit needs to be easily exchanged and hold reliable “real value.”
“For society to advance to the point of accepting a truly denationalized monetary system, a significant amount of energy will be required to rein in the power of government authoritarians — A modern-day currency needs an enlightened attitude about what the proper role for government ought to be in a civil society,” Paul’s paper reveals. “We can use technical science for advancing civilization, but no one can ‘own’ it — As valuable as wheel technology was, no one ever bought and sold this technology as a piece of property.”
The question that can only be answered by the marketplace is whether or not blockchain technology is just another great scientific breakthrough, or can it, in combination with cryptography, become a functional currency? The basic question boils down to this: Do all new currencies need to be based on something tangible?
The full transcript of Ron Paul’s paper The Dollar Dilemma can be found here on Mises.org.
What do you think about Ron Paul’s latest paper about precious metals and cryptocurrencies co-existing while the dollar self-destructs? Do you agree with Paul’s views on money and cryptocurrencies? Let us know your thoughts on this subject in the comment section below.
Images via Pixabay, Sean Gallup/Getty Images, and Wiki Commons.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post ‘Cryptocurrencies and Precious Metals Can Co-Exist,’ Explains Ron Paul appeared first on Bitcoin News.