Quote from: ZedBinh on August 22, 2018, 05:50:51 AM

Economist Paul Krugman says that the exploitation of Bitcoin uses a lot of electrical energy, but the largest codified currency is worth more than gold

At ChainXChange, a recent blockchain conference in Las Vegas, Krugman joined co-founder of Fundstrat Tom Lee and chief marketing strategist for Ripple Cory Johnson in a discussion about the future of money. bad

From the beginning, economist Paul Krugman acknowledged that he did not have a holistic view of the pre-coding industry, but rather focused on how to operate. of Bitcoin.

Krugman says:

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Bitcoin is the only thing that I only understand partially

Bitcoin and gold

Krugman later said that despite his interest in exploiting Bitcoin, he used a lot of electrical energy, but the largest codified currency was worth more than gold .

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Gold is dead ... Bitcoin is worth more than gold. It has more opportunities to increase value in the future

When compared to Bitcoin 's use of prepaid currencies, Krugman says the biggest problem is the transaction cost used to transfer BTCs from electronic wallets. He believes that if these costs were cut, it would probably wipe out his previous preconceptions about coding.

Krugman recently wrote a New York Times article titled Transaction Costs and Tethers: Why I'm a Crypto Skeptic: Why I'm a Nostalgic money coding). In that article, he argued that Bitcoin and all other coded currencies still need a lot of effort to prove their worth to the community in their daily lives.

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Actually, eight years after the advent of Bitcoin, codenamed codenames have taken a real leap into the commercial market. Some companies will accept them as a form of payment, but in my opinion this is just more of a sign of real usefulness in life. Look at me, this is a great technology excellence. Predictive currencies have a huge market value but they are still considered as a speculative play, not because they are of value for convenience in terms of easy exchange.

The potential impact of smart contracts on life is very high. Along with other aspects of the blockchain that this type of technology is considered to be the new revolution, Krugman says he has absolutely no idea whatsoever about stereotypes of currency substitution.

Gold did not die, gold has a rich history as well as a financial instrument and asset. Why was gold so? Because people believed in him, just as faith in bitcoin is being born now.
But let's remember why countries at the end of the last century abandoned the gold standard. Does anyone remember?
The reasons were as follows: the complexity of moving large sums, the complexity of issuing emissions, the possibility of losing a resource.
And here bitcoin solves 1 and 3 problem. Excellence on the face. Now we need to wait patiently, when the whole world recognizes the importance of electronic currencies.