Quote from: krishnapramod on October 25, 2017, 07:07:43 AM

Free market economists don't have any issue with Bitcoin, buy yeah some other economists are sceptical about Bitcoin and you really can't blame them. We haven't seen something like Bitcoin before, but taking its exponential growth into consideration and applying well-established empirical and theoretical studies, some economists conclude that Bitcoin is a bubble. At the same time some of them don't ignore the possibility that large-scale Bitcoin adoption would weaken the centralized financial system.

Nobel Prize winning economist Milton Friedman who extolled the virtues of a free market economic system and believed in complete economic freedom predicted something exactly similar to Bitcoin about 18 years ago.

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I think that the internet is going to be one of the major forces for reducing the role of government.

The one thing thats missing, but that will soon be developed, is a reliable e-cash, a method whereby on the internet you can transfer funds from A to B, without A knowing B or B knowing A.

When Bitcoin is finally here, some economists do really have a hard time grasping it.

https://www.coindesk.com/economist-milton-friedman-predicted-bitcoin/

Good input. I didn't know Milton had said this, but he's a clever man, so I'm not exactly shocked either. However, Bitcoin might only be the start of the revolution. The transaction costs are so high that it isn't suitable as a means of payment. Therefore I think there's still a real chance that Bitcoin is in a bubble. Other digital currencies (like the upcoming Universa) might be better suited as a "reliable e-cash".