An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
The following is an index to my posts on Post Keynesian economics, and is divided into thirty-one topic headings.
Tom,Any Post-Keynesian writing arguing cryptocurrencies are scam?
ie to me it looks like a gigantic scam - a bit like companies in the stock exchanges who have no office or anything. The initial IPO money goes to the owner.
Did you see Eric Tymoigne, The Fair Price of a Bitcoin is Zero and Bitcoin System: Some Additional ProblemsAlso Yanis Varoufakis, BITCOIN AND THE DANGEROUS FANTASY OF 'APOLITICAL' MONEY
The initial IPO money goes to the ownerIt's similar to a multilevel marketing (MLM) distribution network. Those that get in at the start of the chain make out like bandits, which is probably an apt analogy.
Thanks Tom,Yes that analogy is also good but in those Multilevel marketing firms, the firms do produce something - in this case nothing. More like some companies trading in stock markets with no income and no office (happens in India!) except in this case in unregulated markets instead of in exchanges. Trying to write something along those line. Yes agree with Tymoigne that the value is zero.
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