In questo post  sul New York Times Krugman spiega perchè è scettico sulle cryptocurrencies: Transaction Costs and Tethers: Why I’m a Crypto Skeptic

In una mailing list di anziani internettici della prima ora ho postato questo commento in risposta:

the argument about friction leads basically to the friction of building trust. his argument is that the proof of work consumes loads of energy and overall is a friction greater than a building a central bank emitting fiat

this is possibly true with the present trust mechanism which is the distributed proof of work. it might change, though. for example the proposed Algorand system by Turing prize Micali from MIT would solve this issue with a trust model that somehow resembles the mechanism of election of the Doge used in the republic of venice from 1260 to 1780..
(likely the longest lasting election system in the world, surely longer than the election of the Pope which changes frequently)

I think crypto has induced an acceleration to some trends (at least in Europe). when BTC started, money transfer transactions took days and were costly (when not on the same bank) now we have quite ubiquitous same day transactions at 0 variable costs as part of the account cost. And we are heading towards europewide realtime money transfers between all banks. Not saying it is because of BTC, but it’s a part of the scenario.

about tethering to “real economy” usefulness, would he be living in venezuela, having savings abroad, it would solve him the problem of buying stuff.

PS, adding to the previous comment, cryptography (generalizing from btc and blockchain) has the power of bringing private property back to data.

as today information is not rival and not excludable (unless centrally managed, with access limitations)

private property need the asset to be rival and excludable. cryptography could help making it so. (and blockchain can well be a part of the picture)

L’ultima parte mi pare un concetto interessante che approfondiro’ maggiormente nel prossimo libro (in uscita a febbraio).

Oggi, per gli utenti, la proprietà privata, online, sostanzialmente non c’è. Ci sono i giga feudatari ed il resto del mondo..