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"I'm most bullish on bitcoin when I read articles such as this one .... it reveals how little anyone really understands money or economics." That is an incredi

"I'm most bullish on bitcoin when I read articles such as this one .... it reveals how little anyone really understands money or economics." That is an incredibly arrogant statement, considering the article is from a Nobel prize winning economist and you did nothing to refute or undermine his actual points or references.

fat0wl 13y ago
lol this this thisssss! bitcoin culture in a nutshell. the major economists & finance analysts say stuff like "explain how this is not a speculative bubble", for example, because they outright see it as one & the bitcoiners dismiss them as hacks because they didn't use a bunch of crypto buzzwords
- jadeddrag 13y ago
  Which is more likely, that economists don't understand cryptography, or cryptologists don't understand economics?
  - dragonwriter 13y ago
    More likely than either being particularly more likely than the other is that neither economists nor cryptographers are particularly likely to understand the other field.
    - fat0wl 13y ago
      yea but my view here is that you don't need to understand cryptography to derive the value of a Bitcoin. It is akin to other currency systems that have come before it. the crypto aspects are new, sure, & provide a good infrastructure that may give it staying power but the cryptography shouldn't actually be where the value comes from. I think a sound economic analysis of the market can be done regardless of the transactional method. sure, it's clever but its a feature of a value store, not actual value
olalonde 13y ago
I could name at least one Nobel winning economist who has completely opposite views from Krugman. Economics is far from a hard science unfortunately.
- jhonovich 13y ago
  The point is about dismissing a Nobel winning economist with a two paragraph comment on HN concluding "how little anyone really understands money or economics". If you are going to play judge of economic expertise, a little more analysis is in order.

fat0wl 13y ago

lol this this thisssss! bitcoin culture in a nutshell. the major economists & finance analysts say stuff like "explain how this is not a speculative bubble", for example, because they outright see it as one & the bitcoiners dismiss them as hacks because they didn't use a bunch of crypto buzzwords

jadeddrag 13y ago
Which is more likely, that economists don't understand cryptography, or cryptologists don't understand economics?
- dragonwriter 13y ago
  More likely than either being particularly more likely than the other is that neither economists nor cryptographers are particularly likely to understand the other field.
  - fat0wl 13y ago
    yea but my view here is that you don't need to understand cryptography to derive the value of a Bitcoin. It is akin to other currency systems that have come before it. the crypto aspects are new, sure, & provide a good infrastructure that may give it staying power but the cryptography shouldn't actually be where the value comes from. I think a sound economic analysis of the market can be done regardless of the transactional method. sure, it's clever but its a feature of a value store, not actual value

olalonde 13y ago

I could name at least one Nobel winning economist who has completely opposite views from Krugman. Economics is far from a hard science unfortunately.

jhonovich 13y ago
The point is about dismissing a Nobel winning economist with a two paragraph comment on HN concluding "how little anyone really understands money or economics". If you are going to play judge of economic expertise, a little more analysis is in order.