Who worked hard on Rogoff?

Kenneth Rogoff spoke, and the Bitcoin Hornet nest woke up.

He did not gracefully do so yesterday when the famous Harvard Economist and former chief economist of the IMF publicly confessed that he was wrong with Bitcoin. Instead, he doubled. As you know, it wasn’t his prediction that the imminent fate of Bitcoin in 2018 and that Bitcoin’s price would soon collapse. it was

Trump’s crypto regulations are beneficial in place of the necessary crackdown, with Bitcoin being embraced and (shockingly) used by criminals, and Trump “has been bravely hugging hundreds of millions of dollars of cryptocurrency.”

In other words, we talk about intentional ignorance. Scooby-doo calls and wants his villain (“I would have left it too if I hadn’t interfered with the kids”). There is no other value in this. Are there no other censor-resistant use cases, embarrassing saving options, and immediate global payments for lightning?

Even in a 2018 CNBC interview, Rogoff said that sector regulations would lead to lower prices rather than higher priced catalysts. This smells like salty rationalization rather than serious analysis.

I’ll always kill your hero

Rogoff’s excellent book, this time it’s different. The free-available data behind eight centuries of financial stupidity, especially the research of dozens of countries over hundreds of years, was a godsend in my university days. I learned a lot from him.

When I finally met Rogoff in 2018 or so, it was a complete “kill your idol” moment. He has released his immeasurably stupid book, The Curse of Cash, about how to ban cash for criminals. I was trying to explain to him the virtue of competitive memo issue and financial freedom. Because of my shock, he was blowing away nonsense about free banks and falsehoods about the history of US banks, not to mention past financial arrangements in Canada, Scotland or Sweden.

That moment really stuck to me. I was young, but still not disillusioned with elite knowledge and so many academic facilities. But I was left speechless about something that a well-known Harvard professor didn’t know very well.

It was around this time I started to say

The most important thing I learned at Oxford was that you have a PhD and still be a fool.

It was the astronaut’s appeal to awakening of proportionality. I was in a big league. With wisdom, the Blessed Hall interacted with celebrities and spoke to the most famous of the wisest and most famous economists and economic historians in my field. I remember my night in Oxford, and how a loan from one bank had to be explained to a respected historian as a deposit in another. It’s from the textbook.

Maybe an elite university professor might be stupid…? Yes, totally.

Bitcoin Shrinkage Syndrome, BDS is a big, bad monster that took many bright minds from us well before their time. Many Fiat elites were so obsessed with their ego that they thrust into the status quo, and by the way, they benefited greatly. They often blind the errors in their past opinions.

The right intellectual approach when reality is behaving differently than what you expected is to reevaluate your model. Maybe you have something wrong?

A reasonable response to the price of Bitcoin, which will 13 times (+1,220%) in the seven years since you declared that imminent death loudly, is to change your mind. (For reference: US official CPI: +29%; US median revenue: +38%; S&P500: +146%.)

Maybe I missed something, you should ask yourself. There’s probably something here that I couldn’t see. Maybe this unworthy, speculative, technological disaster has real value?

I have lost almost all of my respect for legacy scholars. We definitely need a new institution of (higher) education. Bitcoin is for everyone, but not everyone, people get Bitcoin at a price that is right for them.

For everything I care about, Rogoff can join something like Elizabeth Warren at the back of the line.