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Statistically flawed statement: no such claims can be made under high variance power law.
#SkinintheGame: if @paulkrugman had his own $ at risk, he would have been blowup on bitcoin up >10^4% & eliminated from the ecology... or eliminated from the ecology before even bitcoin...
#SkinintheGame: if @paulkrugman had his own $ at risk, he would have been blowup on bitcoin up >10^4% & eliminated from the ecology... or eliminated from the ecology before even bitcoin...
From work/discussion with @financequant: BTC doesn't even have a variance, steep power law. 
3) To simplify, this is the #FooledbyRandomness effect: @paulkrugman is pontificating from NOISE, not signal, and the first thing one should teach students is to learn to make a difference between noise and signal.
