Economic Nobel Laureate Paul Romer, who won the prize in 2018 with William Nordhaus for work on integrating innovation and climate with economic growth, has offered his thoughts on today’s cryptocurrency economies.
Romer, sharing an opinion with many other experts, believes that there is great potential in blockchain technology, but not so much for cryptocurrencies — if they continue to work the way they do today.
As Cash reported, the Nobel Laureate holds an opinion that, for some, is precisely the reason why cryptocurrencies are so valuable:
It is unimaginable to establish a system in which we trust only one code. These are deal breakers in such systems, which then collapse. Trust is always necessary in such systems, and trust will always depend on knowing the people who are responsible for such systems, along with their reputation and past.
Romer made the remark at a presentation at the Institutional Money Congress in Frankfurt on Wednesday, and derided the fact that…