Topic: Joseph Stiglitz: ‘We should shut down the cryptocurrencies’ (Read 963 times)

They want to ban bitcoin by the use of force and they want to impose their will to the public but as long as the reasons of why bitcoin was created in the first place are still there and they do not fix them then bitcoin will remain strong regardless of what they do, we will not have any need for bitcoin if governments managed their economies in an honest way and they did not manipulate their currency but they have decided to do so and now the people finally found a way to create a currency they cannot manipulate and this is why bitcoin does not stop growing.

I don't know his reasons why he want to shut down the cryptocurrency after a couple of years that it become famous,useful and profitable. I alsi think that nobody can stop crypto as long as there are still a lot of demand and users. Cryptocurrency can be use for online payments and i think there is no reason to eliminate it. It will not harm us or even the fiat money. Crypto currency could be an alternative for fiat currency but it will not replace it.

Thal was/is actually a valley. So Thaler was like money from valley or valleys peoples coins.

I don't think so, when a person can make technology products like crypto, another person can still shut down crypto but the problem is that this event is not conducive to countries because as we know, a lot of people join this market, shut down just doing huge damage, affecting the economy of the country. While if this market continues to maintain, many people will gain income and good economy for the future then contribute tax to the country, so useful, why shut down cryptocurrency when this is not good

I wonder how much he got paid for these biased statements? Maybe by the bank owners? But all I can say, transparency exists in bitcoin's blockchain but when we talk about fiat, it can easily be untraced by passing it to people and hiding it in many objects. I've seen many movies where fiat is easy to move by money launderers using a very clever style of transport.

Fortunately there is no way to shut down the cryptpcurrency. He worry about bitcoin, it is mean that bitcoin can be something big that can change the world. Many people life changed to be better because of bitcoin, so it can't be a problem in the future. I think more people will agree that bitcoin is better than fiat so there will be less people who want to shut down bitcoin.

I don't think the dude who wrote the article knows about crypto, because if he knows, then he would have known that shutting down crypto is the most difficult thing anyone could do in this planet earth including the government of the world, there have tried everything possible to shut it down, they couldn't do so and now they are looking for ways to be able to control it since they know that it would be very difficult to shut it down, they haven't still found the way yet.

Then he should also call for shut down of everything because anything could be used for illicit activity.
Cash is being used for it for a long time now ,Guns should also be shutdown since it is used for killing people,
Cars should also be included because it is used by criminals to escape.
So basically everything should be shutdown because they could be used for illicit activity.

That is why I am more in favor of bull run that resulted into pumpping.  "Cryptocurrencies market", got it popularity from how bitcoin has perform in some years back and not because of how good the blockchain is or how bitcoin solved the transactions problems.  I hope if bitcoin or cryptocurrencies is shut down as stiglitz,  has recommended he has an alternative for some of us that are now used to the p2p transactions and the type of speed we are having in making payments online?

Even if they place a ban on it, how would they be able to trace the user of the cryptocurrency, this is where satoshi really made them handicapped, he must really bean intelligent man and for this reason, he will never show his face so that government and enemies of cryptocurrency will not get him arrested or killed.

There is no way they can stop cryptocurrency, even china that tried banning his miners recently could not succeed in doing so, and probably reason why they have not said anything about it again, which absolutely means they will have no choice than to regulate it.

Yes, that will attract more people to come to cryptocurrency, and they will join like what we did.
I am sure that when the price flies, many people will amaze and wonder how it could happen again and they will search for the reason.

Bitcoin or any crypto currency is not something that could be shut down, no matter what you do. All the countries in the whole world come up with a ban that will stop all exchanges and all miners and everything in between and basically make it illegal to even own bitcoin and even after that bitcoin will still live as long as it runs on a single computer.

Considering they can only slow down bitcoin by doing that and dropping the price there is absolutely no logical way to shut down at all. You can't just take out wallets and close all computers that ever had bitcoin related things on them, its not possible, you can't even do that for small coins let alone something as big as bitcoin. Which clearly shows that Joseph Stiglitz has no idea how bitcoin works at all and should not be cared about at all.

which becomes more difficult to turn off crypto because without the presence of the government, crypto can survive and more people use it. especially if the price flies, of course there will be more news about crypto, so that it has an effect

So let's wait with what happened after this and if that guy can make the bull spike again, then it will gives benefits to us because bitcoin price will increase so high like before.
And if he shut down everything, then we could be back to the stone age without a chance to see a new world happen and I am sure that many people will deny what he says.
It is not easy to shut down cryptocurrency because it's already spread in many countries although not all people know about cryptocurrency, at least people know that cryptocurrency is alive among them.

