The post Who Rugged Rogoff? appeared on BitcoinEthereumNews.com. Kenneth Rogoff spoke, and the Bitcoin hornet’s nest awoke.  When the celebrated Harvard economist and former chief economist at the IMF yesterday publicly confessed that he was wrong on Bitcoin, he didn’t do so gracefully; instead, he doubled down. You see, it wasn’t that his prediction in 2018 of Bitcoin’s imminent doom and the bitcoin price to quickly collapse was wrong; it was Trump crypto regulation was beneficial instead of the needed crackdown Bitcoin was embraced and (shockingly) used by criminals, and Trump “brazenly hold hundreds of millions … of dollars in cryptocurrencies seemingly without consequence.” I mean, talk about willful ignorance. Scooby-Doo called and wants his villains back (“I would have gotten away with it, too, if it weren’t for you meddling kids”). There’s no other value to this thing, no other censorship-resistance use case, no savings-outside-the-shady-banks option, no instant global payments over Lightning? Even in that 2018 CNBC interview, Rogoff said regulation of the sector would lead to lower prices, not a catalyst for higher ones, as he now pretends. This smells like a salty rationalization, not a serious analysis.  Slay Your Heroes, Always Rogoff’s excellent book, This Time Is Different: Eight Centuries of Financial Folly, and especially the freely available data behind the research for dozens of countries over hundreds of years, was a godsend during my university years. I learned so much from him.  When I finally met Rogoff in 2018 or so, it was a total “kill your idols” moment. He had just released his unfathomably stupid book The Curse of Cash — about how we should ban cash because criminals… and cash also makes monetary policy transmission worse and negative interest rates more difficult to impose. I was trying to explain to him the virtue of competitive note issuance and monetary freedom. To my… The post Who Rugged Rogoff? appeared on BitcoinEthereumNews.com. Kenneth Rogoff spoke, and the Bitcoin hornet’s nest awoke.  When the celebrated Harvard economist and former chief economist at the IMF yesterday publicly confessed that he was wrong on Bitcoin, he didn’t do so gracefully; instead, he doubled down. You see, it wasn’t that his prediction in 2018 of Bitcoin’s imminent doom and the bitcoin price to quickly collapse was wrong; it was Trump crypto regulation was beneficial instead of the needed crackdown Bitcoin was embraced and (shockingly) used by criminals, and Trump “brazenly hold hundreds of millions … of dollars in cryptocurrencies seemingly without consequence.” I mean, talk about willful ignorance. Scooby-Doo called and wants his villains back (“I would have gotten away with it, too, if it weren’t for you meddling kids”). There’s no other value to this thing, no other censorship-resistance use case, no savings-outside-the-shady-banks option, no instant global payments over Lightning? Even in that 2018 CNBC interview, Rogoff said regulation of the sector would lead to lower prices, not a catalyst for higher ones, as he now pretends. This smells like a salty rationalization, not a serious analysis.  Slay Your Heroes, Always Rogoff’s excellent book, This Time Is Different: Eight Centuries of Financial Folly, and especially the freely available data behind the research for dozens of countries over hundreds of years, was a godsend during my university years. I learned so much from him.  When I finally met Rogoff in 2018 or so, it was a total “kill your idols” moment. He had just released his unfathomably stupid book The Curse of Cash — about how we should ban cash because criminals… and cash also makes monetary policy transmission worse and negative interest rates more difficult to impose. I was trying to explain to him the virtue of competitive note issuance and monetary freedom. To my…

Who Rugged Rogoff?

Kenneth Rogoff spoke, and the Bitcoin hornet’s nest awoke. 

When the celebrated Harvard economist and former chief economist at the IMF yesterday publicly confessed that he was wrong on Bitcoin, he didn’t do so gracefully; instead, he doubled down. You see, it wasn’t that his prediction in 2018 of Bitcoin’s imminent doom and the bitcoin price to quickly collapse was wrong; it was

  1. Trump crypto regulation was beneficial instead of the needed crackdown
  2. Bitcoin was embraced and (shockingly) used by criminals, and
  3. Trump “brazenly hold hundreds of millions … of dollars in cryptocurrencies seemingly without consequence.”

I mean, talk about willful ignorance. Scooby-Doo called and wants his villains back (“I would have gotten away with it, too, if it weren’t for you meddling kids”). There’s no other value to this thing, no other censorship-resistance use case, no savings-outside-the-shady-banks option, no instant global payments over Lightning?

Even in that 2018 CNBC interview, Rogoff said regulation of the sector would lead to lower prices, not a catalyst for higher ones, as he now pretends. This smells like a salty rationalization, not a serious analysis. 

Slay Your Heroes, Always

Rogoff’s excellent book, This Time Is Different: Eight Centuries of Financial Folly, and especially the freely available data behind the research for dozens of countries over hundreds of years, was a godsend during my university years. I learned so much from him. 

