I'm not sure how to take Businessweek's Bitcoin downer issue. It's well known that a business leader who appears on Bizweek's cover is headed for doom. But does a negative cover mean doom, or the opposite? 1/ bloomberg.com/news/articles/…
Anyway, those saying that the whole blockchain thing was a fraud are finally getting a hearing. 2/ project-syndicate.org/commentary/blo…
I would say, however, that Nouriel talking about the "techno-utopian mystique" is getting at only part of the story. It was technobabble married to libertarian derp -- the government is going to inflate away all your savings, and central banks have black helicopters! 3/
What's amazing is that this libertarian derp flourished even as that kind of thinking proved disastrously wrong, again and again, in the aftermath of the financial crisis. People who got their monetary theory from Atlas Shrugged did NOT do well 4/
Yet they found a whole new set of suckers, and managed to lose around $700 billion of other peoples' money. Sad! 5/
