[2018-03-02] Don't Ban Crypto, Says Former FDIC Chief Sheila Bair

[PIMPdev]

The former chairperson of the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits in the U.S., says that cryptocurrencies shouldn't be outlawed.

According to a new interview published by Barron's, Sheila Bair suggested that while bitcoin and other cryptos lack an "intrinsic value," so do currencies such as the U.S. dollar.

"I don't think we should ban it - the green bills in your pocket don't have an intrinsic value, either," she was quoted as saying.

The comments from Bair - who led the government corporation between 2006 and 2011 - are notable, given the growing scrutiny being applied to the market from a range of regulators worldwide. Bair, who has opined about cryptocurrency regulation in the past, is also a member of blockchain startup Paxos' board of directors.

Indeed, she suggested that as far as the price of cryptocurrencies is concerned, the market itself is best equipped to ascertain some kind of value.

"Let the market figure out what it's worth," she told the publication. "That is what it is doing now."


https://www.coindesk.com/former-fdic-head-let-the-market-figure-out-bitcoins-value/

[Qartersa]

She meant that the intrinsic value is something we people subjectively give to the money or cryptocurrency that we have. So for example, the dollars that we have. They have value because we know we can buy something out if it. And as to what we can buy from it, depends on the amount of dollars we have. They have value because we give them value in the market. Because they encourage trade and commerce. Because it helps economy sustain the demands of time. So you see, if we give value to something, may it be fiat or cryptocurrency, they get a certain level of value in the market which is known as an intrinsic value. This come handy along with other considerations, of course.

Thus, based on the above, I can say there is a logical point to the argument of Sheila Bair.

Sooner or later, we will know if the economy can benefit from cryptos, and is thereby fit to be adapted for future use.

[gentlemand]

All one has to do to see an example of first world a 'ban' is look to the UK. The UK has never had any seamless exchanges that lasted. Everything is either P2P or interacts with abroad. That's how it would work with a ban and it hasn't stopped anything. It is tedious and unsexy but it muddles along.