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   494

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." 

Bitfury to Unveil BTC's Lightning Network Tools

An open-sourced LN wallet, software and hardware payment acceptance solutions, etc
23 January 2019   77

Bitfury Group presented a number of tools designed to foster the development of the Lightning Network (LN), CoinDesk reports.

Among them: an open-sourced LN wallet, software and hardware payment acceptance solutions for merchants and payment processing. The company also introduced tools for developers and an open-source LN node called The Peach.

According to Bitfury representatives, all these tools are designed to make working with a second-level network easier and more convenient for companies and ordinary users. New products created by the Lightning Peach team.

By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants.
 

Valery Vavilov

CEO, Bitfury

Among other things, last week Bitfury added support for LN solutions on the BTCBIT cryptocurrency exchange.