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Little flu? Yes I love the new traits you received from Are Oust and Jon Olaf Olaussen DN August 30th and am updating my profile. We who are not true economists have to adorn ourselves with what we get or find.
Oust and Olaussen believe that non-western countries deserve a better monetary system than Bitcoin. I want to simplify it by saying that non-western countries need a better monetary system than they are today, and that the whole world needs to move away from the hegemony of the dollar and the hegemony of the United States.
Bitcoin as a neutral alternative reserve currency is unthinkable in the future, perhaps as a digital alternative to John Maynard Keynes Bancor.
I don’t see any real alternative to improving the daily lives of the many who are without a bank account and banking services. For many of them, Bitcoin means a better day and a chance to participate in the global economy.
Bitcoin, which is used to transfer funds (remittances) between people in different countries, is stable and growing strongly. Bitcoin’s unique properties with definitive (definitive) settlement and no counterparty risk make it a great value transfer system.
We agree the twists and turns are challenging, but I’m not as sure as Oust and Olaussen that it will take forever. Gold has shown that an inelastic supply does not necessarily lead to large fluctuations in the long run.
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Gold is an interesting comparison with Bitcoin when it comes to drilling too. Mining in the gold industry is an absolute environmental and climate catastrophe without our hearing much about it. If Bitcoin can replace some of the demand for gold, it will be positive for both the environment and the climate.
The closure of Bitcoin mining in China in the last six months has brought about significant changes in the energy mix and increased the share of renewable energies, recently wrote financial editor Terje Erikstad. The trend towards more renewable energy is likely to continue, and an updated overview from the University of Cambridge’s Center for Alternative Finance is a helpful resource.
A quarter later, the big question arises as to where the renewable energy comes from and how it is distributed. If Oust and Olaussen think the market shouldn’t control sales, that’s interesting.
Bitcoin used by criminals is a persistent myth. Chainalysis, the research firm that provided data for the latest reports, is perhaps the most hated company among Bitcoin enthusiasts. They provide services to investigators, prosecutors and tax authorities in many countries. Hence, their interest in curbing the suspicious use of Bitcoin is absurd.
Deira analyzes support scientific articles on the subject, e.g. Paolo Tasca and Associates. His 2016 comprehensive review of Bitcoin transactions (“The Evolution of the Bitcoin Economy”).
But back to the starting point of this discussion: the lack of interest and curiosity of economists in Bitcoin and cryptocurrencies. I have to admit that my plots probably didn’t invite dialogue, but rather provoked. To compensate, I invite Are Oust and Jon Olaf Olaussen to visit my Bitcoin session at Høgskulen på Vestlandet. I have a guest, bitcoin enthusiast and bitcoin critic every week as we discuss various aspects of this phenomenon.
I’ll close with Per Sivle’s words, brushing it up a bit: And that’s the most important thing, and that’s the big thing, that Bitcoin is the economist he’s drowning in!(Conditions)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our cases via a link that leads directly to our pages. The content may not be copied in whole or in part or used in any other way with written permission or within the legally permissible framework. Further conditions can be found here.
And that’s the most important thing, and that’s the most important thing, that Bitcoin is what the economy is getting into!