Crypto Cassandras have a big day ahead of them as token markets continue to experience disruptions in many cases that dispel familiar refrains and predict the imminent death of Bitcoin (BTC) – although most crypto pundits are wondering about that Making fun of arguments used to justify their claims.
The Nobel Laureate and longtime cryptoskeptic Paul Krugman Maybe he knew what was coming when he wrote his last Side swipe in the crypto industry in the New York Times, tweet that he “would get a lot of hate mail” and sarcastically stated that the crypto cult “must not be ridiculed”.
But Krugman’s reasoning seems to have left him open to a lack of criticism. At one point in his post, he drew parallels between Bitcoin and Ponzi schemes and the misconduct of Bernie Madoff, the embarrassed former non-executive chairman and architect of Nasdaq, a $ 64.8 billion Ponzi-style scammer, who had previously died in prison a year ago.
The attorney, bitcoin attorney, and Anderson kill partner Preston Byrne took to Twitter to break down and criticize Krugman’s arguments paragraph by paragraph, noting:
“Ponzi systems require a central node to manage incoming and outgoing cash flows. No flows are required for Bitcoin. “
Krugman ended his column by saying that “Bitcoin and its relatives have failed to achieve a significant economic role. What happens to their value is fundamentally irrelevant to those of us who do not play the crypto game.”
But Byrne made an exception to that “terribly snarky and clever” ending, saying it reminded him of a passage from Douglas Adams’ science fiction classic The Hitchhiker’s Guide to the Galaxy that is:
“A towel … has great practical value. You can … wrap it around your head to ward off noxious fumes or to avoid the gaze of the Ravenous Bugblatter Beast of Traal (such an amazingly dumb animal, which assumes it can’t see you if you can’t see it) . ”
Krugman’s arguments were familiar to anyone who was used to re-reading cryptoskeptic arguments: he stated that crypto markets are volatile, that adoption is slow, and that tokens like BTC have been widely used in crime efforts, and that crypto advocates excessive “technobabble” use. Slang.
Crypto trader and analyst Quio Wang got it right, but wrote that he would “wrap up” the piece so that Twitter users would “not waste their time.” Write::
“By around 2025, it will become clear that the impact of crypto on the economy has been no greater than that of the fax machine.”
This was a reference to a 1998 quote from Krugman on the Internet when he claimed that the impact of the Internet on the economy would not be greater than that of the fax machine by 2005.
Critics revised the quote for years, and the same argument was used by many in 2013 in response to a piece written by Krugman called “Bitcoin is Evil.”
However, the Nobel Prize winner pointed this out a few years ago “The fact that people are throwing my 1998 quote around actually shows that they don’t understand the point – that they are confusing technology with money economy.”
Still, some were not convinced. Others, like Marc van der Chijs, entrepreneur, crypto-focused venture capitalist and co-founder of the VC company First Block Capital, pointed out that Krugman did not take into account how “it is still early for Bitcoin”.
And Grayscale Investments Research Director Phil Bonello decided to look on the bright side. comment:: “When you read something like this from someone who is respected by a lot of bright people, you have to like your chances.”