Joseph Stiglitz: ‘We should shut down the cryptocurrencies’ - page 3.

Menawi12

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Quote from: Febo on May 06, 2019, 12:37:27 PM

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.

https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

As far i know, our banking system right now not transparant compare with blockchain system. Cryptocurrency with blockchain system very transparant on every transaction. Cryptocurrency already recognized as big industry and i think its hard to shut down cryptocurrency because its decentralized

carter34

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Quote from: Febo on May 06, 2019, 12:37:27 PM

He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.

This guy spoke with both side of his tongue. If he acknowledged the better side of crypto currency, then his main goal as an economist is to propound measures that can incorporate cryptocurrency into the financial system. That will score him more points, perhaps more laurels.

Leonardo7

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He's yet to study cryptocurrency and blockchain and the problem it's solving and it equally aim to solve or he is been sponsored by bad economist elements to discredit an already established system, which way they will fail and eventually use bitcoin and blockchain in the long run. Tell him to do further study and practical then come back and give an unbiased report.

RealMalatesta

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Quote from: mu_enrico on May 07, 2019, 12:55:08 AM

Assumed the government wants to shut down Bitcoin. Let's see whether decentralization truly makes Bitcoin "shutdown-resistant" or not. Anyway, I think Bitcoin is transparent enough. The pseudonymous nature of Bitcoin makes people able to verify transactions without knowing the senders/receivers.

It will be impossible for them to shut down what they don’t have any control on or can see what is happening in the crypto space, so that is idea is just from the pit of hell and he needs to channel some of his ideas into making our economy more better than destroying what has been created to add value to the economy.

Even if they declared it illegal by the word of the mouth, it will still not have much effect, except they want to shut down the entire world wide web down, which would be like shutting down the total economy of the whole world. So it will be better government quickly regulate the system to have partial control of it.

maxreish

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Quote from: Kemarit on May 07, 2019, 08:28:47 PM

LOL, Before they can shutdown cryptos, they have to stop internet as well. Grin

. Warren Buffet, Joseph Stiglitz and rest really wanted to subdued crypto because it's really challenging the status quo. Remember that they have work so hard that they don't want people to shift their funds around crypto. And his argument? USD has been used for illicit activities many years ago and they didn't do anything about it.

They can not do that. Lol. Internet is the power of cryptocurrency and they have no power :)to disable the internet. Sorry to say this but I think Joseph Stiglitz is just another Craig Wright guy who talks nonsense, too. We don't need pessimistic person here. And his ideas is very much impossible. Why worry about the illicit activities when there are FBI and other appropriate persons to take care of this kind of activities.

partysaurus

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Quote from: Febo on May 06, 2019, 12:37:27 PM

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.

https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

big suprise another dinosaur talking about how bad bitcoin and other cryptos are and getting his information from the fud news all around the world.
All these old men big in their fields talking about something they have no real clue about.
like listening to most of the worlds gouvernements about weed and that they class it as a super dangerous drug lol.

nur rochid

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Quote from: shinratensei_ on May 08, 2019, 11:55:33 PM

Quote from: EastSound on May 08, 2019, 09:38:22 PM

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

China has been doing it from a few years ago before bitcoin is getting famous like this time and china has failed to do that. The decentralized cryptocurrency can't be prevented or killed by any centralized institution or party. I guess they will be feeling crazy to think about how to prevent crypto while it's impossible to do that.
They have been attacking the mentality of crypto so many times and it doesn't work.

therefore even though many governments currently do not support it, cryptocurrency still exists, and is growing as many people study cryptocurrency. we know etf and bakkt always be rejected, but btc continues to grow

shinratensei_

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Quote from: EastSound on May 08, 2019, 09:38:22 PM

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

China has been doing it from a few years ago before bitcoin is getting famous like this time and china has failed to do that. The decentralized cryptocurrency can't be prevented or killed by any centralized institution or party. I guess they will be feeling crazy to think about how to prevent crypto while it's impossible to do that.
They have been attacking the mentality of crypto so many times and it doesn't work.

