> You admit that some other crypto currency may win. That means that bitcoin may lose.
Your thinking is very binary. It's possible that another crypto currency becomes the biggest one, that doesn't mean bitcoin loses, it means it's not the reserve currency that it is now. You don't seem to understand that people have different ideas about how a currency should function and each crypto that comes out will attract those that agree with its rules. Bitcoin is designed for Austrian economic fans who think inflation of the money supply is the worst thing ever. They will never abandon it for another crypto, it's already exactly what they want. Keynsian's will eventually move to something that includes built in inflation.
> Like Krugman points out, there's nothing to backstop it and no floor.
Yes there is, it has utility; even if another crypto becomes the more favored currency, Bitcoin will remain the digital gold it is because it's deflationary, easily tradable, and aligns ideologically with how many people think money should work (they're wrong, but that doesn't matter).
> I'm clearly going to need to load up on popcorn, this is gonna be fun to watch...
It's already fun to watch. That neither you or Krugman see inherent value in crypto currencies is something both of you will come around on eventually. He certainly changed his mind about the Internet being no more useful than a fax machine.
Hey, I love Krugman, we agree on much, but on this, he's simply wrong and he's been very wrong very publicly before. Your appeal to his authority is not a valid argument for why Bitcoin is a bubble, if you can't make your own, then move on but don't get snarky with this "he just doesn't understand" b.s. you're slinging; it's unbecoming.
Your thinking is very binary. It's possible that another crypto currency becomes the biggest one, that doesn't mean bitcoin loses, it means it's not the reserve currency that it is now. You don't seem to understand that people have different ideas about how a currency should function and each crypto that comes out will attract those that agree with its rules. Bitcoin is designed for Austrian economic fans who think inflation of the money supply is the worst thing ever. They will never abandon it for another crypto, it's already exactly what they want. Keynsian's will eventually move to something that includes built in inflation.
> Like Krugman points out, there's nothing to backstop it and no floor.
Yes there is, it has utility; even if another crypto becomes the more favored currency, Bitcoin will remain the digital gold it is because it's deflationary, easily tradable, and aligns ideologically with how many people think money should work (they're wrong, but that doesn't matter).
> I'm clearly going to need to load up on popcorn, this is gonna be fun to watch...
It's already fun to watch. That neither you or Krugman see inherent value in crypto currencies is something both of you will come around on eventually. He certainly changed his mind about the Internet being no more useful than a fax machine.
Hey, I love Krugman, we agree on much, but on this, he's simply wrong and he's been very wrong very publicly before. Your appeal to his authority is not a valid argument for why Bitcoin is a bubble, if you can't make your own, then move on but don't get snarky with this "he just doesn't understand" b.s. you're slinging; it's unbecoming.