They can see the benefits that cryptocurrencies will give to everyone, that is precisely why they are against them, banks obtain great benefits by providing a service that while useful it gives them the chance to abuse their power, which is something they have been doing for centuries and for the first time in a long time they have to compete against a form of money that is not controlled by them and they are not liking this at all.

Because they are public figure, they think it’s everything they say to the world that people will take, he knows the truth too and he is just trying to still sell himself by doing the opposite. He has not even listed the damages cryptocurrency will cause to the world, because it is only when something can damage the world that requires being globally shut down.

Bitcoin is now a global issue that is beyond the decision of just one single government, and except governments of the whole world comes together before they can succeed in shutting crypto down, which is where the hitch will start from, because we have some government that has already adopted cryptocurrency.

The scam and fraud that goes on with fiat is more than the one that goes on with cryptocurrency and despite the fact they can control fiat, yet governments are still fighting fiat corruption, so they don’t need to condemn crypto and paint fiat as if it’s usage is void of fraudulent activities.

Instead of them creating all these FUD, They would have just sat down with crypto analyst and see how they can merge the 2 system and still have little control using crypto since it has always been the fear of government, its glaring now, after I learnt that Facebook has been called by senators to explain if its usage of crypto will make the people’s transaction less transparent, although that has not been confirmed, still a rumor.

Probably that has been his anger, I never heard of his stand about bitcoin until I read about it here, if he has been fighting bitcoin before the last Bull run, then he must really be a bitter person by now for not following the path of successful people, of all the digital payment that has existed before bitcoin, which one has been more successful globally without exploiting the users like bitcoin.

If he is advocating for the short t=down of bitcoin, they he should be ready to go back to the days of our forefathers where they find it difficult to communicate with each other easily and would have to travelled far distance across the border to perform a single transaction.

This is the major problem with all the economist who does not have a clue what they are talking about, he thinks that bitcoin can be shut down  a global crack down on all the miners, blockchain is the most transparent thing you can ever get and still he think that it is the opposite, the only thing these prize winning economist can do is to stop giving advice to the things they cannot understand  .

Lots of things in capitalist markets are ironic and appear to be negative while actually marking the bottom.    When nobody is complaining or pointing out negatives, its an incredibly dangerous situation if like you can imagine the whole of a crew of a small fishing/rowing boat all standing on one side then its unstable.

This guy hopping onto a negative chart of BTC and calling out problems possible but then the price rises, its not fake or organised its just that he is late to the party.   Despite his well observed classically trained fine talking on the subject, he is far away from the real people all over the globe who actually determine real markets.    Many attached to macro economics are a reflection on the modern nature to the dollar which is deficit based, debt absorbed and bound to politics not open trade.     The fuss over these tariffs is a big deal but its politics not proper economic determination by normal supply and demand.

He is very likely to call it wrong because he is assuming an unadjusted system like BTC is going to replicate markets dominated by governments and markets.   Proper capitalism is a reflection of billions of people or millions in each country, its highly unpredictable and capturing a trend is very profitable as it will be genuine not based off artificial programs from government.

Its quite likely crypto is new and genuinely going to open business that might not exist otherwise, how or who profits most from that trend is the hard part but I dont think its going to pop and disappear and we revert to governments overspending and losing money as a better system of exchange, its not

I don't recall the exact date, but these bad news events do seem to coincide with a strong increase in the price. It's almost like they carefully plan these attacks on Bitcoin hoping that they can scoop up some cheap coins before the rally.

That being said, I am not seeing 2017 in current rally, more like what we have seen happen in 2015 where the price peaked out at $500 then went down with 40%. It went up just as quick as we have gone up in the more recent weeks.

Currently there is a lot of selling pressure around the $7000 mark and from what I can see, the buy support up there seems to get weaker and weaker. I expect a 10% correction to kick in testing the $6400 mark.

Dollars have a plug, in fact its already been pulled really just they left it in the drain so it makes less noise; nobody notices till they cold and all the waters gone.  The proper dollar was linked to a set value, a dollar was a physical description of an amount of precious metal.    Nobody is going to believe that because its ancient history but dollar relates to the Spanish empire, its money and its gold and silver which was how business and trade was done.
   USA setting up at this time took on the concept, this was before it had won its great position we know today and as a new country they needed to win the trust of traders and holders of its money and debt.


