Bitcoin inventor (who is unknown) nominated for the Nobel Prize in Economics

Shawn Knight

Posts: 14,346   +166
Staff member

Winning a Nobel Prize is no small feat. It’s not uncommon for recipients to spend most of their working lives striving for the achievement. Naturally, most revel in the recognition that such an award affords although that almost certainly won’t be the case if one nominee for the 2016 Nobel Prize in Economics is named the winner.

UCLA Professor of Finance Bhagwan Chowdhry recently penned a guest article for the Huffington Post. In it, Chowdhry said the committee invited him to nominate someone for the upcoming finance award. A few names immediately came to mind for their influential work in the 1970s and '80s, he said, including Paul Romer, Doug Diamond and Steve Ross.

Chowdhry said he then started thinking of people whose ideas have had a disruptive influence in the 21st century. Ultimately, he arrived at Satoshi Nakamoto, the creator of Bitcoin. The only problem, however, is that Satoshi Nakamoto is believed to be a pseudonym and nobody really knows the identity of the person behind the popular cryptocurrency.

Chowdhry insists that his nomination is no joke and that he truly believes the invention of the digital currency is nothing short of revolutionary. It holds many advantages over traditional currency, he added, including its security and ease of transfer, all while bypassing governments and banking institutions which eliminates delays and transaction fees.

In the event Nakamoto does win, the committee would be presented with the unique task of trying to notify him / her of the award. Would a Nobel Prize be enough to lure the creator out of hiding? Probably not. That’s why Chowdhry has volunteered to accept the award on his behalf.

Image courtesy Tim Arbaev, Getty

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cliffordcooley

Posts: 13,141   +6,438
Is this a crafty attempt at finding out who invented the Bitcoin? lol

I'm pretty sure, if they were looking for praise, we would know by now.
 

Neojt

Posts: 248   +90
Its a trap, the did the same to Krusty but it was a ruse to get him to europe!

That’s why Chowdhry has volunteered to accept the award on his behalf.
im sure that was a hard decision!
 

VitalyT

Posts: 6,360   +7,082
It holds many advantages over traditional currency, he added, including its security and ease of transfer, all while bypassing governments and banking institutions which eliminates delays and transaction fees.
This is a staggering short-sightedness for someone who is supposed to know something about economics.

The key idea of money is to represent wealth owned by a society or a group of. Virtual currency represents nothing, and built solely on speculation, greed and deception - usually on a global scale.
 

cliffordcooley

Posts: 13,141   +6,438
Virtual currency represents nothing
That's not completely true. It does represent a floating value. Which is no guarantee what that value may be from day to day. A value which is based on how much traditional currency is in the system. Lack of regulation on how much value is in the system is why it is so unstable.
 

Loafer

Posts: 19   +1
It holds many advantages over traditional currency, he added, including its security and ease of transfer, all while bypassing governments and banking institutions which eliminates delays and transaction fees.
This is a staggering short-sightedness for someone who is supposed to know something about economics.

The key idea of money is to represent wealth owned by a society or a group of. Virtual currency represents nothing, and built solely on speculation, greed and deception - usually on a global scale.

Is 'money' any different? Isn't that why countries have gold reserves? The whole financial system is based on confidence and speculation.
 
D

davislane1

This is a staggering short-sightedness for someone who is supposed to know something about economics.

The key idea of money is to represent wealth owned by a society or a group of. Virtual currency represents nothing, and built solely on speculation, greed and deception - usually on a global scale.

This is a staggering level of ignorance coming form someone allegedly capable of identifying faults in other's economic analysis.

The key idea of money is to provide a store of value. Specifically, a store of value outside of physical goods (barter). This could literally become Peanut Butter Cups if society so willed it.

It is also more than a little ironic that you would call out Bitcoin as an object of greed, deception, and speculation, when so-called legitimate currencies are manipulated and speculated for the benefit of large financial institutions and governments, to the tune of trillions of dollars, for profit and power. That's like calling out a house cat for having fangs and claws and proceeding to argue on behalf of a lion, three tigers and a bear.

With the exception of being digital, Bitcoin has more in common with commodities than fiat currency. Therefore, "economically" you would be better served to defend the latter as being controlled; attacking the former as being open to "fortuitous discovery", should the code ever be cracked.
 

MilwaukeeMike

Posts: 3,215   +1,469
This is a staggering short-sightedness for someone who is supposed to know something about economics.

The key idea of money is to represent wealth owned by a society or a group of. Virtual currency represents nothing, and built solely on speculation, greed and deception - usually on a global scale.

This is a staggering level of ignorance coming form someone allegedly capable of identifying faults in other's economic analysis.

The key idea of money is to provide a store of value. Specifically, a store of value outside of physical goods (barter). This could literally become Peanut Butter Cups if society so willed it.

And even if it were peanut butter cups (which wouldn't go well under my mattress), the vast majority would be in computers anyway and wouldn't be any more real than your bitcoins, or the numbers on the webpage of your online bank statement.
 
D

davislane1

And even if it were peanut butter cups (which wouldn't go well under my mattress), the vast majority would be in computers anyway and wouldn't be any more real than your bitcoins, or the numbers on the webpage of your online bank statement.

A bigger problem in the Reece's Economy is the issue of devoured income and the dubious nature of scrumptious withholdings.