[2017-12-02] Nobel Prize-Winning Economist Says Bitcoin Should be ‘Outlawed’

[cybersofts]

Nobel Prize-Winning Economist Says Bitcoin Should be ‘Outlawed’




Joseph Stiglitz, Nobel Prize-winning economist, has made the claim that bitcoin ‘ought to be outlawed,’ at a time when the digital currency is experiencing record highs.

In a Bloomberg Television interview, the 74-year-old American economist and professor at Colombia University, said:

    "It seems to me it ought to be outlawed. It doesn’t serve any socially useful function.

His comments come at a time when bitcoin is continuing to surpass expectations from all sides. Just yesterday, it was reported that the digital currency has passed the historic $10,000 milestone and today it went even higher to reach over $11,000 for the first time, pushing its market total to $185 billion.

Yet, despite these record achievements, Stiglitz is of the opinion that the only reason the digital currency is doing so well is down to the fact that it has the ‘potential for circumvention, lack of oversight.’

He added that:

    "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.

Stiglitz has, in the past, expressed his views about the digital currency, stating in 2016 that the U.S. government had ‘shut down‘ bitcoin. At the time, he said:

    "The main use of bitcoin has been to circumvent tax authorities and regulation. I think the U.S. government did the right of thing of shutting or trying to shut it down and I think effectively…it has done that.

Interestingly, since then his outlook toward the crypto market has somewhat shifted, if only slightly. In January, while speaking at the World Economic Forum’s Annual Meeting in Davos, Switzerland, he said that the U.S. should phase out fiat currency and move toward the use of digital currencies.

The topic of discussion at the time focused on the issue of corruption, tax evasion and tax avoidance. According to Stiglitz, the phasing out of money and introducing digital currency has ‘benefits that outweigh the cost,’ in the long term.

Harvard professor and economist Kenneth Rogoff has also said that cash provided the ideal avenue for tax evasion, and that the time was now to reduce fiat money.

No doubt Stiglitz’s most recent comments will raise a few eyebrows, and is unlikely to go down well bitcoin enthusiasts; however, given the upward trajectory that the digital currency is currently on, it’s not likely that it will have much impact on where the market is heading.


Source: https://www.instagram.com/p/BcGFXl3AkCC/?taken-by=bloombergbusiness
Source: https://www.cryptocoinsnews.com/nobel-prize-winning-economist-bitcoin-should-be-outlawed/

[Samarkand]

...
Harvard professor and economist Kenneth Rogoff has also said that cash provided the ideal avenue for tax evasion, and that the time was now to reduce fiat money.
...

You should all read some of Rogoff´s articles. Afterwards you will see why he is really advocating for digital currencies.
He isn´t interested in the predictable monetary policy of Bitcoin or the advantages of its decentralized nature, but
only wants the shift away from fiat due to the opportunities it creates for the central banks.

Right now many central banks have problems with enforcing their negative interest rates policies, because banks
can still decide to store their holdings in fiat and circumvent the negative interest rates by doing this. If the world
would adopt digital currencies it is much easier to expand the negative interest rates without any loopholes for the banks.

[Lancusters]

Why does everyone think that bitcoin attracts people that don't have to pay taxes? No one comes to mind that people are tired of watching the government continually raises taxes and there are no improvements. Even if bitcoin will be taxed it will not become less popular. The government do not see their own mistakes. They blame the people.

[kakrotssj1]

Why does everyone think that bitcoin attracts people that don't have to pay taxes? No one comes to mind that people are tired of watching the government continually raises taxes and there are no improvements. Even if bitcoin will be taxed it will not become less popular. The government do not see their own mistakes. They blame the people.

You are right at this point! Even if the government applies tax on bitcoin, it won't change anything. people use  bitcoin because they see an opportunity in it. They believe that this cryptocurrency is far better than other currencies and a bit more easy to earn. Even there's no handicapped quota on bitcoin. everyone can earn it.

[Carlton Banks]

Stiglitz is at best a hypocrite. He engaged in popular condemnation of the corruptions of the dominant financial system in the wake of the 2008-9 meltdown aversion. And yet when an alternative is born from those circumstances, he condemns that also, refusing to acknowledge that any view of a possible incorruptible financial system except the current corrupt system should be allowed.

Sadly, Stiglitz is incapable of recognising that Bitcoin cannot be successfully outlawed, and so represents a paradigm shift in the fundamental system of money & finance. When the law itself becomes corrupt, only outlaws can possibly act with morality.



Well, what should we expect. Winning the Nobel Prize for anything is fast becoming a badge of ill-repute, awarded mostly to those who helped prop up the worldwide system of gangsters represented by it's banks, governments and corporations. Alfred Nobel himself was, of course, one such human of ill repute: a military weapons manufacturer.

[1Referee]

Every time I see these articles pop up, I am getting even more proud that I hold Bitcoin. It just shows how broken this corrupted on debt based system is with these idiots shilling for something that pushes people only further into the hole. These people just blatantly assume that current system is the only thing that goes, and there is absutely no room for something that allows people to enjoy the freedom they deserve. If you think it doesn't serve a purpose, and is just a bubble, then why should it be outlawed? People are responsible for their own actions, right? No one has the right to interfere. Also, if this is indeed what he say it is, then it will at some point dry out and be left unused, so why the bitter tone mr Stiglitz?

[Gotottack]

Well, that is his view on Bitcoin. He is entitled to his own opinion on the matter. Anyway, you cannot really please everyone. But just for purposes of lifting Bitcoin, you should know there are other economists who think Bitcoin is promising in this day and age. Hence, you should not limit your views on one expert opinion. You have to have varying choices so you can very well gauge on which stand you find better understanding and solace.