When I finally met Rogoff in 2018 or so, it was a total “kill your idols” moment. He had just released his unfathomably stupid book The Curse of Cash — about how we should ban cash because criminals… and cash also makes monetary policy transmission worse and negative interest rates more difficult to impose. I was trying to explain to him the virtue of competitive note issuance and monetary freedom. To my shock, he was sputtering nonsense about free banking and falsities about U.S. banking history, let alone the past monetary arrangements of Canada, Scotland, or Sweden, of which he knew nothing.

The moment really stuck with me. I was young and not yet that disillusioned with elite knowledge and the much-revered academic establishment. But I was speechless that a famous Harvard professor didn’t know better… what, the skills and cognitive faculties and hard work that got you here have now been completely eroded? 

It was around this time that I started saying,

It was a wake-up call of astronaut-meme proportion: I was in the big leagues, the hallowed halls if wisdom, interacting with the big names, talking to the smartest and most celebrated of economists and economic historians in my field… and it turned out they were unread in all the things that matter. I remember a night in Oxford when I had to explain to a well-respected historian how loans in one bank end up as deposits in another, thus multiplying the (broad) money supply. Textbook stuff.

Elite university profs can be stupid…? Yeah, totally. 

Bitcoin derangement syndrome, BDS, is a big, bad monster that’s taken many bright minds away from us, well before their time. Many fiat elites became too enamored by their own egos, too stuck in the status quo that, by the way, has benefited them enormously. They often become blind to the errors of their past opinions. 

The correct intellectual approach when reality behaves differently from what you expected is to reassess your model. Maybe you got something wrong?

The reasonable reaction to the bitcoin price doing 13x (+1,220%) in the seven years since you loudly proclaimed its imminent death is to change your mind. (For reference: U.S. official CPI: +29%; U.S. median earnings: +38%; S&P500: +146%.)

Maybe I missed something, you ought to ask yourself. Maybe there’s something here that I couldn’t see. Maybe, just maybe, there’s true value in this worthless, speculative, technobabbling disaster?

I have lost almost all of my respect for legacy academics; we definitely need new institutions of (higher) education. Bitcoin is for anyone, but not everyone, and people get bitcoin at the price they deserve.

For all I care, Rogoff can join the likes of Elizabeth Warren at the back of the line.

Source: https://bitcoinmagazine.com/takes/who-rugged-rogoff-blames-criminals-trump

Market Opportunity
Threshold Logo
Threshold Price(T)
$0.008798
$0.008798$0.008798
+1.38%
USD
Threshold (T) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Ethereum Options Expiry Shows Risks Below $2,900

Ethereum Options Expiry Shows Risks Below $2,900

The post Ethereum Options Expiry Shows Risks Below $2,900 appeared on BitcoinEthereumNews.com. Ether (ETH) has been unable to sustain prices above $3,400 for the
Share
BitcoinEthereumNews2025/12/25 10:24
Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

The post Fed forecasts only one rate cut in 2026, a more conservative outlook than expected appeared on BitcoinEthereumNews.com. Federal Reserve Chairman Jerome Powell talks to reporters following the regular Federal Open Market Committee meetings at the Fed on July 30, 2025 in Washington, DC. Chip Somodevilla | Getty Images The Federal Reserve is projecting only one rate cut in 2026, fewer than expected, according to its median projection. The central bank’s so-called dot plot, which shows 19 individual members’ expectations anonymously, indicated a median estimate of 3.4% for the federal funds rate at the end of 2026. That compares to a median estimate of 3.6% for the end of this year following two expected cuts on top of Wednesday’s reduction. A single quarter-point reduction next year is significantly more conservative than current market pricing. Traders are currently pricing in at two to three more rate cuts next year, according to the CME Group’s FedWatch tool, updated shortly after the decision. The gauge uses prices on 30-day fed funds futures contracts to determine market-implied odds for rate moves. Here are the Fed’s latest targets from 19 FOMC members, both voters and nonvoters: Zoom In IconArrows pointing outwards The forecasts, however, showed a large difference of opinion with two voting members seeing as many as four cuts. Three officials penciled in three rate reductions next year. “Next year’s dot plot is a mosaic of different perspectives and is an accurate reflection of a confusing economic outlook, muddied by labor supply shifts, data measurement concerns, and government policy upheaval and uncertainty,” said Seema Shah, chief global strategist at Principal Asset Management. The central bank has two policy meetings left for the year, one in October and one in December. Economic projections from the Fed saw slightly faster economic growth in 2026 than was projected in June, while the outlook for inflation was updated modestly higher for next year. There’s a lot of uncertainty…
Share
BitcoinEthereumNews2025/09/18 02:59
Arizona Senator Proposes Exempting Bitcoin and Crypto from Taxes

Arizona Senator Proposes Exempting Bitcoin and Crypto from Taxes

Understanding the specific tax exemption proposal's scope, mechanics, and limitations provides foundation for evaluating feasibility and implications. The exemption presumably covers capital gains taxes on cryptocurrency appreciation at state level, though personal income tax and corporate tax treatment requires clarification. Scope questions include whether exemption applies to trading profits, mining income, staking rewards, DeFi yields, NFT sales, and business cryptocurrency revenue.
Share
MEXC NEWS2025/12/25 11:47