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Comment by jhonovich | Hacker News Reader

"I'm most bullish on bitcoin when I read articles such as this one .... it reveals how little anyone really understands money or economics."

That is an incredibly arrogant statement, considering the article is from a Nobel prize winning economist and you did nothing to refute or undermine his actual points or references.

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I could name at least one Nobel winning economist who has completely opposite views from Krugman. Economics is far from a hard science unfortunately.

The point is about dismissing a Nobel winning economist with a two paragraph comment on HN concluding "how little anyone really understands money or economics". If you are going to play judge of economic expertise, a little more analysis is in order.

lol this this thisssss! bitcoin culture in a nutshell. the major economists & finance analysts say stuff like "explain how this is not a speculative bubble", for example, because they outright see it as one & the bitcoiners dismiss them as hacks because they didn't use a bunch of crypto buzzwords

Which is more likely, that economists don't understand cryptography, or cryptologists don't understand economics?

More likely than either being particularly more likely than the other is that neither economists nor cryptographers are particularly likely to understand the other field.

yea but my view here is that you don't need to understand cryptography to derive the value of a Bitcoin. It is akin to other currency systems that have come before it. the crypto aspects are new, sure, & provide a good infrastructure that may give it staying power but the cryptography shouldn't actually be where the value comes from.

I think a sound economic analysis of the market can be done regardless of the transactional method. sure, it's clever but its a feature of a value store, not actual value

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