Netnox

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Quote from: EastSound on May 08, 2019, 09:38:22 PM

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

Not just the Chinese governments. Apart from a few libertarian governments such as the ones we have in Switzerland and Singapore, the vast majority of the governing authorities want to control the personal finances of their citizens. They want to limit the investment options, and they want an absolute monopoly for the national currencies. And this is where Bitcoin causes problem for them. Bitcoin gives an individual more freedom on these aspects and on top of that, it offers anonymity.

EastSound

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His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

Febo

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I believe serious discussions what to shoot down will start only after next financial crisis. Lets hope that will not come that fast. And we are left with 3 years to pack one more bubble into steady economic growth.

BrewMaster

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Quote from: Febo on May 06, 2019, 12:37:27 PM

He worries that they enable illicit activity by making money transactions less transparent.

if that is the whole reason then with that statement (which i quoted and doesn't contain anything about cryptocurrencies) we should shut down the banking system, US dollar and all the governments all around the world because fiat is being used in illicit activities and cash makes it impossible to track them.

kryptqnick

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Quote from: Febo on May 06, 2019, 12:37:27 PM

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.

https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

There are many jokes about economists not being able to predict anything right, and these jokes are somewhat justified. Being a Nobel laureate in economics doesn't mean understanding the key changes of the world. Or maybe this guy is simply on the side of the banks for whatever reason. Here is how another serious economist was wrong: https://www.snopes.com/fact-check/paul-krugman-internets-effect-economy/.

futile-resistance

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Quote from: Febo on May 06, 2019, 12:37:27 PM

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.

https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

Meehn, in this world you can never get everyone to be on the same side. Everyone's opinion will always be different in everything. Here we have it, there are people who are in support of bitcoin and there are those who are not in support of it, cause they think it is dangerous and will lead us to a big trouble one day.

I do like bitcoin, though I know that there are some disadvantages as well, but what on earth doesn't have a disadvantage? I like bitcoin and cryptocurrency because they make transactions very fast and the cost is less when compared to other financial institutions.

wuvdoll

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Who the hell is josep stiglitz ? I mean what do we have to listen to someone we do not even know. He can talk all he wants and we do not have to care about him, anyone that points a microphone to him sees him fit to do so and gets his thoughts on the subject but we are not obliged to do that.

Tom Lee for example is opposite of this who keeps on calling bitcoin to get to 14 thousand dollars for months but nobody really cared about what he said neither, bitcoin people do not like who say bitcoin should go down but we are not hypocrites so we don't listen to ones who call it should go up neither.

We only care about what the market says and that is the decisive thing, if market says it is higher it gets higher, if market says it is lower it gets lower. WE decide the price, not the experts.

pushups44

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This should not be suprising from him given that he appears to believe in central planning for the social good, whereas cryptocurrencies represent empowerment of individuals and away from central authorities. So presumably he sees bitcoin as a threat to the status quo. Fortunately, bitcoin is here to stay no matter what he proclaims.

joniboini

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Quote from: ecnalubma on May 08, 2019, 01:38:47 AM

I understand where his words are coming from, but i think he’s more focus on the disadvantage of using the technology. Once the industry fully regulated and apply it to different businesses and transactions then growth is inevitable.

That will only come true if the majority of the people realize that fiat is not entirely sound. Before that happens, crypto might easily be replaced with digital cash backed by fiat. I think we're still far away from that point, and I'm sure it needs a lot of education, and probably will take years before people lifestyle change. I think in the near future we'd see crypto being used more as a store of value or speculative investment except for a few projects that have a real use case and demands where users need to buy/use/stake their tokens/coins to use the services.

ecnalubma

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I understand where his words are coming from, but i think he’s more focus on the disadvantage of using the technology. Once the industry fully regulated and apply it to different businesses and transactions then growth is inevitable.

Indrawan77

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Most of the people that don't understand like to see crypto from the negative side, they never mention and understand that crypto has been helping a lot of people by creating more job opportunities that failed being created by government and the transaction system using crypto is very easy and efficient

Netnox

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Surprising that he is having problems only with crypto-currency and not with physical cash. IMO, no crypto-currency can ever be as anonymous as physical cash. Being a Nobel winner, I expect him to study the facts carefully before he opens up his mouth to deliver his latest round of verbal diarrhea. He needs to understand that the times of monarchy are over. You can't expect the citizens to live in constant surveillance and virtual slavery, like what existed a few centuries ago.

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