Crypto May Be Another "Time Store", Shiller Believes

Nobel laureate in economics believes that cryptocurrency is another attempt to change the format of money
22 May 2018   716

Nobel laureate in economics Robert Shiller said that cryptocurrencies are not the first attempt to change the existing format of money, and that all previous attempts ended in complete failure. This is reported by Bloomberg.

So, he gave an example of the so-called "time store", which was created by anarchist Josiah Warren in 1827 in Cincinnati. In this retail store, products were sold for hours of work or "labor bills."

Two years later, in London, textile industrialist Robert Owen attempted to found the Labor Exchange on the basis of labor tickets.

The concept of the "electric dollar," stressed Shiller, completely failed and was rather a comedy, not an innovation.

No one, outside of computer science departments, can explain how cryptocurrencies work. That mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal. None of this is new, and, as with past monetary innovations, a compelling story may not be enough.
 

Robert Shiller

Nobel laureate in economics

Earlier, Shiller called bitcoin "a psychological experiment." 

Poloniex Wants to be Tron Super Representative

If the exchange will be elacted, it will be able to participate in the distribution of awards for one and a half million TRX daily
18 November 2019   86

The Poloniex cryptocurrency exchange this Monday announced the nomination of its candidacy for the role of validator in the blockchain project system TRON.

If successful, the exchange will be able to participate in the distribution of awards for one and a half million TRX daily. At the time of publication, she ranks 92nd in the general list of candidates with 32,626 votes, while the last super-representative in the 27th position has 262,320,639 of them.

Some time before, Poloniex opened several trading pairs for the TRX exchange and announced an official collaboration with Justin Sun's project.