pull down to refresh

Nobel Prize-winning economist: Bitcoin will be worth nothing in 10 yearswww.thestreet.com/crypto/markets/nobel-prize-winning-economist-bitcoin-will-be-worth-nothing-in-10-years
465 sats \ 22 comments \ @siggy47 14 Jun bitcoin
This article is six months old, but I just found it this morning. Another Nobel Prize winning economist bashing bitcoin:
Fama also highlighted the risks of the traditional financial system merging with speculative, volatile assets like Bitcoin. "I can't predict when it will bust. I'm hoping it will bust, but I can't predict it," he said. "I'm hoping it will bust because if it doesn't, we have to start all over with monetary theory. It’s gone. It might be gone already, but you have to start all over."
write
preview
related posts
486 sats \ 4 replies \ @grayruby 14 Jun
Haha. He wants Bitcoin to go bust so he doesn't have to face the fact his life's work has been a sham. At least he admits it.
reply
46 sats \ 0 replies \ @denlillaapan 14 Jun
Yeah, and he's remarkably accurate: if bitcoin is money, a lot (he says "all" but that's pushing it) of monetary economics goes all the window.
reply
50 sats \ 0 replies \ @SimpleStacker 14 Jun
I don't actually agree, I'm not even sure what monetary theory he thinks needs to be thrown out... there's plenty of neoclassical models that show non zero equilibrium price of a bitcoin-like asset... I've covered some of them in previous posts
reply
10 sats \ 1 reply \ @siggy47 OP 14 Jun
Yep. That's exactly it. At least he can keep shining that Nobel medal, which is probably made out of aluminum.
reply
46 sats \ 0 replies \ @grayruby 14 Jun
#988985
It is actually pretty valuable as far as trophies go.
reply
126 sats \ 0 replies \ @supratic 15 Jun
reply
82 sats \ 4 replies \ @denlillaapan 14 Jun
Yahz yahz, covered it when it was new.
#875931 #863751
reply
10 sats \ 3 replies \ @siggy47 OP 14 Jun
I'm getting a 404.
reply
53 sats \ 1 reply \ @k00b 14 Jun
#875931 #863751
den forgot the /r
reply
36 sats \ 0 replies \ @denlillaapan 14 Jun
Ah fuck. Almost never happens! Sowwie, master! :(
reply
46 sats \ 0 replies \ @optimism 14 Jun
r-link broken.
reply
36 sats \ 0 replies \ @3a42879d5f 15 Jun
cryptocurrency as "a medium of exchange is not supposed to survive
According to what? Your intuition?
reply
36 sats \ 0 replies \ @3a42879d5f 15 Jun
"Speculative asset." God, please world, get up to date. I'm marking my calendar so I can laugh in 10 years when he's proven wrong.
reply
36 sats \ 0 replies \ @orto 15 Jun
He only tried to evaluate it from an economic perspective. However, if he had considered the damage that gold mines do to the environment today, it would have been understood that Bitcoin should be used instead of gold without hesitation. Gold mining should be banned and Bitcoin should be used instead. Countries can use their own currencies. However, the currencies should be printed with Bitcoin support. At least until everyone is educated on Bitcoin. Then, tools will emerge that will allow ordinary citizens to use Bitcoin.
reply
36 sats \ 0 replies \ @88b0c423eb 15 Jun
in 10 years not now, not 10 days...haha
reply
36 sats \ 0 replies \ @gandlaf21 15 Jun
if the expert says it, it must be true
reply
46 sats \ 0 replies \ @BlokchainB 14 Jun
Hoping for a bust! Crazy
reply
46 sats \ 0 replies \ @PictureRoom 15 Jun
Suprises me that economists seem to be the least understanding about how money works.
reply
46 sats \ 1 reply \ @Bell_curve 14 Jun
Sounds like hopium than a prediction
reply
20 sats \ 0 replies \ @siggy47 OP 14 Jun
Yes it does
reply
36 sats \ 0 replies \ @OT 15 Jun
Must be correlated.
reply
46 sats \ 0 replies \ @Coinsreporter 14 Jun
Those prizes had been given to the most eccentric among all the nominated economist. That's the only criteria the jury considers!
reply