Bitcoin cannot produce anything real · Rebel Economist (Free)

Bitcoin cannot produce anything real

In this article Dean Baker argues that Bitcoin is incapable of producing anything in the real economy. Looked from the domestic economy’s point of view while cryptos won’t put food on your table, it will put food on its holders’ table but only by taking it away from everyone else’s table. “Crypto produces nothing, it is just a scheme to get money from the rest of us and hand it to the crypto bros.”

However, in foreign trade he argues that cryptos could play a positive role. In a sense by accepting several of MMTers’ position that (especially for US) whereas imports are benefit and exports are cost, he notes that instead of paying for imports with dollars, using cryptos would convert the trading partners into fools. In this case Americans’ table will have more food but the Chinese and others will be fasting.

The beneficial impact of imports is a point of serious disagreement between leading MMT advocates and our own Steve. It was the reason why Steve was not invited at their last annual gathering at the request of Mosler. It is not uncommon differences of opinions to push people apart.

https://cepr.net/bitcoin-wont-put-food-on-the-table/

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