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He specifically says that Bitcoins value derives from perception. He further says that it’s value is largely derived from its “potential for circumvention”. T
by kasey_junk 9y ago
He specifically says that Bitcoins value derives from perception.
He further says that it’s value is largely derived from its “potential for circumvention”.
The idea that random dude on the internet can call a Nobel Laureate & one of the most cited economists in history “ignorant” about these issues is hilarious.
- cwkoss 9y agoI think Stiglitz is coming from the position that ALL 'circumvention' is a societal harm. He is working from a position which supports Federal govt first, and individuals second. Confiscating money from child pornographers is a pretty clear moral good. Civil asset forfeiture, the confiscating the cash a poor single-mom is taking to buy the car because "it could be drug money" is a pretty clear moral evil to me. Which one of those happens more often? I'd guess the later is 100-1000x more frequent. Bitcoin is not moral, it offers circumvention to all, for better or worse.
- kasey_junk 9y agoSure but his position isn’t “ignorant”. Quite the contrary he’s one of the worlds experts on it. Disagree all you want. But ignorance isn’t the issue.
- cwkoss 9y agoYeah, 'myopic' or 'out of touch' would probably have been more accurate adjectives.
- colordrops 9y agoWhat are "myopic" and "out of touch" but euphemisms for ignorance.