Joseph Stiglitz: ‘We should shut down the cryptocurrencies’ - page 4.

shinratensei_

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Quote from: crzy on May 06, 2019, 05:13:36 PM

Quote from: Febo on May 06, 2019, 01:37:27 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

He’s already talking about the transparency and blockchain technology have all the datas in real time. I don’t know if he just one to promote his upcoming books on what but I’m not convinced with this guy. Cryptocurrency will never be shutdown, it will make the economy grow and that’s the future.

if you are a part of the old adopters of crypto and then this is not the only one. he just an example about how the haters of crypto were always talking about a bullshit thing.

As a winner of Nobel-Prize from the centralized institution (you know that) and it's a common thing for him to do that. That guy never knows what he was talking about. he was saying if we must be pegged to the centralized system that can freeze our money without any reason. that's a joke.

andriarto

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Quote from: Kemarit on May 07, 2019, 09:28:47 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.

how can it be turned off, if there are still many developed countries that legalize it. we can see countries that legalize cryptocurrency, they have an influence on the world economy, and I think other countries will actually follow in their footsteps

shesheboy

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Quote from: Kemarit on May 07, 2019, 09:28:47 PM

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

shutting down the internet is almost impossible but the internet isnt the only way to shutdown cryptos . electricity can also be the key to shutdown cryptos and like the internet , electricity is also impossible to shutdown because both of them are too useful for the human's daily life . i heard that quantom computer/computing can also be a threat to cryptos .

Quote from: Kemarit on May 07, 2019, 09:28:47 PM

Warren Buffet, Joseph Stiglitz and rest really wanted to subdued crypto because it's really challenging the status quo.

there were actually alot of popular personalities that want to shut down cryptocurency but so far none of them have succeeded .

Kemarit

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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.

Kakmakr

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So, Joseph Stiglitz is saying it is 100% correct for governments to infringe on civilians financial privacy and that technologies should be developed to track all financial transactions. Just imagine the chaos if every Bitcoin could be tracked back to it's owner. Roll Eyes

It would have been the most valuable database for scammers and thieves to get targets for their next crime. Shocked

Bitcoin gives people the same level of anonymity as cash, so just get over it. Roll Eyes

Thanasis

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Government backed digital currency is that same fiat money in digital format,if it is better then why people moving for the decentralized currencies like crypto?

He maybe a crypto manipulator or not having full knowledge about crypto currencies because someone with better knowledge about fiat money and economical structure wouldn't say cryptos needs to be shut down.

davis196

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Quote from: Febo on May 06, 2019, 01:37:27 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

All the leftist bullshit."Cryptocurrencies suck,paypal rocks" and the "better regulated economy" bullshit.
Stiglitz you idiot,cryptocurrencies can't be shut down,because as long as there are miners the blockchain will continue to exist.Governments could ban mining,but the miners will go into the darkweb and move into offshore jurisdictions.This level of stupidity makes me mental. Sad

mu_enrico

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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.

avikz

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Quote

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

I wouldn't disagree with this statement, because it is indeed a true risk of cryptocurrencies and a very valid one standing at current time! Bitcoin's name got involved in recent terrorist attacks in both NZ and Sri Lanka. It raises a need of evaluation to make sure we are not creating Frankenstein!

While digital payment system is the future, we also need to make sure we are doing it right! Regulation is one of the ways to at least reduce suh illegal activities.

Sithara007

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I wonder how he got the Nobel, with such retarded ideas. Even someone studying in 8th grade would tell you that it is not practical to shut down the cryptocurrencies. In order to do that, you need to shut down the entire internet (even then there can be loopholes). He and his proxies can try their best to spread negative propaganda against crypto. But they'll prove just as useless as his other ideas.

Anyway, my only request to the Nobel Committee would be to carefully screen their nominees before they award them the medals. It may tarnish their reputation, if some mentally challenged individual is able to win the Nobel prize for economics again in the future.

goldreset

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Touché. I wonder if he even know what decentralization mean.
Fiat paper money has generated more evil than any other monetary instruments so far.
Moreover, we have seen certain countries desperately printing more papers easily. Not a good thing.

