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Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with the centralized payment processor Venmo. His tweet was followed by a barrage of bitcoin supporters who insisted that Krugman was now realizing the importance of censorship-resistant payment systems.<\/strong><\/p>\n Nobel Prize winner and author Paul Krugman<\/a>, who famously wrote in 1998 that \u201cby 2005 or so, it will become clear that the Internet\u2019s impact on the economy has been no greater than the fax machine\u2019s,\u201d had issues with a third-party payment provider. On Wednesday, Krugman announced on Twitter that he was busy but needed to explain the situation.<\/p>\n \u201cToo busy to tweet. But not to vent,\u201d Krugman said<\/a>. \u201cI\u2019ve been using Venmo for years, but now it won\u2019t allow me to make payments. I spent a long time in chat with representatives, and they told me that they can\u2019t explain why \u2014 or fix it. The software has taken control.\u201d<\/p>\n Paul Krugman follows the school of Keynesian economics and has been a long-time skeptic of bitcoin. He was quickly criticized by several bitcoin proponents, including Microstrategy\u2019s Michael Saylor, who insisted<\/a> that \u201cBitcoin fixes this.\u201d<\/p>\n One Twitter user even quoted<\/a> Krugman, asking \u201cExactly what is [bitcoin] supposed to be doing that we don\u2019t already mostly do?\u201d In the past, the economist has compared<\/a> the cryptocurrency market to the subprime mortgage crash and is well-known for his skepticism toward bitcoin.<\/p>\n Krugman expressed his frustration with Venmo on Twitter, and the thread quickly became filled with commentary about bitcoin. Despite numerous statements, the economist did not respond to the crypto fans. One individual quoted<\/a> from the bitcoin white paper<\/a>, saying \u201cTry a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.\u201d<\/p>\n Shortly after Krugman\u2019s first tweet, the economist explained that his tweet helped resolve his issue with Venmo. \u201cAnd tweeting got results. A representative called and we seem to be up again,\u201d Krugman told<\/a> his 4.5 million social media followers. Krugman\u2019s experience with Venmo is not unique, as billionaire Mark Mobius recently detailed<\/a> his own difficulties in getting funds out of HSBC China. Mobius\u2019s issues were also criticized by bitcoin enthusiasts, who pointed out that he should understand the importance of censorship-resistant money like bitcoin.<\/p>\n What are your thoughts on Paul Krugman\u2019s Venmo issues and the criticism he received from bitcoin supporters over his views on cryptocurrency? Share your thoughts on this subject in the comments section below.<\/strong><\/em><\/p>\nKrugman\u2019s Experience Highlights the Growing Interest in Censorship-Resistant Payment Systems<\/h2>\n
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