Paul Robin Krugman, who is an American economist and a columnist for The New York Times, has recently taken a jibe at Bitcoin and Ripple’s XRP for not actually being currencies. In his recent tweet, the Nobel laureate questioned the usability of digital tokens altogether.
Currently, according to market cap, XRP is ranked the third position in the crypto-coin ranking. Some crypto analysts have an opinion that Ripple is promoting its token for speculative trading. Ripple topped the headlines for giving away its tokens to promote a widespread ‘trading’ of XRP.
In Nathaniel Popper’s recent article ‘Here’s Some Cryptocurrency. Now Please Use It,’ says,
“Digital tokens like Bitcoin and its many imitators (like XRP) were designed to make electronic transactions of all sorts easier. But today almost no transactions are happening, other than on virtual currency exchanges where people bet on their price.”
Krugman marked these words and responded by stating,
“If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?”
— Paul Krugman (@paulkrugman) July 3, 2018
Tiffany Hayden, a politician and a crypto enthusiast replied by saying,
“Ripple is a private company. XRP is a decentralized, digital asset. Ripple did not create XRP, they are holders of XRP”
Bram Cohen, the creator of BitTorrent, commented on Krugman’s tweet, saying,
“Ripple isn’t actually a cryptocurrency, it’s a centralized token accounting system, of the sort which any idiot could have set up 20 years ago.”
Riccardo Spagni, the core member of Monero replied saying, “Some rando, who’s accomplished precisely nothing of import, arguing with the creator of BitTorrent over whether or not Ripple is decentralised. This is truly amazing”
See also: Ripple, Bitcoin, Ethereum, Cardano, Dash, Litcoin are here to stay: JPMorgan internal report
Paul Krugman joined The New York Times in 1999 as an Op-Ed columnist. He is a distinguished professor in the Graduate Center Economics Ph.D. program and distinguished scholar at the Luxembourg Income Study Center at the City University of New York. In addition, he is professor emeritus of Princeton University’s Woodrow Wilson School.
Mr. Krugman is the author or editor of 27 books and more than 200 papers in professional journals and edited volumes. His professional reputation rests largely on work in international trade and finance; he is one of the founders of the “new trade theory,” a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him its John Bates Clark medal. Mr. Krugman’s current academic research is focused on economic and currency crises. [Newyork Times]
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