Re:Adam Smith Hates Bitcoin
by smokeyj on Friday April 12, 2013 @07:38PM
(#5541780)
Central planners like central banking? Get out.
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Mainstream economists aren't central planners. I don't mean just economists from both administrations. I meant mainstream economists from every school on the US News and beyond.
But Krugman isn't complaining about Bitcoin's monetary policy here; he's complaining about the operation of the network itself. It's a pretty weak argument; he's claiming that the network costs too much without doing any kind of serious cost-benefit analysis, just an inapt comparison to gold coins.
When the entire mainstream media portrays a complex and controversial issue as entirely one sided, this gives you confidence?
"mainstream media" != "mainstream economists"
I'd prefer the opinions of PhD economists with a special emphasis on currency transactions over yours or anyone else's, actually.
Economists who don't agree with Keynes aren't credible because they're not the majority? I prefer science over mob mentality.