Published: 06 Aug 2018 › Updated: 06 Aug 2018
Economic Extinction
Krugman argues that, throughout history, money has gradually evolved toward frictionless transactions, culminating in the current monetary regime centered around credit and debit cards and other types of digital payment methods.
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Bitcoin, he says, represents a 300-year evolutionary regression because it reintroduces friction into the monetary ecosystem in the form of the costs associated with mining transactions and validating the blockchain history.
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