Too difficult: the Nobel prize in Economics does not understand how the blockchain

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2018-11-07 16:30:09

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Too difficult: the Nobel prize in Economics does not understand how the blockchain

Recently held a debate between the former Federal U.S. attorney Catherine Hawn and Nobel laureate Paul Krugman. Opponents discussed the current state of cryptocurrency in the world and compared them with the dollar. Recall, Paul Krugman long ago for his negative attitude to Bitcoin. This time he said that the idea of the crypt is doomed to failure.

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New arguments against Bitcoin

During the discussion, renowned economist admitted that he did not understand how it can work as a decentralized validation system transactions without financing of any authority which might support this process.

But what about validation that someone needs to invest in it, in order to distinguish the real from the fake token. Dollar bills in my wallet are real, because they are very difficult to forge.

According to Krugman, the main obstacle to counterfeiters is the fact that the US Secret service has sufficient resources to track down criminals. He said this right after said that the essence of cryptocurrency does not imply the existence of your «the Secret service». However, for the normal functioning of the system still needs a body that will verify the authenticity of the coins.

But Katherine Hawn said that the fake dollar bills simply. In her practice, there was quite a lot of the criminal cases of counterfeiting.

In fact, our resources are so limited that the Secret service can't prevent all incidents of counterfeiting of money. This authority will not intervene in every petty criminal.

image Source — Daily Forex Circle

At the end of Katherine added that Bitcoin relies on an algorithm Proof-of-Work, which now consumes a lot of electricity. She also mentioned on Ethereum Proof-of-Stake. According to Juan, this step will help to save a lot more resources kriptonyte.

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