The reason I say the plug of dollar got pulled was its not set to any value, its traded and changes every day to account for the constant new supply of dollar appearing at the top of the food chain.   Its not a favourable system for anyone distant to that source

I don’t even know if he’s making a joke, shutting down is just not a feature in the money itself, same with the dollars, it has no shut down feature, I would be very worry if both crypto and dollar could be shut down, he may try some other approach, may be restricting it by sanctioning, but it would be a futile effort too, very tough choice.

That's something that has been said since the start of the crypto world , the thing is mainly bad activities happens with fiat , if you know sure I mean,
This way they should shut out the fiat and stuff also at the same time even the money in banks has been used for bad activities  , it depends on the person not the method he us using

Also cryptocurrency is not that that can withheld identity the idea is it's easily trackable sometimes, you can follow the address and find a way.

That's not what he meant.
Every time the market becomes bullish, these guys tend to post negative news or FUD to spread... uh FUD (Fear, Uncertainty & Doubt).
Apparently, everyone here is expecting negative news about bitcoin during a bull run and these "crypto newscasters" never missed a single one.
Thus, it strongly indicates a bull run.

For the "news": He's alright but very biased in favor of fiat and that's what makes his statement an obvious FUD attempt.
Reasons are in my previous reply.

Is he a bull in disguise?

In any case he is wrong. By that logic internet should be shut down, or computers, or electricity...

Controls and "regulations", he is opposed to the free market. He wants the almighty State to intervene on every single transaction, in short, a socialist. He wants perfect information so he can command the economy, and that means a police State, which is the opposite of (good) cryptocurrencies.

Is not that he doesn't understand decentralization, he hates it.

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

I know that bitcoin has a lot of disadvantages but let look on the other side of it. Bitcoin has a lot of advantage and it's very essential to its user. Everything that is being invented by a man has a negative effect, even the devices you're using everyday to surf the internet has a disadvantage. There's no thing that has no negative effect, so I don't even take it seriously. Bitcoin helps me a lot for everyday life and financial problems in academic.

I don't like his mentality towards an advanced technology.

But, this one has already failed them. There is no way they can have control of the system, and even though the citizens might not have the complete freedom to operate cryptocurrency as they like, they will still be able to use it secretly without the knowledge of the Chinese government because of the anonymous benefit of the system.

Some of the people like Joseph are just being paid to use their public figure to kill the existence of cryptocurrency using all form of FUD news available to them which I don’t think they will continue to have their ways any longer as there is no more response to FUD news by bitcoin.

in my opinion it's just a mere nonsense to scare cryptocurrency lovers. he has no right to turn off cryptocurrency because cryptocurrency has never made noise in the real world or the digital world. however, we must always support and protect bitcoin because cryptocurrency has contributed to our economy.

His points are very weak: first that any kind of currency is used for illegal activities, not only crypto currency, second that crypto transactions aren't so hidden as he thinks. Otherwise we wouldn't see news about criminals that deal with bitcoin being arrested.
What these guys want is to limit access to opportunities that crypto currency opens. They want to be the eternal middleman of the opportunities in life.

sometimes people want privacy when using their money. it does not mean using cryptocurrency are always connected with against the law activities. the community has the right to choose when to use financial transactions without being easily traced, the consideration of removing cryptocurrencies as part of the global financial monopoly system. even though he is an economic noble from his thoughts, it doesnt mean that he has right to dictate people in the world how to use their money.

He cant shutdown cryptocurrency by his own insight, it is better if he ask for back up for the cryptocurrency by the government because that is the only thing that this kind of industry is needed.

The thing is,  everything that has its advantage will also have a disadvantage. Cryptocurrency has a lot of advantages, and there is also disadvantages . I have seen those that claims that cryptocurrency can be used in sponsoring terrorist attacks, okay good,  but before there was anything like cryptocurrency,  terrorists were being sponsored, but by what? Lol.

If it's by dollars, then we should as well do something about that. Instead of stopping cryptocurrency,  we should only be looking for ways to persecute those that makes use of cryptocurrency for evil purposes.

Shut down cryptos ? Why ?  What is thier problem on why so many people want to destroy cryptos ?  Cant they see the benfits of cryptos to the public  ?   Or maybe they are only a hater that hates crypto because they cannot control it but even most governments right now are already joining the movement towards the legalization of cryptos   . oh well , shutting down cryptos is i think not really possible to happen .

