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Nouriel Roubini: Bitcoin is not a hedge against tail risk

ft.com

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Re: Nouriel Roubini: Bitcoin is not a hedge against tail risk

#61

Post by deeeeplearning »

coralreef wrote: post #46

Funny trend: solar and wind power are now cheaper than coal. https://ourworldindata.org/uploads/2020/11/Price-of-electric... Here's a hot take: Bitcoin subsidizes clean energy development. Miners buy cheap energy; clean energy infrastructure gets profitable return. Cost of development and manufacturing lowers further because of scale; pollution and externalities reduced; humanity wins. Bitcoin saves humanity?

>Miners buy cheap energy; clean energy infrastructure gets profitable return.

This true in China where most mining happens?

Re: Nouriel Roubini: Bitcoin is not a hedge against tail risk

#63

Post by ad31mar »

onelastjob wrote: post #57

Nano completely solves this. Under 1 second transactions fully confirmed, no mining, no inflation, it's decentralized (and getting more so). All the coins were premined. It uses a block lattice rather than a blockchain, so it is scalable (the main net is doing 185 transactions per second now (1776 tps on the test net). The system to determine voting power (regarding confirming transactions) is basically a liquid demo…

Stop shilling your shitcoin.

Re: Nouriel Roubini: Bitcoin is not a hedge against tail risk

#64

Post by abraxas »

dnautics wrote: post #52
abraxas wrote: post #24

Bitcoin is a paperclip maximizer instantiation running on a hybrid human/machine topology.

so is capitalism, so is socialism, so is biology, etc...

Not at all. In the aggregate living organisms don't evolve to homogenize their output while vacuuming resources from more interesting pursuits.

As for social/economic systems such as capitalism that's neither here nor there. Apples and oranges so to speak.

Re: Nouriel Roubini: Bitcoin is not a hedge against tail risk

#66

Post by junippor »

rybosworld wrote: post #10

"The value of Bitcoin is negative if we applied a carbon tax to it" (paraphrased). Can't this be said about literally anything? Bitcoin and cryptos in general are actually worth more than $0 because people are tired of seeing their cash devalued on the whim of politicians and bankers.

> Bitcoin and cryptos in general are actually worth more than $0 because people are tired of seeing their cash devalued on the whim of politicians and bankers.

How do you justify this, given that inflation is so low? (at least in the EU it's been oscillating between 0 and 2% for a very long time)

https://tradingeconomics.com/euro-area/inflation-cpi

Is this what people are so tired of? 1% inflation? I'm just trying to understand whether you're parroting "libertarian" talking points, or whether you know something I don't.

Re: Nouriel Roubini: Bitcoin is not a hedge against tail risk

#69

Post by Nasrudith »

arcticfox wrote: post #17
bustin wrote: post #5

How does someone measure the potential value of "being a pain in the ass to those who seek to control the supply of money"

I have come to believe that this part of the value is absolutely enormous. It takes control of the money supply out of government's hands - which on balance, I believe is probably a bad thing in a democratic country. On the other hand, it's incredibly powerful / valuable if it's allowed to exist, and I think the cat is already out of that bag.

That is a popular narrative partially owing to some very ugly zombie tropes and the archaic understanding of wealth as shinies to be grabbed - but it simply isn't true. We had it already with various (bi)metallic standards and they had documented worse problems.

Fiat currency has yet to cause wars of conquest to prevent deflationary lock up that proceeded to crash the economy through inflation after causing untold personal suffering /on success/. The maligned federal reserve already takes care of the "try to hyperinflate our ways directly out of problems to get reelected".

If anything it could have the more "neutral" role of financial network independence but it still suffers the flaw of interchange chokepoint control putting them back to square one.

Re: Nouriel Roubini: Bitcoin is not a hedge against tail risk

#70

Post by PragmaticPulp »

SideburnsOfDoom wrote: post #26
PragmaticPulp wrote: post #19

Earlier quoted context omitted.

It’s amazing that the popular narrative is that the average person will somehow benefit if we switch to a currency that is majority owned by a small handful of early adopters. I’m not a fan of the current inflationary economic policy, but in no way would a Bitcoin economy be a win for the average person. Early adopters and Bitcoin whales would love it because they hold the vast majority of Bitcoin. They want nothing…

It's the "bitcoin is good because I have it" narrative. That doesn't make it an equitable or even workable economic system.

Bitcoin is like an MLM for nerds.

Just get in at the ground floor and then promote it to everyone you know. They’ll invest, which makes money for you, and they’ll tell friends, who will invest...

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