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varufakis should reade graeber's Debt. the most glaring problem of bitcoin (and the whole crypto world) is that it has this naive "scarcity view" of currency wh
by streamofdigits 5y ago
varufakis should reade graeber's Debt. the most glaring problem of bitcoin (and the whole crypto world) is that it has this naive "scarcity view" of currency whereas it is an in-your-face reality that a most important role of currency is to boostrap a credit system.
cryptobros have an obsession with inflation and rates side of government regulation and they seem to be completely oblivious to the credit system side of regulation - the two-tier private/central bank etc. maybe because they actually have no clue how the current system works)
so besides the inflation/deflation challenge I have yet to see any proposal how one could have stable decentralized unregulated credit markets and would be quite interested if people have serious relevant references.
- Synaesthesia 5y agoVaroufakis is a pretty sensible economist and understands perfectly what money's role in society is. If you read his book on confronting the EU he shows how eg Greece abandoning the Euro and moving to the Drachma wouldn't work out... It shows his understanding of macroeconomics.
- streamofdigits 5y agoI am pretty sure he understands credit money but he needs to show his work :-) The point of my comment is that cryptobros are largely financially illiterate and when an economist undertakes the thankless task to discuss the possibility of a "cryptoeconomy" its important to make a list of all the missing parts
- nextstep 5y agoYanis Varoufakis has read Debt, he talks about it often and he and Graeber spoke together many times. https://twitter.com/yanisvaroufakis/status/1301540694159486976?s=21 https://twitter.com/yanisvaroufakis/status/13015406941594869...
- sudosysgen 5y agoVaroufakis and Graeber actually gave a few talks together