Quote from: Adriano2010 on May 06, 2019, 03:23:39 PM

Means he don't know how blockchain work and how all transaction are visible, the most illicit activities are made with cash money, if they will use crypto they can be traced more easy and on the end someone can find where they cashout crypto.

nc50lc

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Him mentioning about being an "advocate of electronic cash" is kind of a "balancer" to his statement (title).
The given reasons why crypto should be shut down are also applicable to fiat, physical paper/coin cash, that's why he mentioned the sentence above's statement since electronic cash is transparent unlike cash.

If he can't tell people or Government to stop using physical cash and using it himself, then the statement "we should shut down the cryptocurrencies" is kind of a hypocritical bias based from the reasons he've given.

STT

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Dollar is the most used medium for illegal activity because its so common and more cash exists outside the USA borders then within meaning its mostly untracked locally and spends a long time not being realised in a bank account.

How does he think crypto is worse then US dollars when they very commonly have open transactions viewably by anyone. Seems a silly comment.

Quote

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

It doesnt matter alot what you worry about, either you have a respect for capitalism and transfer with value by the people or believe in government controlled economies. Its a bit tragic if he is nobel prize winner but advocating tendencies to control everything like we see fail in Venezuela or similar

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Quote from: Febo on May 06, 2019, 01:37:27 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

Cash makes transactions less transparent too.

It's telling that he wants to abolish cash, and wants to abolish cryptocurrencies and is in favour of a govt-controlled crypto. This is about power, not efficiency or transparency.

sunsilk

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He's an advocate of electronic payments that will be backed up by dollar. Come on, Joseph. We've already heard about these words before and it's obvious that he's kind of threatened with cryptocurrencies.

He's an economist and mostly they are all into traditional payment method that's regulated by the gov't. He shouldn't dictate the people on what we wanted to see, it's all about freedom, he's free to tell his opinion but he can't shut down crypto's.

exstasie

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Quote from: Febo on May 06, 2019, 01:37:27 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.

That applies to cold hard cash as well. The real message is they want to snoop on all your transactions. It's not just about cryptocurrencies.

Quote from: Febo on May 06, 2019, 01:37:27 PM

“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.

That sounds so cold and Orwellian. Why is it the state's business what I spend my hard-earned money on?

1Referee

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Lets shut down fiat, governments, the internet, electricity, etc. You know what? Lets wipe out humanity in its entirety and you're sure there are no longer illicit activities. Cheesy

Bitcoin's freedom aspect is threatening his perfect picture of the world where governments continue treating people like a bunch of cash cows. This is the first time we can circumvent everything related to the government and the current financial system, and oh boy, some people don't like it.

The more we see these entities come up with similar statements, the more I feel that we're on the right track. These fools wouldn't pop up would they not feel uncomfortable about their position in this system.

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Quote from: Febo on May 06, 2019, 01:37:27 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

well, words like this we have often heard before. quite a lot of big people who refused crypto and in the end when they understood how crypto walked. They instead tried to make their own version of Cryptocurrencies

tomahawk9

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For being a Nobel winning person and a well-known economist, he's actually a bit ignorant, isn't he? "shut down cryptos"? How can you go on public and say such thing? At least inform yourself about the properties of cryptos, if you can't grasp the basic of cryptos, then STFU and stop talking about things you don't understand, otherwise, your whole argument completely is invalid.

Quote from: Febo on May 06, 2019, 01:37:27 PM

He worries that they enable illicit activity

Like the US dollar does, right? Shouldn't he propose to shut down the US Dollar? Roll Eyes

Quote from: Febo on May 06, 2019, 01:37:27 PM

knowing what people are spending

There it is! The fiat advocates like him simply don't want people to get out the surveillance of the system by using cryptos.

rizkyhiw

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Maybe he is not very good at reading cryptocurrency and Blockchain technology with all his sophistication, yes back again he is free to debate but before doing so it would be better to continue to calculate where this is a very good innovation for the future all supporters who are always encouraged by investing, all need calculation before acting don't let something good be destroyed instantly.

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