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.
Nobel laureate in economics
Earlier, Shiller called bitcoin "a psychological experiment."