Friedman and Hanke on Bitcoin

Check out this Cato article.

I sympathize with Mr Hanke, Mr. Friedman and Cato Institute’s mission, but what a self important and valueless article!

By reading you get the following:

1. Three lines on the birth of BTC.

2. Seventeen lines on how cleverly Friedman foresaw BTC in 1999.  Quite silly.  In 1990 I was part of the Cypherpunks mailing list (as a reader, not a contributor) and you could see digital money in utero right there.

3. Second half of the article is “I am so smart I know about the Tulip Bubble and I think this is the same thing because I say so“.  Mr. Hanke affirms that Bitcoin is volatile without using any objective measurement and does not consider that this volatility could be price discovery in a very uncertain new market.  Not to mention that measures of volatility need to extricate trend, as trendy series tend to be more volatile.

Unfortunately, the Cato Institute blog does not permit comments to the articles.  However, if you are interested, they provide contacts in case you would like him for a speaking engagement.


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