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> Krugman criticizes bitcoin because it has no utility while consuming resources. Does he? Aren't you completely ignoring the utility of the payment network?
by RickHull 13y ago
> Krugman criticizes bitcoin because it has no utility while consuming resources.
Does he? Aren't you completely ignoring the utility of the payment network?
- timr 13y agoWhat "payment network"? In its current state, Bitcoin is practically illiquid -- almost nobody takes it for payment, and it's extremely difficult to exchange for other currencies. Worst of all, the volatility of the Bitcoin market make it a bad place to store wealth. Without the guarantee of price stability, you have to be extremely risk-tolerant to trade in the stuff at any volume.