Paul Krugman, a Nobel laureate and other network and blockchain based projects including Bitcoin and CryptoKitties issues a warning for an eternal cryptocurrency winter. Wherein the End White opinion published on 1 December, economists can be seen discussing real utility and it is a signal that predicts future decline and share their views about it.
Krugman criticizes the actual usefulness of this technology, saying that this technology is currently being used well and that it is a centralized option that criticizes the current use and on this, Krugman explains his skepticism that Said why go through so much trouble and expense to create a ledger in multiple places when basically why should we carry the ledger with us every time a transaction takes place and FTX, one of the largest crypto exchanges in the world We all know about how the market industry was down and this crypto winter could destroy the blockchain and its technology completely and it has the potential where he compared it to Fimbulwinter, the Yogi of mythology. and for Krugman, there have been plenty of signs of abandonment in the past few months with economists citing recent write-offs by several companies such as Maersk and the Australian Stock Exchange crypto and blockchain halving The Ritt project is made as a more successful prototype of its future, as well as openly criticizing the existence of bitcoin, saying that banks rarely harm customers’ assets. that the probability of bank fraud is nil while crypto institutions are more and more easily prey to temptation and hyperinflation designed to destroy the value of money is usually only caused by political chaos. He also called out Bitcoin’s Proof of Work through consensus and could be estimated to cause environmental damage over the centuries, billions of dollars, with no apparent benefit other than the production of worthless tokens.
However, this opinion is quite different from the opinion that was expressed in May 2021 where it was said that while he does not believe in the fundamentals behind bitcoin, he is sure that the market is a cult that will live indefinitely. and has the potential to survive and adapt and adapt to circumstances, and in June he compared cryptocurrencies to the housing bubble and the subprime mortgage crisis, saying it was a There is such a house which is not built on sand but on any one thing. Blockchain as a technology is criticized by economist Paul Krugman in general and it is said by many signs that it will herald a recession ahead of the upcoming winter.
