31 Dec '13, 3pm

Why don’t economists like Bitcoin?

Why don’t economists like Bitcoin?

Nobel prize-winning economist and New York Times columnist Paul Krugman wrote a blog post this weekend with a tantalizing title, "Bitcoin Is Evil ," that has provoked the expected backlash from proponents of the virtual currency. The headline over-promises, unfortunately — while you could make an argument that Bitcoin nefariously wastes computer power, enables crime, and encourages anarchy, that’s not what Krugman’s saying. (Science fiction writer Charlie Stross’ "Why I want Bitcoin to die in a fire " is more satisfying.) Instead, Krugman attacks Bitcoin’s economic fundamentals for the zillionth time. Almost any time you see someone from a university praising Bitcoin, that person is from the computer science department. And if you see someone from a university criticizing Bitcoin, that person is likely from the economics department. It’s understandable why technologists gr...

Full article: http://www.theverge.com/2013/12/31/5260534/krugman-bitcoi...

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