Ignorance of a subject has never stopped anyone from bloviating at length about it. The phenomenon is rife when it comes to cryptocurrencies. From Omid Malekan at zerohedge.com:
Paul Krugman is the gift that keeps on giving.
The popular and supposedly progressive columnist has a special talent for prophesizing things that are already demonstrably false.
Back in 1998, he predicted that the internet would have no greater impact than fax machines, because “most people have nothing to say to each other.”
Yesterday, he said that crypto doesn’t matter because there are no use cases beyond speculation and criminal activity. Specifically:
“..Bitcoin and its relatives haven’t managed to achieve any meaningful economic role..”
Here is a quick summary of how wrong he is:
- Stablecoins on various public networks are now the fastest growing fiat payment method in the world. Krugman mentions Venmo as being useful in his column, but is ignorant of the fact that Ethereum will move more dollars in the month of May than Venmo, PayPal, Square and Adyen combined. This is why both Visa and Mastercard are scrambling to integrate stablecoins into their networks. Notably, unlike the FinTechs above, stablecoins do not discriminate based on nationality, wealth or immigration status. That’s the kind of access real progressives celebrate.