Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue

Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue

Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with the centralized payment processor Venmo. His tweet was followed by a barrage of bitcoin supporters who insisted that Krugman was now realizing the importance of censorship-resistant payment systems. Krugman’s Experience Highlights the Growing Interest in Censorship-Resistant Payment Systems

Nobel Prize winner and author Paul Krugman, who famously wrote in 1998 that “by 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s,” had issues with a third-party payment provider. On Wednesday, Krugman announced on Twitter that he was busy but needed to explain the situation.

“Too busy to tweet. But not to vent,” Krugman said. “I’ve been using Venmo for years, but now it won’t allow me to make payments. I spent a long time in chat with representatives, and they told me that they can’t explain why — or fix it. The software has taken control.”

Paul Krugman follows the school of Keynesian economics and has been a long-time skeptic of bitcoin. He was quickly criticized by several bitcoin proponents, including Microstrategy’s Michael Saylor, who insisted that “Bitcoin fixes this.”

One Twitter user even quoted Krugman, asking “Exactly what is [bitcoin] supposed to be doing that we don’t already mostly do?” In the past, the economist has compared the cryptocurrency market to the subprime mortgage crash and is well-known for his skepticism toward bitcoin.

Krugman expressed his frustration with Venmo on Twitter, and the thread quickly became filled with commentary about bitcoin. Despite numerous statements, the economist did not respond to the crypto fans. One individual quoted from the bitcoin white paper, saying “Try a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.”

Shortly after Krugman’s first tweet, the economist explained that his tweet helped resolve his issue with Venmo. “And tweeting got results. A representative called and we seem to be up again,” Krugman told his 4.5 million social media followers. Krugman’s experience with Venmo is not unique, as billionaire Mark Mobius recently detailed his own difficulties in getting funds out of HSBC China. Mobius’s issues were also criticized by bitcoin enthusiasts, who pointed out that he should understand the importance of censorship-resistant money like bitcoin. Tags in this story billionaire, Bitcoin, Censorship Resistant, Centralized, chat support, Cryptocurrency, Decentralized, Digital Assets, Digital Currency, economic impact, electronic cash, financial institution, Financial Technology, HSBC China, Keynesian Economics, mark mobius, michael saylor, microstrategy, Monetary Policy, nobel prize winner, Online Payments, Paul Krugman, Payment Processors, payment systems, Peer-to-peer, Social Media, Software, subprime mortgage crash, Third Party, Twitter, Venmo

What are your thoughts on Paul Krugman’s Venmo issues and the criticism he received from bitcoin supporters over his views on cryptocurrency? Share your thoughts on this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Deadline Approaching: Mt Gox Trustee Sets Final Cut-off Date for Creditors to Claim Over $3 Billion in Recovered Bitcoin NEWS | 2 hours ago Coinbase Launches Wallet-as-a-Service to Bring Millions to Web3 NEWS | 4 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSilvergate Bank Announces Voluntary Liquidation as Crypto Industry Woes Persist Next articleUK Widens Crackdown on Unauthorized Crypto ATMs Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining