[2018-07-09] Stiglitz, Roubini and Rogoff lead joint attack on bitcoin

[bbc.reporter]

The problem is not when people in power start requiring very strict regulations on bitcoins, but the enforcement of those regulations. They plainly do not have the manpower and the technical capability to do it.

Also, the people in power should first stop the money laundering ring that involves some of the biggest banks in the world before attacking bitcoin.

Or maybe the big banks' monopoly on money laundering is threatened by bitcoin? hehehe



Three of the world’s most respected economists have led a joint attack on bitcoin, claiming the digital currency will be “regulated into oblivion” as governments globally move to clamp down on money laundering.  

Joseph Stiglitz, Nouriel Roubini and Kenneth Rogoff have renewed their assault on the cryptocurrency believing it will be subject to further sharp and damaging falls as authorities crack down on criminals using bitcoin to launder money and avoid taxes.

Stiglitz, the Nobel Prize-winning economist, told Financial News: “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system."

"If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.”

The price of the digital currency has fallen sharply from a high of almost $20,000 in December last year to below $6,000 at the end of June. Rogoff, the former chief economist at the International Monetary Fund, said government regulation would trigger further steep falls.

“Bitcoin could easily be worth just $100 in 10 years,” said the Harvard University professor. “People in power will move to regulate anonymous transactions. That you can be sure of.”

Read in full https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709

[TraderTimm]

"There is not the slightest indication that nuclear energy will ever be obtainable. It would mean that the atom would have to be shattered at will." - Albert Einstein, 1932

"This 'telephone' has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us." - Western Union internal memo, 1876

"Rail travel at high speed is not possible because passengers, unable to breathe, would die of asphyxia." - Dr. Dionysius Lardner, 1830

"I think there is a world market for maybe five computers." - Thomas Watson, chairman of IBM, 1943

"Everyone acquainted with the subject will recognize it as a conspicuous failure." - -Henry Morton, president of the Stevens Institute of Technology, on Edison's light bulb, 1880

"The horse is here to stay but the automobile is only a novelty—a fad." - -The president of the Michigan Savings Bank advising Henry Ford's lawyer not to invest in the Ford Motor Co., 1903

The world is full of self-anointed "experts" that have no fucking idea what the future will be like.
Don't be like them, be open to new ideas and technologies.

[bbc.reporter]

@TraderTimm. Learning from those quotes, most experts might not be close to the idea of bitcoin and the cryptospace. I reckon it is the leaders of the financial industry that are paying those experts to spread FUD because the leaders know they have already lost.

Surely most economists have seen the beginning of the shift.

[XFlowZion]

"There is not the slightest indication that nuclear energy will ever be obtainable. It would mean that the atom would have to be shattered at will." - Albert Einstein, 1932

"This 'telephone' has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us." - Western Union internal memo, 1876

"Rail travel at high speed is not possible because passengers, unable to breathe, would die of asphyxia." - Dr. Dionysius Lardner, 1830

"I think there is a world market for maybe five computers." - Thomas Watson, chairman of IBM, 1943

"Everyone acquainted with the subject will recognize it as a conspicuous failure." - -Henry Morton, president of the Stevens Institute of Technology, on Edison's light bulb, 1880

"The horse is here to stay but the automobile is only a novelty—a fad." - -The president of the Michigan Savings Bank advising Henry Ford's lawyer not to invest in the Ford Motor Co., 1903

The world is full of self-anointed "experts" that have no fucking idea what the future will be like.
Don't be like them, be open to new ideas and technologies.

This just proves that anything is possible when it comes to technology. Those experts are old people who can't cope up on new stuffs and I bet that they can't use a smartphone or tablet effeciently which is just a piece of cake for a kid who just play games on it. 10 years is too short for a disruptive technology so please be patient.