Krugman asserts that to be viable money has to have a stable value but doesn't justify the claim. http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/ …
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@sarahjeong Obviously stability is desirable but no I don't think it's necessary. -
@binarybits One just can't argue for mandatory stability and unrigged markets at the same time without losing credibility.@MarcHochstein
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@sarahjeong If a payment network is sufficiently useful, people will live with instability or pay for hedging services. -
@sarahjeong For many applications, the cost will be too high for users to tolerate. For others, it might be a non-issue.
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@sarahjeong It's wrong to think about in binary terms. Volatility imposes a cost. The question is how big is this cost? -
@binarybits Agree, I think the cost is too high right now, and BTC is behaving like a speculative vehicle than an actual payments network.
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