As a seasoned crypto investor with a decade-long journey under my belt, I find the economists’ unconventional pick for the Nobel Prize in Economics intriguing and long overdue. Vitalik Buterin’s contributions to the crypto space have been monumental, and it’s high time we acknowledge that.
Two economic experts have been sharing thoughts on who might win this year’s Nobel Prize in Economic Sciences, and they’ve suggested a surprising candidate: Vitalik Buterin, co-founder of Ethereum, due to his groundbreaking work within the realm of cryptocurrency.
Economists Make Non-Traditional Pick For Nobel Prize In Economics
On Tuesday, Tyler Cowen and Alex Tabbarok debated their anticipated laureate for the upcoming Nobel Prize in Economics during The Marginal Revolution Podcast. These economists expressed their opinions on controversial past recipients and potential winners this year, even suggesting an unconventional choice such as Vitalik Buterin.
Cowen put forth Ethereum’s creator as an unconventional pick, acknowledging his significant role in cryptocurrency. In his view, Buterin, unlike many economists he could name, actively participated in the realm of monetary economics and made valuable contributions to the field of crypto theory.
Tabbarok concurred with his fellow host, mentioning that economists are increasingly focusing on this sector because it now constitutes a larger portion of the overall economy. However, he emphasized that the underlying principles of cryptocurrency were initially formulated by computer programmers.
Moreover, he contended that cryptocurrencies serve as “practical applications of mechanism design,” pointing out Bitcoin and Ethereum as remarkable instances. Tabbarok underscored their relevance in today’s world, despite the fact that many may have deemed it unattainable just a few years ago.
Cowen additionally acknowledged Vitalik Buterin’s achievements, pondering what additional qualifications might be needed for his candidacy as the founder of Ethereum to be deemed complete.
Vitalik built a platform, created a currency, you could say, refuted Mises’ regression theorem in the process, obviously following in the footsteps of Satoshi, but my goodness, what does someone have to do to get a Nobel Prize?
Ethereum’s Founder Case For The Prize
As a researcher delving into blockchain technology, I cannot help but highlight the remarkable performance of Ethereum (ETH). With an astounding market capitalization surpassing hundreds of billions of dollars, it stands as the leading chain in terms of Total Value Locked (TVL), holding $45.9 billion as of now, and dominating a significant 57.4% share of the market.
Currently, ETH, which serves as the second-largest digital currency and underpins the Ethereum network, boasts a market capitalization close to $293 billion, based on data from CoinMarketCap.
Additionally, as supported by Tabbarok’s argument, Vitalik Buterin, Ethereum’s founder, has consistently played a significant role in the development of the network’s structure. Specifically, he transitioned the system from a Proof-of-Work (mining) mechanism to a Proof-of-Stake (staking) model.
The economist considered keeping the network running while making the change was a notable feat. “You ever seen those videos of these guys in Saudi Arabia where they change the car tires while the car is moving? That’s what Ethereum did. Incredible,” Tabbarok stated.
Cowen also pointed out that Buterin’s insights into monetary economics stand out, often surpassing those of other economists in related fields: “There is no economist who offers more insightful perspectives on the topics he addresses. To me, this distinction carries significant weight.
To finish their case on Ethereum’s founder candidacy, the economists highlighted Buterin’s charity work, citing his many crypto donations valued at millions of dollars to different charities.
Economist Tabbarok entered the discussion on the unknown location of the inventor of Bitcoin, suggesting that Satoshi Nakamoto deserved to win a Nobel Prize in Economics. However, he expressed doubt that this could happen since Nakamoto might be deceased.
In the end, Cowen disproved his colleague’s hypothesis regarding who created Bitcoin, yet he concurred that the reward couldn’t be given because, in his opinion, “it’s not possible to award something to someone whose identity is unknown.
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2024-10-10 11:12