Another one trying to hide the moon with the thumb. What a such a dumbass. These kind of personalities well known for being backed by this U.S Dollar and the already failed/wrecked old systhematical transactions system. They already rich by this if the system truly dissapear, which in fact will do. their status won't fit anymore. They worst fear... nightmare


I mean. What such nobel prize? Didn't Obama won the Peace Nobel Prize. So what he did for the World Peace?. I think Bitcoin has done more for peace and economics itself.

Another Nobel prize winner that is completely clueless about something outside his sphere of knowledge, if governments could shut down cryptocurrencies they should have done so already, the main reason bitcoin is still around 10 years later comes from its decentralization, it is as if he has no knowledge that there is not a button you can push to turn off this market, but I see something more insidious here, he does not want to recognize this market cannot be shut down even by the most powerful institutions of the world but he wants to make it seems as if it is possible to delay adoption.

Cryptocurrency should be shut down?Okay, lol.
Has government control over fiat currencies stopped them from being used for illicit activities?
And he said he wants government to be able know what people are spending money on? interesting

Oh, is he advocating for Big Brother? He lost me at that part. Main reason Bitcoin was created was because this "regulated" economy failed many people. If they regulated it properly then the 2008 crash wouldn't have happened.

The genie is out of the bottle, there's no putting it back in. Even if they shutdown exchanges and miners, people would find a way to use it. If they attempt to quash it, it'll just go further underground.

Everyone is very much entitled to their opinion to the extent of how much they believed its the right thing to do. I would argue towards the direction of blockchain because if not for anything, the transparency is second to none that there is absolutely no way to lie about such transactions. It also does not mean that the concern raised by the erudite scholar should be wished away because truth be told, a lot of people have been exploiting the anonymous nature of crypto as a means to carry out their nefarious activities to the detriment of the individuals who used it for the transborder advantages without any hassle.

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

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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/.

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.

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.

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.

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.

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.

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

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.

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.

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

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   .


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

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

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

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

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.

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.

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.

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.

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.

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.

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.

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.


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

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.

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.

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.


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

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.  

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.

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

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.

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

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

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.

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.

Ah, seems soon that will be pain in ass for you? hmm, people don't want that much control from goverments and all you do is piece of shit. Printing money which causes inflation which we have to pay. But you have a great time while ruining things.
Now, this must be clear, the harder you try (ban btc and others), the stronger push will be because such actions always perform like hydra. You close one gait (bitcoin) for a while but there will be another attempt but this time it will be much powerful. Ban bitcoin and altcoins, this will last for a while but they'll return in anyway.

It is true everything could be used for good or bad things it all depends on us,
On how are we going to use it .
Even the cash or Fiat is being used by illicit activity for so long money laundering,Drugs,illegal weapon and all sorts of stuff are happening into Fiat before crypto was born.

People have chosen cryptocurrency because we could transact anonymously here without exposing any data.
Financial freedom is what we love about cryptocurrency and it's the edge of it from the usual transactions that we have through fiat. In fact, cryptocurrency is actually making the economic growth better so I don't get the point of shutting it down and it sounds like they want to control it.

It's way worse than unknowing the feature of cryptocurrencies instead he is a damn humanless people who don't care about basic human rights which is privacy. I bet his thought is if any centralized entities have full control and awareness it would simply fix bad things. That is an absolutely bizarre opinion.

Cryptocurrencies especially Bitcoin has done right to give us financial privacy and freedom which I believe it is a human rights.

Yes, if we avoid everything that can be used by a person to the detriment of him, then we can return to the Stone Age. Although the stones used by primitive people to kill their own kind. In the Middle Ages for objectionable inventions burned at the stake. Can we go back to using this method? It is obvious that the method of prohibiting technical progress has never been effective. Cryptocurrency will not be able to stop anyone.

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.

If Stiglitz recognizes the value and advantages of cryptocurrency, then to conclude that cryptocurrency needs to be banned because many people use them for illegal purposes, it is not entirely logical. Now in Europe and other states acts of terrorism and other crimes are committed with the help of cars. In road accidents, hundreds of thousands of people die every year in the world. However, it never occurred to anyone to ban cars. Virtually every human invention can be used for both positive and negative purposes. Even one of the very first skills of a man - to make fire, is always used as both good and evil.

Seems like this guy is talking about traditiolan cryptocurrencies and he is not totally aware of all features of cryptocurrencies. It seems like if he is advocating electronic payment systems that use USD then I would like to see him critisizing government-backed cryptocurrencies from his position.
Some crypto dollar might be backed by fiat dollar and government would be able to see all transactions on blockchain. So this guy probably doesn't know that he can use some features of crypto with traditional money.

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