?

Log in

No account? Create an account

Previous Entry | Next Entry

Paul Krugman on Bitcoin

link: http://krugman.blogs.nytimes.com/2011/09/07/golden-cyberfetters/

In effect, Bitcoin has created its own private gold standard world, in which the money supply is fixed rather than subject to increase via the printing press.

So how’s it going? The dollar value of that cybercurrency has fluctuated sharply, but overall it has soared. So buying into Bitcoin has, at least so far, been a good investment.

But does that make the experiment a success? Um, no. What we want from a monetary system isn’t to make people holding money rich; we want it to facilitate transactions and make the economy as a whole rich. And that’s not at all what is happening in Bitcoin.

 -Paul Krugman (emphasis mine)


Latest Month

August 2018
S M T W T F S
   1234
567891011
12131415161718
19202122232425
262728293031 

Tags

Powered by LiveJournal.com
Designed by Ideacodes