Bitcoin 'Ought to Be Outlawed,' Economist Joseph Stiglitz Sayshttps://www.coindesk.com/bitcoin-outlawed-economist-joseph-stiglitz-saysDoes anyone think that could happen really? I am scared now.
The former chief economist of the World Bank wants bitcoin banned."Bitcoin is successful only because of its potential for circumvention, lack of oversight," Joseph Stigliz, currently a professor at Columbia University, said in an interview on Bloomberg Television today, as the cryptocurrency reached new all-time highs this week.
However, Stiglitz, who also chaired the U.S. President's Council of Economic Advisers during the Clinton Administration, said he does support technological innovation in payments, but thinks digital money should still be fiat created and controlled by the government.
"Let’s move away from paper into the 21st century of a digital economy," he said.
Like many other members of the Davoisie, Stiglitz – who won the
Nobel Memorial Prize in Economic Sciences in 2001 – called the run-up in bitcoin's price unjustified and unsustainable.
"
It’s a bubble that’s going to give a lot of people
a lot of exciting times as it rides up and then goes down," he said. "
The value of a bitcoin today is expectations of what the bitcoin is going to be tomorrow."
And even though bitcoin is a decentralized network, with participants scattered around the globe, Stiglitz seemed to think
Washington could easily nip it in the bud.
Here is the full interview:
youtu.be/fy16eIEux7U"If the government says 'the reason bitcoin is being used is circumvention,' they could close it down at any moment," he said. "And then it collapses."Ouch
- that should hurt a lot.
I think bitcoin and karbowanec are great instruments for speculation but what if governments do what the Mr. Stiglitz, at least a Nobel Prize winner, is talking about here as Jamie Dimon did it before, too?
If the same as in China will happen in USA and Ukraine and anywhere? If cryptocurrency exchanges have to close, where I can sell my Karbowanecs then? Because the Karbowanec itself has no really funtion, issnt it Except to buy some t-shirts and basecaps But in the worst case of a (trading)ban what I can do with my Karbowanecs?
Any suggestions? Thx.