Re:It Looks Like Nobel Economics Laureates Don't Like Bitcoin
by unknown_apostle on Thursday November 30, 2017 @11:22AM
(#15816953)
I'm not going to get dragged into a discussion on "efficient markets". You win by forfeit.
Re:It Looks Like Nobel Economics Laureates Don't Like Bitcoin
by paulgb on Thursday November 30, 2017 @11:37AM
(#15817087)
Efficient markets was just a simplifying assumption to make my point brief, but the second sentence of my explanation does not rely on any more assumptions than Gresham's law does.
In any case, I recommend that chapter of Hayek, it's a quick read and you might find it clarifying.
Gresham's law applies when a legally fixed exchange rate means that the price can't reflect the difference between the two currencies.