Yanis Varoufakis: "Crypto is dead"
Rock star Greek minister
Yanis Varoufakis, the Greek minister that got famous in 2015 for holding his leg stiff against the European Union, and actually saved Greece from bankruptcy by doing this. His harsh stand against Europe drove the IMF and the European Union to insanity, but he could save a lot for Greece, and kept them in the European Union, and there was no Grexit.
After this he resigned, and formed a pan-European party with his economic points of vue. Now he is bringing out his opinions all over the world about economics and politics. He also wrote a book called: "The Global Minotaur" about the place of debt in the economy and the fall of Lehman Brothers.
Varoufakis has the aura of a rock star in Greece, because of his rough side and his accomplishments.
Crypto is not money
A few weeks ago he held a debate about crypto with Viktor Tabori about Bitcoin and Crypto. The title of the debate was: "Crypto is dead". But actually he is a fan of the concept of blockchain and crypto in general. But he says it can never be money. Because of the impossibility to expand and contract the amount of money in the economy like central banks are doing. He finds that aspect the most important part of money. As it can help economies in times of crisis. This all sounds very much Keynesian to me. But it is an interesting discussion. Inflation or no inflation, that is actually the question. In his opinion, the ever expanding supply of money is necessary. Crypto is kind of the opposite, at least most of them are. Bitcoin's most important feature is the fact that only 21 million will be in circulation, ever. So, no inflation is possible. Which is the mechanism why Bitcoin keeps rising in value, because fiat money keeps being inflated.
He also wants the scammers out of the crypto world, and thinks all stablecoins are scams. He could be right, but I think the truth is as always in the middle.
Watch it here:
Sincerely,
Pele23
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Check out the last post from @hivebuzz:
Yanis Varoufakis didn't accomplish anything. All his resistance towards Brussels, which was even confirmed by his countrymen at 2015 referendum, was for a naught. He was booted by Tsipras government which, when given the choice between going the hard way with ditching Eurozone and easy way of bending the knee toward eurocrats, opted for the latter.
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That is the official story, and I know people may disagree, but he drove the Eurozone to insanity, and made them give in at least a little bit. That is at least what my opinion is.
He got ditched for it, and played a dangerous game, but somehow he saved of Greece's assets.
He's partly right. I tend to look at cryptos as being a community money. This community money has value only inside the active community. So say if I had a community of drone enthusiast filled with all different caliber of individuals. Engineers, Coders, Designers, Marketers etc. What crypto would represent is an individuals wealth to that particular community. This may be a person who earns his crypto by shooting awesome videos or getting paid to repair or improve others drones.
Yet its super hard to get people to look at it this way. Most want to earn only in the USD while holding cryptos for some future value.....It has no future if there is no meaningful transactions of goods and services.
Side note I will be selling CBD products for crypto soon.