Crypto Cassandras are having a field day as token markets continue to experience disruption in many cases wheeling out familiar refrains and predicting the imminent death of bitcoin (BTC) – although most crypto pundits are scoffing at the arguments they are using to justify their claims.
The Nobel Laureate and longtime crypto-skeptic Paul Krugman perhaps knew what was coming when he penned his latest sideswipe at the crypto industry in the New York Times, tweeting that he would “get a lot of hate mail,” sarcastically stating that the crypto “cult must not be mocked.”
But Krugman’s reasoning appears to have left him open to no shortage of criticism. At one point in his op-ed piece, he drew parallels between Bitcoin and Ponzi schemes and the misdoings of Bernie Madoff, the disgraced former Nasdaq non-executive chairman and architect of a USD 64.8bn Ponzi-style fraud who died in prison earlier this year.
The lawyer, bitcoin advocate, and Anderson Kill partner Preston Byrne took to Twitter to break down – and criticize – Krugman’s arguments paragraph by paragraph, and pointed out:
“A towel… has great practical value. You can… wrap it round your head to ward off noxious fumes or avoid the gaze of the Ravenous Bugblatter Beast of Traal (such a mind-bogglingly stupid animal, it assumes that if you can’t see it, it can’t see you).”
Krugman’s arguments took a familiar tack for anyone used to rereading crypto-skeptic arguments: he explained that crypto markets are volatile, that adoption is slow, and that tokens like BTC have often been used in crime efforts and that crypto advocates use excessive “technobabble” jargon.
The crypto trader and analyst Quio Wang cut to the point, but writing that he would “summarize” the piece so Twitter users “don’t waste your time,” writing: