“Let’s Settle This,” a debate between crypto skeptic Paul Krugman and crypto venture capitalist Katie Haun just hit YouTube.
Speaking before an audience of local bankers and business leaders, Krugman, who won the Nobel Prize in Economics in 2008 as the sole recipient, faced off against former federal prosecutor, Haun, who became a general partner at a16z, the crypto fund started by Andreessen Horowitz earlier this year.
The debate, which was held on September 6, 2018 in Mexico City, highlights Krugman’s understanding of the modern-day economic landscape. Although he confesses he may not fully understand the technology behind Bitcoin, blockchain and cryptocurrencies, he knows enough about monetary economics and the evolution of fiat currencies to explain why money is “a lubricant” that effectively powers transactions.
As a crypto skeptic who questions whether the new tech is actually solving a problem, and who wonders how the unbanked in developing countries could be expected to use Bitcoin, if, as he presumes, they’re not on the internet – Krugman’s presentation inadvertently probes core philosophical questions about human beings. Even if a system is perceived to be ideal or extremely efficient, like fiat currency, can it withstand the widespread quest for advancement or the inevitability of change?
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