Trying to explain to my college (an economist) how revolutionary Bitcoin is \ stacker news ~bitcoin

Trying to explain to my college (an economist) how revolutionary Bitcoin is

957 sats \ 18 comments \ @Taft 1 Mar bitcoin

My college is an economist. While we were talking, the topic of Bitcoin and blockchain came up. I immediately realized that my colleague had no idea what Bitcoin is and how blockchain technology functions, even though she is an economist.

I was trying to explain to her some of the basic concepts of Bitcoin and blockchain, telling her that Bitcoin is a digital currency not controlled by any government or central institution. It relies on the technology called blockchain, and Bitcoin can be used for transactions, investments, or as an equivalent store of value.

I also explained to her that blockchain is a technology used to securely store and verify transactions, that a blockchain is a distributed database or ledger shared among a network of computers (nodes), that the blockchain is decentralized, meaning no single entity controls it, that all users collectively retain control and so on.

After that, I would have been expecting that she, as an economist, would show some kind of interest and would ask for more details about this amazing technology or where she could find more detailed info about it.

But she left me speechless when she told me that she didn’t believe in this technology and that bitcoin is a big scam, that bitcoin will never be a currency, and that state authorities will soon control it, just like they control fiat money and a lot of bullshits like this.

And I was like: What the fuck!

I would have never imagined this reaction from an economist. This shows how much people, even economists themselves, have been poisoned by the centralized banking system and how they cannot think beyond the existing controlled banking system schemes.

I mean, can you imagine this?

It seems very difficult for people, even those who deal with finance (I believe that there are many other economists like my college), to accept a decentralized system. They find it easier to be under the control of a higher authority because that way they unload responsibility from themselves, but the cost of this is very high: Loss of Freedom!”

The tension between centralization and decentralization is indeed a very fascinating topic for me. While centralized systems offer efficiency and clear authority, decentralized systems often prioritize individual autonomy and resilience. Striking the right balance is crucial for societal progress.

But maybe individuals like me and you who believe in the decentralized system are just a few compared to the others who don’t believe in it. 🤔

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112 sats \ 2 replies \ @SwearyDoctor 1 Mar

Of course I can imagine it.

Economics is the priest caste of the financial imperial aristocracy, their job hjas always been to put number justifications on what is in the end an ideological program of financialized neoclassical economics.

This is one of the reasons economics is in general low repute with other academic fields, especiallz in the social sciences (of which it purports to be a member). They don't really think about things in any deep manner, they just march on.

10 sats \ 0 replies \ @Undisciplined 1 Mar

I totally agree with the first point. There are lots of ridiculous pieces of propaganda that are only believed by economists.

The other point doesn't ring true to me at all. If anything, economists seem to be disliked by other social scientists because we often rightly criticize the statistical techniques that they're misusing.

0 sats \ 0 replies \ @Taft OP 1 Mar

This is one of the reasons economics is in general low repute with other academic fields

I don't think this holds for all the economists in general. Probably some of them are, but as individuals, not as a profession.

32 sats \ 1 reply \ @Natalia 1 Mar freebie

Sometimes when people are more "educated" by the fiat world, the harder for them to reprogram their thinkings - I have some really smart frens and they work in tradfi, also can't warp their heads around Bitcoin, and even reject to learn more about it.

for me, I was like, omg Bitcoin solves many of my problems, and then I keep digging.

0 sats \ 0 replies \ @Taft OP 1 Mar

Yes, that's true!

30 sats \ 0 replies \ @hasherstacker 1 Mar

21 sats \ 2 replies \ @OneOneSeven 1 Mar

People fear what they don’t understand.

So she has no idea what is or how it works, but is sure that it doesn’t work and that the govt will ban it.

100 sats \ 0 replies \ @Taft OP 1 Mar

So she has no idea what is or how it works, but is sure that it doesn’t work and that the govt will ban it.

Yes, that's the paradox.

0 sats \ 0 replies \ @jgbtc 1 Mar

Ironically the one thing that never works is government banning something people want.

20 sats \ 1 reply \ @Undisciplined 1 Mar

I would have never imagined this reaction from an economist.

I doubt any of the economists on SN are surprised by the response you got, though.

31 sats \ 0 replies \ @Taft OP 1 Mar

Yes, I guess so.

10 sats \ 1 reply \ @398ja 1 Mar freebie

You mean colleague/co-worker? 🙂 Typo?

0 sats \ 0 replies \ @Taft OP 1 Mar

Ops! Yes, typo. I mean colleague. We work in the same institution but in different sectors.

0 sats \ 2 replies \ @Voldemort 1 Mar

at this point I am surprised when anyone has never heard of bitcoin. I am not surprised an economist would not know how it works and upon learning not be interested.

I don't necessarily think the concern comes from a conflict between centralization vs. decentralization as much as it is a gut reaction based on governments historically trying to control these things. That was my gut reaction when I first heart about back in like 2012. Someone was telling me the exact things you were probably telling your colleague and I just thought it was too risky to get involved. The government will figure out how to regulate it. Granted, I was a super poor grad student at the time so losing any amount of money would have been a big deal.

I ignorantly kept those opinions for a long time. Honestly, part of me was hoping my 2012 self would have been right so I wouldn't have to regret not investing back then.

0 sats \ 1 reply \ @Taft OP 1 Mar

Honestly, part of me was hoping my 2012 self would have been right so I wouldn't have to regret not investing back then.

Fortunately, your 2012 self was wrong, so Bitcoin remains uncontrolled by the government.

Unfortunately, like many others, you have lost a great opportunity.

0 sats \ 0 replies \ @Voldemort 1 Mar

Well, I meant when I held those opinions I hoped my 2012 self would have been right. This last summer I finally moved a fairly significant portion of my net worth to btc.

0 sats \ 0 replies \ @398ja 1 Mar

To be fair, bitcoin is a new paradigm, it's not intuitive, and few are those who understand it, and grasp its implications the first time they hear about it. The relentless bad press, the shitcoin scams, etc don't help either with the public perception and acceptance of bitcoin. I am not surprised by her reaction at all, she's actually acting very rationally, despite her ignorance.

0 sats \ 0 replies \ @jgbtc 1 Mar

This is why I'm not worried about Bitcoin scalling issues. It already has scalling built in. There is a large number of people who will never understand it or want it. Fine, scalling problem solved.