Bits and Bigotry

posted by Nima

January 3, 2014 · Posted in Monetary Economics 

After several embarrassments, Krugman makes another rather sad attempt to cover Bitcoin which according to him “is a digital currency that has value because … well, it’s hard to say exactly why”.

Indeed, he wouldn’t be amongst my favorite economic idiots if his ignorance on the “why” and in fact on the entire protocol, process, and purpose behind mining, were to keep him from boldly declaring that with Bitcoin “we are for some reason digging our way back to the 17th century”.

And just by the by: If someone tries to lecture me on the supposed “barbarism of gold” without showing me that he has had the capacity, rigor, or curiosity to do even the most basic research into the unspeakable and unprecedented genocides, world wars, civil wars, and destruction brought about by fiat money central banking systems, then I cannot possibly take that person serious for even just a second.

What an embarrassment for mankind to still have mental garbage of this kind roaming the web and how beautiful to see Bitcoin slowly but surely push it into complete and total irrelevance.

Just keep diggin’ that pit, Paul.

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