- This is Not Paper Money -
This is Mathematically Verifiable Proven Ledger Entries
On May 21, 2018, Project Syndicate, an online news magazine, published a commentary by Robert Schiller in which the professor claims that Bitcoin and cryptocurrencies will be another failed money experiment. Professor Schiller, of Yale University, is a renowned American Nobel Laureate, author, economist, grandson of immigrants and overall a great mind. Schiller called out the Internet Bubble back in 2000 as well as predicted the U.S. Housing Market Crash of 2008 when he published "Bubble Trouble" in 2007.
Professor Schiller is a very accomplished and respected economists. He is ranked among the World's most influential economists alive today. When Robert Schiller speaks or publishes, whether it is directly or through his company's reports, World Markets and Governments listen. His influential work and revolutionary thinking in economics has been on going since the early 1980's and has predicted that last two major economic bubbles and crashes. He has also recently predicted another possible economic collapse in an Intereview due to global trade wars.
Now with his most recent publication on Project Syndicate, he is questioning the very existence of cryptocurrencies. Schiller explains that money is simply paper used as a medium of exchange that is "rich in mystique" and who's value is really based on faith. In his commentary, he opens with salvos against a more recently created currency, the Euro. He explains that the Euro was hopelessly created more as a social experiment to foster change towards unity amongst the nations of Europe, which it obviously has failed to do.
Schiller then gives several examples of earlier failed attempts at revolutionizing money and the exchange of value. He goes back to 1827 when Josiah Warren attempted to invent a medium of exchange he called "Labor Notes" that could be used at his store, called the Cincinnati Time Store, to buy retail goods. This money experiment ended three years later with the store closure.
Schiller also points out other failures at revolutionizing money. During the 1930's depression era, two ideas that emerged were to base money on a metric of energy called the erg while a few years later it was proposed to take the Dollar off the Gold Standard and instead back it by the commodity of electricity. Ultimately, these technologically revolutionary attempts at transforming money failed.
Now fast forward to today and we have Bitcoin along with about two thousand other cryptocurrencies. Schiller explains that again as in the past there is a great sense of revolution from the community involved. He claims that the enthusiasm of change along with the technological innovations of cryptocurrencies have again driven communities to "faithfully" believe in this new money. The underlying premise here is that like before, these are nice ideas to believed in, but ultimately cryptocurrency will fail as other revolutionary money has before.
This time Robert Schiller is wrong. What Professor Schiller fails to understand is that Bitcoin was the first technological innovation that allowed for a verifiable medium of exchange of value without the need of a trusted third party. In other words, Bitcoin can be accepted for a value, and two parties can exchange that value using Bitcoin without need a trusted third party such as escrow because Bitcoin is both mathematically proven and cannot be counterfeited. And in my opinion, Bitcoin's greatest value is simply that it cannot be counterfeited due to computational math, unlike any other monetary unit before.
Money or currency has come in different forms thoughout the ages. Sea shells, cacao beans, metal coinage and paper money have been used as money and all have in one way or another been duplicated or counterfeited. Sea shells were dyed to the more expensive color, fake painted clay "beans" would be mixed in with a batch of cacao beans and coins were plated to resemble solid coins while paper of course in simply copied to this very day. Granted, modern currency has many anti-counterfeit measures, but they are nonetheless still susceptible to the talents of modern day counterfeiters.
So the next time someone tells you that cryptocurrencies are a fad, have no intrinsic value and will ultimately fail as money, you can tell them that for the first time in the history of mediums of exchange, two parties can safely transact without the need of any trusted third party, be it an escrow company, bank, or government. It is this solution and innovation that makes the idea of Bitcoin and cryptocurrency so revolutionary that it will forever change the future of money.
Full Steem Ahead!
@streetstyle
Sources:
Project Syndicate
Schiller interview
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People may be wrong. That's why they are going to miss everything out.
We will wave to them from the crypto train.
To understand cryptocurrency people need to know about technology first because the power of bitcoin is the blockchain technology. Regards
Yeah,,that's awesome content,,I appreciate with you..Money or currency has come in different forms throughout the ages. Economy will upgrade when people utilize their brain on good work,,Thanks @streetstyle for sharing,,
If I am ever asked again I will sure tell that and it is indeed a BTC & crypto are sure the revolution that all are gonna welcome in the coming days .
well many people and govt be like we like blockchain but we don't like bitcoin what the hell i mean lol
Dear @streetstyle
You have a new follower : - )
Thanks for share this post . Upvote and resteemed it .
Keep it up . Thanks
I am totally agree with you,. This time he is totally wrong, I wonder why he said like this..... we are totally hopeless..
