It's crazy to see these guys complain about the transaction fees without knowing well how it works. It also show how unaware they are of current banking fees which also take about 2-3% off each card transaction at merchants. Not to mention the monthly fees these merchants spend for the service and the equipment!
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I think they know full well about all the different fees. Though that doesn't fit their "bitcoin must die" narrative, so they leave it out. Even concerning energy consumption, global ATMs use far more electricity than the entire bitcoin ecosystem yet that is never mentioned.
i bet they never trade on crypto, just utter bulllshit.
Of course they don't. They pick up some line they read in bloomberg of the WSJ and they run with it.
Yeah, these guys are professionals right? It's their job to know these things. In my mind this means one of two things:
The Halo effect might be tricking economists into thinking they already know everything they need to know about the blockchain because it is similar to topics they already know about. However, when it comes to crypto, the devil is in the details.
You'd think these guys would be tired of getting proved wrong year after year. Why does anyone believe them at this point?
I actually think it is that first part. If they were saying "yes bitcoin may have a future", they would be getting far less press than if they became the king bitcoin basher. May be all about self promotion.
Blockchain is mesmerizing for economists as it take their theories of monetary policy and flips it upside down despite the facts that before the gold standard was abolished, their system was based on adequate reserve backing of a real asset not trust. How times change...