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."
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.
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.
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
Yep. That's exactly it. At least he can keep shining that Nobel medal, which is probably made out of aluminum.
#988985
It is actually pretty valuable as far as trophies go.
Yahz yahz, covered it when it was new.
#875931 #863751
I'm getting a 404.
#875931 #863751
den forgot the
/rAh fuck. Almost never happens! Sowwie, master! :(
r-link broken.
Hoping for a bust! Crazy
Suprises me that economists seem to be the least understanding about how money works.
Sounds like hopium than a prediction
Yes it does
Those prizes had been given to the most eccentric among all the nominated economist. That's the only criteria the jury considers!
According to what? Your intuition?
"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.
Those are the kind of Bitcoin obituaries that sometime make me wish we could follow Bitcoin core to store them in the Blockchain, just so that we can laugh at them. Or, something like .1% of every tenth block reserved for Bitcoin obituaries.
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.
in 10 years not now, not 10 days...haha
if the expert says it, it must be true
Must be correlated.
I wonder how much money he got for making this statement? And especially from whom did he get that money... ;)