Why Do Economists Hate Bitcoin?
It started as a simple request. Would my old favorite economics teacher be willing to sit down and discuss Bitcoin with me? A quick chat where I could hash out some ideas that had been going through my head is what I had in mind. No such luck. "I am not interested in talking about bit coin. After its market collapse this week, the arrest of one of its....
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Why Do Banks Hate Bitcoin? Banks have been a part of our society for so long that we have forgotten what exactly they do. We think of them as bastions of security and stability. They hate Bitcoin because of it's inherent instability, right? Wrong. There is more to this than meets the eye. Economists are now asking the question: Do we need banks? The answers they are coming up with is somewhat surprising. There is a misunderstanding out there, of the role of banks today and, in particular, where all the money they loan out, comes from. The Bank of England recently published a paper called....
The vast majority of economists seem to have a serious distaste for Bitcoin. Whenever an economist who has received a Nobel Prize, teaches at an Ivy League school or works at a central bank comments on Bitcoin, they always seem to have something negative to say about the technology. Some of these individuals simply say that Bitcoin has no future whatsoever, while others go as far as to claim it is pure evil. Paul Krugman, who won the 2008 Nobel Prize in Economics, has ridiculed Bitcoin on multiple occasions. Late last month, fellow Nobel laureate Joseph Stiglitz shared his own disdain for....
When it comes down to figuring out the next logical step in the evolution of our society, there are a lot of different factors to take into consideration. One thing most rational people will agree on, however, is that there is a clear need for developers and engineers. Economists, on the other hand, are not required for the time being, as humans are perfectly capable of making their own decisions. Bitcoin is a clear example of why engineers are far more valuable than economists. To be more precise, engineers are more useful than economists at this stage in our society. That is not to say....
A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist. Economists Warn of Deep Recession Resulting From Fed’s Response to Inflation A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the....
Modern economists are often vehemently opposed to bitcoin and its application as money - why is this?