Robert Shiller spoke of bitcoin negatively
He gave an example of the so-called "time store", which was created by anarchist Josiah Warren in 1827 in Cincinnati. In this retail store, products were sold for hours of operation or"labor bills".
Two years later, in London, textile industrialist Robert Owen attempted to establish a "labor exchange" on the basis of labor tickets.
The concept of the "electric dollar", Schiller stressed, completely failed and was more of a Comedy than an innovation.
No one except representatives of the computer science sphere can explain how cryptocurrencies work. This creates an aura of exclusivity, gives money a new charm and fills supporters with revolutionary fervor. None of this is new, and as with past monetary innovation, a beautiful story may not be enough.
It is worth noting, earlier Schiller called bitcoin "psychological experiment".
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