Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue

Nobel Prize victor Paul Krugman complained connected Twitter Wednesday that helium was experiencing issues with the centralized outgo processor Venmo. His tweet was followed by a barrage of bitcoin supporters who insisted that Krugman was present realizing the value of censorship-resistant outgo systems.

Krugman’s Experience Highlights the Growing Interest successful Censorship-Resistant Payment Systems

Nobel Prize victor and writer Paul Krugman, who famously wrote successful 1998 that “by 2005 oregon so, it volition go wide that the Internet’s interaction connected the system has been nary greater than the fax machine’s,” had issues with a third-party outgo provider. On Wednesday, Krugman announced connected Twitter that helium was engaged but needed to explicate the situation.

“Too engaged to tweet. But not to vent,” Krugman said. “I’ve been utilizing Venmo for years, but present it won’t let maine to marque payments. I spent a agelong clip successful chat with representatives, and they told maine that they can’t explicate wherefore — oregon hole it. The bundle has taken control.”

Paul Krugman follows the schoolhouse of Keynesian economics and has been a long-time skeptic of bitcoin. He was rapidly criticized by respective bitcoin proponents, including Microstrategy’s Michael Saylor, who insisted that “Bitcoin fixes this.”

One Twitter idiosyncratic adjacent quoted Krugman, asking “Exactly what is [bitcoin] expected to beryllium doing that we don’t already mostly do?” In the past, the economist has compared the cryptocurrency marketplace to the subprime owe clang and is well-known for his skepticism toward bitcoin.

Krugman expressed his vexation with Venmo connected Twitter, and the thread rapidly became filled with commentary astir bitcoin. Despite galore statements, the economist did not respond to the crypto fans. One idiosyncratic quoted from the bitcoin achromatic paper, saying “Try a purely peer-to-peer mentation of physics currency that would let online payments to beryllium sent straight from 1 enactment to different without going done a fiscal institution.”

Shortly aft Krugman’s archetypal tweet, the economist explained that his tweet helped resoluteness his contented with Venmo. “And tweeting got results. A typical called and we look to beryllium up again,” Krugman told his 4.5 cardinal societal media followers. Krugman’s acquisition with Venmo is not unique, arsenic billionaire Mark Mobius precocious detailed his ain difficulties successful getting funds retired of HSBC China. Mobius’s issues were besides criticized by bitcoin enthusiasts, who pointed retired that helium should recognize the value of censorship-resistant wealth similar bitcoin.

What are your thoughts connected Paul Krugman’s Venmo issues and the disapproval helium received from bitcoin supporters implicit his views connected cryptocurrency? Share your thoughts connected this taxable successful the comments conception below.

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