"If a digital currency isn't actually used for any transactions, is it, you know, actually a currency?" tweeted Nobel laureate economist with the ears of American progressive politicians, Paul Krugman. He was prompted by a colleague's recent article regarding a push by Ripple's XRP to urge users to do more than just speculate. Mr. Krugman, it turns out, backed into one of the main arguments for bitcoin cash (BCH).
Useless. Evil. Antisocial. Worthless. Impractical. Bubble. Fraud. Those are the kinder adjectives the preeminent US court US economist, with exclusive access to freer world leaders, has used to describe the cryptocurrency phenomenon. He's also maniacally cheered bitcoin core (BTC) price haircuts, tacitly approving investors being wiped out and worse. More recently, he took to Twitter yet again to troll XRP and BTC enthusiasts, chiding, "If a digital currency isn't actually used for any transactions, is it, you know, actually a currency?"
Mr. Krugman, interestingly enough, backed into a main argument for bitcoin cash (BCH), at least as proponents see things. He made no mention of the fourth largest decentralized currency by market capitalization, but the bitcoin cash gang maintains that for a cryptocurrency to be a currency in any meaningful sense it must be used. Otherwise, it's just an exercise in greater fool game theory.
Mr. Krugman's snide, smug take has to do with Nathaniel Popper's, "Here's Some Cryptocurrency. Now Please Use It," published in The New York Times this week. Mr. Popper examines Ripple's recent press barrage, shoving its XRP in front of mainstream audiences from Los Angeles (Ellen DeGeneres) to New York (Stephen Colbert), which have hosted giveaways totaling more than $30 million … and just for those two shows, mind you.