technobabble libertarian derp bitcoin

Além disso, a proliferação de criptomoedas pode impedir que qualquer uma delas alcance o estado semissagra- do que o ouro tem na mente de algumas pessoas.

A boa notícia é que nada disso importa muito. Como o Bitcoin e seus parentes não conseguiram desempenhar qualquer papel econômico significativo, o que acontece com seu valor é basicamente irrelevante para aqueles de nós que não jogam o jogo da criptografia.

The Times concorda em publicaruma diversidade de letraspara o editor. Gostaríamos de saber o que você pensa sobre este ou qualquer um de nossos artigos. Aqui estão algunsConselho.

Technobabble libertarian derp bitcoin

They insist that there is still no evidence that inflation has become unmanageable, and they are sticking with the policy of near zero interest rates.

To be honest, whether inflation is at 4.2 percent or 1.5 percent, it is actually historically low. High inflation, excluding the basket cases in contemporary Latin America, and the historical episodes that happened after global conflicts in Germany, Japan, China, etc, the current experience with inflation in the developed countries is really mild in their last quarter century of economic experience.
When it crosses double digit levels, then perhaps it can really be called “inflationary”.


Ponzi scheme — and speculative bubbles are, in effect, natural Ponzi schemes. But could a Ponzi scheme really go on for this long? Actually, yes: Bernie Madoff ran his scam for almost two decades, and might have gone even longer if the financial crisis hadn’t intervened.

Now, a long-running Ponzi scheme requires a narrative — and the narrative is where crypto really excels.

First, crypto boosters are very good at technobabble — using arcane terminology to convince themselves and others that they’re offering a revolutionary new technology, even though blockchain is actually pretty elderly by infotech standards and has yet to find any compelling uses.

Second, there’s a strong element of libertarian derp — assertions that fiat currencies, government-issued money without any tangible backing, will collapse any day now.

Technobabble libertarian derp bitcoiner

Weekly Commentary: On Inflation and Other Politically Troublesome Economics

  • 11-Jun-21
  • admin

It used to be said that Economics is a science.

Really?

Science is generally free from political biases. Economics is very far from that standard. As a matter of fact, economics cannot be divorced from the politics that drive its vitality and shape its essence.

Perhaps that is obvious to most folks but it is quite amazing to see the heightened political biases in economic strategy and discourse these days.

Take inflation for example.

The discussion on everyone’s lips these days is whether there is inflation in the US economy.

Technobabble libertarian derp bitcoins

During my own early career, I and others simply took it as a fact of life that if you wanted to get tenure, you would have to build your publication record in subfields that steered clear of the core issue of depressions and how they happen; you could sometimes smuggle some Keynesian material into your papers, but only if it came wrapped in a model that seemed to be mainly about something else.

So Keynes had in effect been canceled.

Then came the 2008 crisis and its aftermath, which demonstrated that Keynes had been right all along. The slump reflected a collapse in demand; governments that responded with deficit spending were able to mitigate the downturn, while those that practiced fiscal austerity made it worse.

Technobabble libertarian derp bitcointalk

Canadian financial markets are already trading bitcoin and Ethereum ETFs. In addition, more companies and organizations are accepting bitcoin than ever before, including Microsoft, AT&T, Subway, Virgin Galactic, the Dallas Mavericks, and many others.

Krugman claims that he has yet to hear the efficacy of blockchain, the technology that supports cryptos.
Perhaps he was not paying attention to the “technobabble” from bitcoin enthusiasts. Blockchain speeds up cross-border transactions, improves supply chain management by eliminating fraud with real-time views, enhances digital identity security, and offers decentralized copyright and piracy tracking for content creators.

‘Libertarian Derp’

According to Krugman, bitcoin suffers from “libertarian derp,” a thinking that, he says, invaded gold and supported the opinion that the fiat empire is on the cusp of collapsing.

Here is the juicy part:

“One fact that gives even crypto skeptics like me pause is the durability of gold as a highly valued asset. Gold, after all, suffers from pretty much the same problems as Bitcoin.

People may think of it as money, but it lacks any attributes of a useful currency: You can’t actually use it to make transactions — try buying a new car with gold ingots — and its purchasing power has been extremely unstable.

“So when John Maynard Keynes called the gold standard a ‘barbarous relic’ way back in 1924, he wasn’t wrong. But the metal’s mystique, and its valuation, live on.”

First, both bitcoin and gold can be used to purchase goods and services.

Louisiana, Utah, and Texas are some states to recently approve legislation that recognizes gold and silver as legal tender.

Second, consumers did not need to carry around physical gold to buy products.

There were gold certificates that represented a claim on a specified amount of gold. People did not grab bars, coins, ingots, and nuggets for their purchases.

For bitcoin, customers utilize their digital wallets and mobile applications to scoop up everyday items.

Third, despite many of its hiccups, the gold standard is superior to the system the world has today. The recessions and depressions were not prolonged, debt did not sustain the economy, and the American people did not see their purchasing power erode under the gold standard.

Moreover, gold maintains value because of its numerous functions, from behaving as a store of value to manufacturing electronics and computers.

Finally, on the topic of Keynes, here is what the legendary economist Friedrich Hayek had to say:

“He was a man with a great many ideas who knew very little about economics.

But could a Ponzi scheme really go on for this long? Actually, yes: Bernie Madoff ran his scam for almost two decades, and might have gone even longer if the financial crisis hadn’t intervened.

Now, a long-running Ponzi scheme requires a narrative — and the narrative is where crypto really excels.

First, crypto boosters are very good at technobabble — using arcane terminology to convince themselves and others that they’re offering a revolutionary new technology, even though blockchain is actually pretty elderly by infotech standards and has yet to find any compelling uses.

Second, there’s a strong element of libertarian derp — assertions that fiat currencies, government-issued money without any tangible backing, will collapse any day now.

Defenders of Keynes, uneasy about a theory that relied on plausible descriptions of behavior rather than ineluctable mathematics, lacked all conviction; enemies of Keynes were filled with a passionate intensity. Just a few years into the anti-Keynesian backlash, influential economists were ridiculing the whole doctrine, declaring that whenever anyone engaged in Keynesian theorizing, “the audience starts to giggle and whisper to one another.”

Many economists privately continued to find Keynesian ideas persuasive. But it soon became common knowledge that major journals would not publish anything overtly Keynesian.

It’s conceivable that one or two cryptocurrencies will somehow achieve similar longevity.

Or maybe not. For one thing, governments are well aware that cryptocurrencies are being used by bad actors, and may well crack down in a way they never did on gold trading.

Also, the proliferation of cryptocurrencies may prevent any one of them from achieving the semi-sacred status gold holds in some people’s minds.

The good news is that none of this matters very much. Because Bitcoin and its relatives haven’t managed to achieve any meaningful economic role, what happens to their value is basically irrelevant to those of us not playing the crypto game.

Paul Krugman has been an Opinion columnist since 2000 and is also a Distinguished Professor at the City University of New York Graduate Center.

It wasn’t until a year later, when Paul Samuelson’s “Economics” somehow slipped through, that Keynesianism became a staple of undergraduate courses.

Right-wingers continued to complain — William Buckley’s “God and Man at Yale” was, to an important degree, a screed against the horrible fact that Yale professors were teaching Keynes. But the blockade was broken for the time being.

Round two was, as I said, subtler.

In the 1970s some economists began arguing that Keynesianism must be wrong, because the phenomena Keynes described couldn’t happen in an economy of perfectly rational individuals and perfectly functioning markets.

You might consider this a weak critique — but in the culture of economics, with its demand for rigorous modeling, it carried weight.

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