What really floors me is how so called "smart" people still don't understand what bitcoin is so popular and about to become even more popular.

Its just astounding as if they have been locked in a box for so long they can no longer look outside of it.

Paul Krugman is saying bitcoin will set the monetary system back 300 years. Which legit makes no sense when you start reading his comments about why he said this.

For example...

"Cryptocurrencies, by contrast, have no backstop, no tether to reality. Their value depends entirely on self-fulfilling expectations – which means that total collapse is a real possibility. If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless."

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Does he not realize if a country loses faith in their fiat currency which let me remind you a government can print any amount they should wish that it would be worthless. If people wanted to trade silver and gold bars again instead of paper money well then the "value" of gold and silver would go up.

Fiat along with any currency has no "value" until the transaction takes place. Only then was it worth something. It was either worth someones time, someones product, someones service. But before that transaction took place it had no value it was just sitting there.

"In other words, cryptocurrency enthusiasts are effectively celebrating the use of cutting-edge technology to set the monetary system back 300 years. Why would you want to do that? What problem does it solve? I have yet to see a clear answer to that question."

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While this might be true right now when we saw that the price to convert bitcoin and exchange it sky rocketed it was still far less then what banks charge you or credit card interest rates of 17% MONTHLY! When you start looking at it this way still bitcoin was far lower cost wise then other systems even though it seemed high at the time. But also remember this is being worked on its now faster then ever and cheaper then ever to exchange and move "value" from one person to another or one account to another and yup its only going to keep getting better.

So yeah Paul Krugman perhaps you need to poke your head up out of that box and really start looking at the world as it is because damn you are making no sense!!! Plus lets not forget this is the same dude that said no one understands it and that its a bubble. Both of which are false and its just arrogance that's getting you in trouble now.

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