agenda, this didnt actually happen. In fact, even Bitcoin conferences sometimes refuse to accept Bitcoins from attendees. Banknotes worked because people knew something about the banks that issued them, and these banks had an incentive to preserve their reputation. Cryptocurrency Has No Tether, it is then that Krugman betrays his true problem with cryptocurrency if it is indeed digital cash and digital gold. Krugman argues that, throughout history, money has gradually evolved toward frictionless transactions, culminating in the current monetary regime centered around credit and debit cards and other types of digital payment methods. While conceding that governments have occasionally abused the privilege of creating fiat money, Krugman says that the conventional central banking system has done its job quite well, providing users with low-friction transactions and stable purchasing power. Most gold just sits there, possessing value because people believe it possesses value.
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Placing a ceiling on the value of gold is mining technology, and the prospect that if its price gets out of whack for long on the upside a great deal more of it will be created. I have had and am continuing to have a dialogue with smart technologists who are very high on BitCoin but when I try to get them to explain to me why BitCoin is a reliable store of value, they always seem to come back with. Whos driving the price now? Cryptocurrencies, by contrast, have no backstop, no tether to reality. Not really, because they lack one crucial feature: a tether to reality. Indeed, on many of the macro issues Ive written about it has been obvious that large numbers of economists cant bring themselves to make that distinction; they dislike activist government on political grounds, and this leads them to make really bad arguments about why fiscal.
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