[J. Cooper]

Stiglitz is at best a hypocrite.

I don't really know this guy but after reading what he has to say, he definitely is a hypocrite. And that goes for the majority of all those big names in world economics.

He engaged in popular condemnation of the corruptions of the dominant financial system in the wake of the 2008-9 meltdown aversion. And yet when an alternative is born from those circumstances, he condemns that also, refusing to acknowledge that any view of a possible incorruptible financial system except the current corrupt system should be allowed.

That's the definition of hypocrisy right there.

Sadly, Stiglitz is incapable of recognising that Bitcoin cannot be successfully outlawed, and so represents a paradigm shift in the fundamental system of money & finance. When the law itself becomes corrupt, only outlaws can possibly act with morality.

That's the beaty of it and that's also the reason why I feel very safe holding bitcoin. It can't be outlawed, and even though Stiglitz says it should be he knows it can't. The financial system has been corrupt for a long time, change is never easy and we are and will be despised by the big and corrupt guys. But atleast we have a conscience.

[Irvinn]

While one of the main problems with bitkoynom is that it is at the peak of its popularity is too far gone in price from the rest of the crypto currency. Demand for it is increasing not because of the functional qualities and ease of use, but only because of the opportunity to get more profit. That is, in this respect bitkoyn has the ability of an inflated bubble, which can explode at any time. This is what economists see and I would not say that they are wrong.

[crypto1010]

Just when I thought Satoshi Nakamoto could be considered for one of these prizes, the Economist  Mr Joseph Stiglitz chooses to denounce bitcoin what a shame! Lets just accept the facts, extraordinary people do extraordinary things you better believe that! Up Up and Away...there goes bitcoin

[cr1776]

This is the guy who admired Hugo Chavez’ dictatorship.  And said a few years before the US’ Fannie Mae and Freddie Mac failed that they would NEVER FAIL.

He is a fool who loves dictators and will excuse them by any means necessary including lying.  And he may be an idiot who got promoted because he was a statist toady.   Whatever he says, the opposing is probably true. The fact that he teaches at Columbia shows how low their standards are.

Anyone who admires a totalitarian murderous dictator like Chavez and his ilk has no morals or no brain or both.

Here is a good summary:
https://reason.com/blog/2017/11/30/bitcoin-joseph-stiglitz-crypto-outlaw

[Domenc]

This is the least expected comment from a Nobel winning economist. I don't understand why the reputed and experienced people don't realize the positive outcomes of bitcoin on economy if it gets introduced in the system.
I see an extreme case of “favoritism" towards the banks here. Everyone knows that Bitcoin will definitely have a bright future in the coming days; all these things are just a trailer for a bigger movie coming ahead. Once Bitcoin is adopted by mass population of the world, price is definitely going to moon.

[BitHodler]

It's quite interesting that all these experts, central banksters, hedge funds, and the list goes on, find it necessary to explain their view on something that has no value, no meaning, is a ponzi, and its bubble will burst.

It's an utter bitter tone these entities have when they talk about Bitcoin. It's either their ignorance that makes them talk like that, or they do so on purpose to tarnish Bitcoin's reputation and hope that people avoid it as result.

I am quite sure that even when Bitcoin at some point has reached the $100k mark, their opinions will not change. Maybe they will get even worse considering that by that time the adoption has increased significantly.

I am 100% certain that if they themselves bought a fair number of Bitcoins back in the days, they would completely change their view on crypto in its entirety.

[Coffee135]

This is the least expected comment from a nobel winnng economist . I don't understand why the reputated and experienced people don't realize the postive outcomes of bitcoin on econom if it gets introduced in the system .
I see an extreme case of "favorism" towards the banks here.

The fact that he is a Nobel laureate does not mean that he is an expert in all fields. He understands only the principles of the existing Fiat economy. It is in manual control and therefore, you can easily achieve the desired result. It may not work in a fair environment where it is impossible to make adjustments. All bankers are terrified of bitcoin.

[Carlton Banks]

It's quite interesting that all these experts, central banksters, hedge funds, and the list goes on, find it necessary to explain their view on something that has no value, no meaning, is a ponzi, and its bubble will burst.

Yep, and I'm sure these "experts" would say they're "only trying to protect the innocent".

Yet so many people predicted the 2008 financial crash in advance, all of whom the financial establishment "experts" dismissed as cranks or paranoid bears; one should wonder who exactly is an expert on what in the financial world. People like Stiglitz seem to specialise in one type of expertise only: telling lies to protect the status quo

[cr1776]

This is the least expected comment from a nobel winnng economist . I don't understand why the reputated and experienced people don't realize the postive outcomes of bitcoin on econom if it gets introduced in the system .
I see an extreme case of "favorism" towards the banks here.

The fact that he is a Nobel laureate does not mean that he is an expert in all fields. He understands only the principles of the existing Fiat economy. It is in manual control and therefore, you can easily achieve the desired result. It may not work in a fair environment where it is impossible to make adjustments. All bankers are terrified of bitcoin.

I don’t think he even understands that.  He is one of those people who will suck up to those in power to advance himself no matter the cost to the world.

[Draketom]

I actually don't believe him saying bitcoin will go down.
Bitcoin has come to stay

[Easteregg69]

I say Bob Dylan should win at least on more time. The Nobel price. Make it a peace prize.

What he means is. You need to have a market for sugar and potatoes too.