Something is really screwy with all of this cryptocurrency discussion. I feel as if a bunch of academics are “proving” that spaceflight is impossible.
To take but one example, Tyler Cowen has a long post saying that Bitcoin will collapse in price, where his argument seems to rely on one (or both) of the following premises:
(A) People would rather work for quarters than dollar bills, because you get more quarters per hour of labor.
(B) Somebody would sell me something for $400 knowing that it would be guaranteed to quickly rise (within a day or two) to $500.
I’m not saying Tyler is dumb. On the contrary, it would take someone really really sharp to write a long post resting on one (or both) of the above premises.
Last thing: I am NOT a cheerleader for Bitcoin. I am merely acting as a defense attorney, batting back what seem to me to be specious objections. (Plus Krugman says Bitcoin is evil, so there ya go.)