Cryptocurrencies are reminiscent of some of the failed attempts to convert the money that had been made throughout the history of mankind, says Nobel laureate in Economics Robert Shiller (Robert Shiller).
“Each of these monetary innovations, combined with unique technological history. But more fundamentally it’s all connected with a deep desire for any kind of revolution in society,” wrote Schiller to the blog.
In particular, he reminded about the store Cincinnati Time Store American anarchist individualist Josiah Warner (Josiah Warner) in which the goods were sold for a unit of work (labor bill). The project closed three years later. Two years later, Robert Owen (Robert Owen), sometimes called father of socialism, tried to create in London the National Equitable Labour Exchange, relying on the labor notes or “money is time” as currency. The experiment also failed.
In a hundred years during the great depression, economist John Pease Norton (John Pease Norton) introduced the concept of “electric dollar”, but it turned into an excuse for jokes, reminded the Nobel laureate.
According to Schiller, bitcoin and other cryptocurrencies are no different from all these attempts. As noted by the economist, cryptocurrencies were presented to the community of entrepreneurs who “hovers above the national governments perceived as driving forces of the long inequality and war.”
Also a Yale University Professor was reminded of the aura of mystery around bitcoin, partially contributing to the popularity of the cryptocurrency:
“Virtually no one outside of the departments of computer science can not explain how the cryptocurrency, and this mystery creates an aura of exclusivity, gives new money charm and fills the followers of revolutionary zeal. This is nothing new. And, as is the case with previous monetary innovations, seeming irresistible story may not be enough”.
Who predicted the mortgage crisis of 1998 in the US, the economist is not the first time critically speaks about bitcoin and cryptocurrencies. In September last year, when BTC was still far from its historic highs, Schiller called bitcoin “the best example of a bubble.” He also said that cryptocurrency attracts those who want to “outsmart the system”, and the value it “extremely doubtful“. In addition, Schiller noted that investing in bitcoin now is just fashionable.