Paul Krugman: Cold Fusion better Investment than Bitcoin

Thanks to Bob Greenyer for finding this.

Well-known American economist Paul Krugman posted this tweet on Twitter yesterday:

My guess he is being ironic here, probably thinking that ‘junk science’ cold fusion may actually have more actual value than Bitcoin, which along with other cryptocurrencies he doesn’t seem to think very highly of. Or else Krugman has been paying attention, and may think there is something of value in CF/LENR.

I do have a hope that at some point we may see a similar amount of interest in the LENR field that we are seeing at the moment with cryptocurrency.

  • Poiner

    Incidentally, how does one invest in cold fusion?

    • Omega Z

      At present, you need to have a lot of money(VC). Money begets money. An example is the handful of people who invested a few million in Facebook for a small percentage of the business. In half a dozen years, these people made 10’s of thousands on every dollar they invested.

  • Jimr

    I am not a big fan of Krugman, he feels the US 20 trillion debt is no problem. As for Rossi’s massive this and that, I don’ t believe he will ever acheive those numbers,one thing that scares me is ABB , if they should abandon Rossi as other companies , the entire project is pretty much over. ( Rossi is very difficult to work with they say)

    • Rossi should get an ICO.
      Sell tokens (1 token 1 QuarkX module) hire people, build factory, start production and delivery.

    • LilyLover

      1. If ABB abandons Rossi, China has an open embrace. The Dragon will soar the fastest.

      2. ABB will not abandon Rossi.
      With Norway abandoning ‘Oil’, ABB is a strategic investment of national interest to maintain a viable quality of life. Yes, yes, Switzerland is not Norway.

      A Table Tells
      Country GDP : Company : Fraction Of GDP
      South Korea : Samsung : 38%
      USA : JP Morgan Chase : 13% >> Berkshire Hathway > Apple
      Switzerland : ABB : 5%
      India : TATA : 4.5%
      China : State Grid : 2.8%
      USA : Walmart : 2.6% << === Amazingly high Revenue/Asset ratio of 250%

      In other words, if we exclude the fiat money manufacturers like JPMC, then, although not as important as Samsung is to South Korea's economy, ABB is the second most important company for national interest of the nation. ABB is more important to Swiss Government than Walmart is to USA or State Grid is to Chinese people. The Status of ABB slightly exceeds that of TATA group that employs the most 'competence' in sheer manpower. Alternatively, ABB is more valuable than all the cars that the Swiss import.

      In yet another light, the surely dying "watches business" plus "unwatched banking business" amounts to 30% of Swiss GDP. Another 5% of Swiss GDP is spent on energy. 2.5% of Swiss GDP is spent to help out the unemployed. The unaccounted interference of energy pricing in other businesses can easily go up to 10%. Competition form China can wipe out the drugs business of 12% GDP and the manufacturing business of 11% GDP.

      Simply speaking, the ramifications are equivalent to ~70% of the GDP being lost, very soon, pretty fast. So, the Swiss ABB interest in E-CatQX should not be underestimated. & .: The Swiss will go out of their way to appease our dear Dr. Rossi.

      Enjoy!!!

  • SG

    Krugman also predicted that the Internet would be no more consequential than the fax machine.

  • Axil Axil

    Krugman is using cold fusion as a quintessential standard for an investment with no possibility of a return.

    • I’m getting a lot of return from my cryptos.
      I hope Rossi is able to start mass production / commercialization before the end of the year.
      I want to buy one for home heating.

      • SG

        For the most part, the “well-known” economists are usually flat wrong when it comes to technology calls.

    • Alan DeAngelis

      He’s no Brian Josephson.

  • Alan DeAngelis

    I wish I was as smart as Paul Krugman.

    https://www.youtube.com/watch?v=nauLgZISozs

  • Omega Z

    Fossil fuel has an energy density far beyond batteries and it was easier to setup service centers then building out an electrical grid. Especially when electrical production was primitive compared to today.

    It should be noted that electric cars of the time actually helped in perpetuating ICE vehicles. The hand crank engines seriously injured, crippled and killed many people when they backfired. Electric motors as starters employing the slip clutch/Bendix drive eliminated this problem.

  • MasterBlaster7

    I’m not sure if cold fusion would be that great of an investment. It might be a better bet to short the energy sector over time…but we are talking about a 10-20 year wait…and it would be best to have a lot of money when you do it….like when oil was chopped in half.

