Economist Tyler Cowen confirms there are good reasons to be crypto-skeptical.
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Cryptocurrency is truly a new idea, and it’s rare for society to encounter fundamentally new ideas.
Cryptocurrency is well positioned to serve a crucial financial and transactional role as a globalized internet grows to include more of our lives.
Crypto enthusiasts espouse grand plans that do not sound realistic, while crypto skeptics fail to appreciate the revolutionary nature of the technology.
Read the video transcript ► https://bigthink.com/series/devils-advocate/crypto-skeptics/
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About Tyler Cowen:
Tyler is the Holbert L. Harris Chair of Economics at George Mason University and serves as chairman and general director of the Mercatus Center at George Mason University. He is co-author of the popular economics blog Marginal Revolution and co-founder of the online educational platform Marginal Revolution University.
Tyler also writes a column for Bloomberg View, and he has contributed to The Wall Street Journal and Money. In 2011, Bloomberg Businessweek profiled Tyler as “America’s Hottest Economist” after his e-book, The Great Stagnation, appeared twice on The New York Times e-book bestseller list.
He graduated from George Mason University with a bachelor’s degree in economics and earned a Ph.D. in economics from Harvard University. He also runs a podcast series called Conversations with Tyler. His latest book Talent: How to Identify Energizers, Creatives and Winners Around the World is co-authored with venture capitalist Daniel Gross.
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Read more of our stories on cryptocurrency:
Behind the crypto hype is an ideology of social change
► https://bigthink.com/the-present/crypto-ideology-of-social-change/
Inside the crypto black markets of Argentina
► https://bigthink.com/the-present/crypto-black-market-argentina/
Cryptocurrency and the “greater fool” theory of economics
► https://bigthink.com/the-present/greater-fool-theory-cryptocurrency/
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30 Comments
Crypto is a pyramid scheme. Another tool to separate a fool from his money.
You are missing the point. The point many of us have had from the beginning of crypto is it was touted as a way to avoid Wallstreet. From the beginning I have said what trade off one group of thieves for another? Crypto is tracked and is not backed. I will never use crypto in its current form. Scam scam scam I am says the crypto.
Arent skeptics supposed to be the red pill ?
Just from how Crypto's fluctuate more than even the stock market, It's a risky investment just like anything else.
🎓 ♟️
crypto is a big ponzi scheme.
Honestly, tired of the matrix references. It’s just dumb now.
Algorand isn't speculative! iykyk
Watch Folding Ideas video on NFTs and you get an idea of what crypto really is.
Bigthink's explainers on crypto sound more like groupthink.
The problem with crypto isn't the networks or that most of them are created by thieves to steal money. It's that they are not backed by anything. Fiat currencies may be shit, as a lot of the collateral are just govt promises, but a lot of it is backed by things people want and need like houses, cars, silos full of grain etc. Cryptos are entries in a spreadsheet with nothing to back them. Fugazis if there ever were.
Crypto is definitely the future along with Ai…we've been building the Internet for so long and not taking it as serious compared to real life. On some serial experiment lain type shit.
The people I hear bragging about crypto are the equivalent of the guys I knew in the eighties who would walk around with their 3 pound cell phones making “business” calls at 11:00 pm- you know, when no businesses were open, in an attempt to impress “chicks” at the bar.
Everything that I know about the World, money and people tells me that as soon as crypto poses at least a slightest real threat to Euro/Dollar it will be elliminatid and ALL people who used crypto will loos their money!!!
bigthink is good at reminding me just how human and fallible our experts are
Mhhm
Bitcoin is not the same as crypto. Bitcoin was the original crypto, but now they stand apart.
And anybody saying Bitcoin (he said crypto but we know he meant Bitcoin) uses a lot of energy is immediately untrustworthy in my eyes. Porn uses more energy.
The modern economy is a system made on belief of value.
Making it digital doesn't change that… Quite the contrary.
This man and many more needs to watch Dan Olsens video "The line goes up". Otherwise they just speak and speculate incorrectly out of their asses about things that can already be seen.
So how do I get my money back from the Kenyan farmers ?
Should I send them a strongly-worded emoji ?
Positive of it, to be vital for DIGI-VERSAL ECONOMY!
long term investment? lol lmao never, ill just use it to transfer funds but thats it.
Merci beaucoup que Dieu nous bénisse pour qu'on soit des millionnaires en crypto en 2025
It’s a scam! The government wouldn’t let them create an actual competing currency, so it became a futures stock. It doesn’t create any goods or services. Block chain is just a secured filing system and is separate from the crypto scam. Crypto is for nerds who couldn’t succeed with real stock investments. Disappointed in Big Think for not including these basic facts.
Tyler Cowen 🧐🤔 what an interesting name, am I right brothers?😄
the motivation you give is amazing
XRP is the one! Do your research
At last, an economist who can actually think for himself. There always two sides to any innovation. The cryptos we have today are not the original Bitcoin and won’t be as evolved as the cruyptos of 10-20 years from now. This is a new
Space buy it’s evolving at breaking-neck speed. Bitcoin was revolutionary and blockchain technologies are here to stay, for good and for bad, just like cars and computers.
ooo now you realize waaooo
You know you're in front of a cryptobro when the only dangers he sees are governments. No, cryptobro, the problem are not the governments neither fiat money. The problem is opacity. Cryptocurrencies seem designed by and for criminals. Full stop.
There are cryptocurrency ecosystems like Cardano who don't rely on massive energy consumption.
Him stating that all crypto in their current form consume energy is evidence that he hasn't done thorough research.
Other than that, his bullish case is spot on