Good content,,
A good economist,,But how he can say!!!!!
If we use our brain in properly,not even it 100% we will get our answer for this cryptocurrency question,,Robert Schiller !!!!
How can he say so!!!
LOL economist,,
Bitcoin may be the future coin on the world,,
Thanks for sharing this content @streetstyle,,
@upvoted
Many government of some countries banned trebding system and the steemians are facing many problems related to it.
People are shifting in those countries where trending of bitcoins not banned.
Great work and nice content @streetstyle
Thanks for sharing
Upvoted & resteemed your post.
Bitcoin is unstoppable, it is the decentralized engine, though transactions are public. But untraceable currencies such as Monero are poised to capture a decent part of the market share. Stay thirsty my friends.
thanks to Satoshi
bitcoin is a revolution which will achange the world once adopted completely
it is having some enormous benefits
I completely agree with you exactly that innovations make bitkoyn reliable and for him our future.
i appreciate with you @streetstyle,,As a small business owner, you need to keep track of your company's transactions. You can record transactions in a journal and ledger account .Professor Schiller is a very accomplished and respected economists. He is ranked among the World's most influential economists alive today.so we directly tell something on him,,
Thanks for sharing
its a very helpful post, thank you :)
I appreciate with you,,This time he is wrong,,Bitcoin is the real phenomenon
on recent world.How he could say this!!!
@upvoted
Oh yes @streetstyle, I am more and more surprised at the opinions that try to blacken Bitcoin technology and the rest of crypto and you are right, behind these technologies is a great future in the economy and in the world as a whole!
I am totally agree with you .
You say right .
My assumtion was such type but i don't know why he say so ....
Thanks for your commitement @streetstyle
What nonsense he is carrying. All analysts are predicting a great interest in the future for crypto currency. The biggest countries have recognized it. What else does he need for proof. Thank you for the interesting post.
bitcoin is so powerful..
For sure I can tell anyone that it's future of crypto currency.
That's awesome review on robert schiller..He is a good economist!!His opinion on Bitcoin is wrong, i think..
Someone feels very jealous as beat everyone's thought and it took over the cryptocurrency market. Definitely this man gone mad and its matter of time to make history by btc in this economical world.
Agreed ..... it is unstoppable.... we need proper guidance... thanks for your investigation..
I’ll say this people know next to nothing. So sad there are a couple of them who didn’t have faith in crypto. Monetary value in based on faith
i have to learn a lot of things for you...
be continuous sir
You have a lot of awesome posts, but this is
by far one of your best ones man.
I agree with you sir
We need more people to be BRAVE like you and speak out.
I agree with you @streetstyle. On this one, he is wrong cuz, crypto adopts blockchain tech, it is faster, easier and stress free.
Its the next technology
I completely agree with you, Bitcoin and other crypto-currencies, this is far from a fad, but a completely new technology of mutual settlements, which in any case will change our world! Thank you @streetstyle
A venture/method once failed doesn't mean it would continually fail.
I beg to disagree with this hypothesis.
Cryptocurrency is limitless. It has been adopted widely. Risen and fallen (to show its relatively a valid monetary form of exchange). Several countries policies have incorporated it.
Surely, it would go far
you are right @streetstyle, I am agree from your post.
Bitcoin is that cryptocrunccy which cannot be stop any way. Bitcoin is coin not a paper.
I took a positive in this prediction, although a professional expressed opinion, whose name is opinion, could have missed !!
the failure depends on the trend and the community in accepting it.
for certainty .. we wait for his time.
Thanks @streetstyle for hot topic
Cryptocurrency has adopted the blockchain technology and if you ask me, that's the "next big thing". You wanna tell me that a scheme that has adopted a faster means for transaction would Fail?
Oh please! Say something else
CAn't he see the progress? how bitcoin and other Cryptos are grabbing the attention of investors as well as normal peoples, how he can say such a shit?
I enjoyed Ned speaking a lot.
And the whole situation on the crypto market is looking very good!
this is something new to me, thanks for sharing...
love to read it about this.
I can't believe something like this coming out from someone like Robert Shiller. He's absolutely wrong about the crypto currencies. Maybe he doesn't know enough about the technology.
Solutions to problems are like sunshine. really good one!!!!
This is a classic and thought provoking post. I am awed by not only the quality but the brilliance of this essay. A professor may be very wrong and, of course, Robert S. is wrong in this case. Bitcoin is unstoppable. The earlier he realizes it, the better for him.
Regards.
bitcoin is now grew up.
it is so powerful now.