    The thing is…Rossi’s device is very cheap and very cheap to refuel…thats the idea…even if the company changes the world like we think it will…I dont think it will be the next apple…also…even if rossi is the next apple…I don’t think he will go public until he gets a google like valuation….goggle never made anyone any REAL money…it was already valued at billions of dollars when it went public….so I think…again…the real money might be in the shorting of energy stocks…but this is just me talking and could still go another way.

  • HS61AF91

    Did Paul Krugman not flatly say, when Trump won, that the economy was doomed, or words to that effect? Your observation of sarcasm, using ‘cold fusion’ as a derisive tool, is an accurate portrayal of this ‘economist’s’ prognostications. Not worth a hill of beans, as reality takes a different turn.

    • Alan DeAngelis

      And when the prima donnas get it totally wrong we have to hear about how “responsible” they were.

  • Omega Z

    ->”Cheap elements into precious ones.”

    Making them no longer precious and with greatly diminished value.
    Note platinum group metals are already facing a price/value crisis in the not to distant future when they are no longer needed for catalytic converters.

  • TVulgaris

    Proof of Work without tying to real-world value of that work is a pure waste of energy; other mining algorithms face the same existential quandary, but not all algorithms are completely decoupled from some real-world value. The same can be said of fiat currencies, but only a few have any real reference to any non-virtual store of value these days. Not all digital currencies fall into the Bitcoin-PoW category. There are PoW crypto-coins like Gridcoin, which mining being pinned to BOINC participation actually represents proof of actual distributed-computing work on real-world “problems” that require massive computer power. STEEM is using a PoW called Proof-of-Brain pinned entirely to participation on the STEEM blockchain (which started solely as a social site (Steemit.com) and the nodes to support the blockchain, but is now an entire ecosystem like Google and Facebook, less than 3 years into its existence, but a tiny fraction their size).
    Centuries after their development “paper” fiat currency systems have rendered themselves completely decoupled from real-world value- it’s only our self-induced and mutually-maintained hallucination that kind of monetary system has any robust integrity (in the structural sense), it’s long past time to re-establish some kind of standard base (it NEVER had to be a precious metal, it just needs to be SOMETHING that can condense human value), and verifiable, robust, and tamper-proof ledger systems (which block-chain structures CAN offer, but there are other data structures that accomplish that.)

    • /* it just needs to be SOMETHING that can condense human value */

      Well CONDENSE – not DISSIPATE it.

  • TVulgaris

    Exactly my plan (already implemented at the small scale)- only I’ll mine coins that AREN’T simply cycle-churning to generate heat (as you so correctly point out), but actually generating some real-world use or value.
    You can do it with old cell phones.
    Old laptops, and any other old gear with 8-bit or better processors ( very inefficient, but if the goal is to generate heat while truly cycling equipment to end-of-life, why not, instead of filling landfills or the recycling bins while there’s still some use?)
    Start your own internal cloud (we used to call it clustering 20 years ago), co-op with your neighbors to make a decent sized pool. When some consumer-level release of LENR devices happens (my bet is more than a decade before the power players slip up and we actually get access to them), we’ll have cash on hand from our mining to actually buy them, because I’d bet just as heavily there won’t be any effective distribution to “us poors” due to remanence of current financing structures that statistically maintain perpetual poverty.

  • Vinney

    He is going the IPO route, and the Ecat has already got a sophisticated development cycle.
    His engineering consultants must have advised to go to market ASAP to achieve a ‘record’ IPO.
    They must have also advised him that he must create an ‘ecosystem’ in the marketplace, in other words allow Ecat machinery ‘customisation’ by thirds parties so investors and the public can see a development ‘trajectory’ beyond Rossi before IPO.
    Hence his urgency.
    I see only jobs, economic growth and innovation thus exponential growth from this plan.

    • Buck

      Excellent summary! I see the same. As well, by going this route, Rossi co-opts the current political establishment strongly vested in corporatism; some will resist, but I think most will say “the future is here.”

  • Alan DeAngelis

    And here’s a Nobel laureate who got his prize for actually predicting something. https://www.youtube.com/watch?v=G8eIhth8Iw8

  • Bob Greenyer

    This may actually be Paul Krugman’s best call, even if he did not intend it to be.

  • Bob Greenyer

    MFMP has been considering this route for the open community since early last year and we already have some potential competent partners.

  • Bob Greenyer

    Not so much business, making it happen, will work with community on approach. The idea would be that it ensures openness of technology supported.

  • Bob Greenyer

    Total.

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