[2017-09-29] IMF chief tells central bankers: Ignore Bitcoin at your peril

[gokayc]

LONDON — Christine Lagarde, the head of the International Monetary Fund, has a message for the world’s central bankers: Don’t be Luddites.

Addressing a Bank of England conference, Lagarde conceded that digital currencies, such as Bitcoin, don’t currently pose a major threat to the status quo, as they are “too volatile, too risky, too energy-intensive.” Some have also been hacked, she noted.

But in time, she argued Friday, technological innovations could address some of these issues and as such it “may not be wise to dismiss virtual currencies.”

In the future, she said, virtual currencies “might just give existing currencies and monetary policy a run for their money.”

http://www.denverpost.com/2017/09/29/imf-chief-warns-bankers-bitcoin/?preview_id=2805043

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[bbc.reporter]

I fear that their only recourse is to keep banning bitcoin and altcoins for as long as they can. They cannot fully adopt them now because that would cause too much disruption in their own system.

I reckon that their biggest issue with cryptocoins is their lack of control over them. We would not be having this
discussion if the banks control the supply, the flow and the development of all cryptocoins.

[Rahar02]

She said to ignore, beware or aware of bitcoin?
As she said; virtual currencies “might just give existing currencies and monetary policy a run for their money
Honestly, I don't trust IMF or any other central banks, all they want to give you debts and a country will be suffer under the interest without enough power to get out. They will try to ban bitcoin in some countries, maybe, or just let it grow until the time to cut it off, when bitcoin reach certain price.

[TravelMug]

I fear that their only recourse is to keep banning bitcoin and altcoins for as long as they can. They cannot fully adopt them now because that would cause too much disruption in their own system.

I reckon that their biggest issue with cryptocoins is their lack of control over them. We would not be having this
discussion if the banks control the supply, the flow and the development of all cryptocoins.

But if banks control the flow of cash on the bitcoin ecosystem then it will not be decentralized at all. They just can't ignore bitcoin for now because its keeps growing everyday. That's why we see attacks from bankers Dimon bashing all calling bitcoin a fraud.

But can they keep crypto's away? No. We all know that its unstoppable, so its either they join the party, or really try to ban it at every way they can. But people loves them and no matter what actions they do it will still flourish. And the more they try to shoot it down, the more people are going into system. They just have to accept this hard fact.

[CryptoBry]

She said to ignore, beware or aware of bitcoin?
As she said; virtual currencies “might just give existing currencies and monetary policy a run for their money
Honestly, I don't trust IMF or any other central banks, all they want to give you debts and a country will be suffer under the interest without enough power to get out. They will try to ban bitcoin in some countries, maybe, or just let it grow until the time to cut it off, when bitcoin reach certain price.

She understand the trend very well but it does not mean that she is endorsing Bitcoin. There are people who are favorably viewing the blockchain technology but are frowning on Bitcoin. We don't know...someday the IMF might even be coming up with its own cryptocurrency that is an opposite of the Bitcoin and although those government-backed virtual currencies may not be as successful as BTC still they can command a big share of the market because they have the power to effect usage and adoption.

[Samarkand]

LONDON — Christine Lagarde, the head of the International Monetary Fund, has a message for the world’s central bankers: Don’t be Luddites.

Addressing a Bank of England conference, Lagarde conceded that digital currencies, such as Bitcoin, don’t currently pose a major threat to the status quo, as they are “too volatile, too risky, too energy-intensive.” Some have also been hacked, she noted.

...

Too energy-intensive? Someone should tell Lagarde how much energy is wasted on the printing, processing
and distribution of fiat money. Whole industries (e.g. cash transport) are wasting massive amounts
of capital and energy just to keep the ATM networks running.

Besides, advances in renewable energy will lead to the point where the energy consumption
of the BTC network isn´t problematic anymore.

[Raxitto]

As CEOs of several banks around the world have come to buy the motto that bitcoin and other criptomoedas are scams, the president of one of the world's leading financial institutions has decided to go against this trend.
At a conference held this Friday, September 29 in London, Christine Lagarde, president of the International Monetary Fund (IMF), has issued a warning to central banks: do not ignore the crypto-coins. The message can be interpreted as an alert for countries that have irresponsible and destructive economic policies, such as Argentina and Brazil in the past, and now Venezuela. Lagarde also said that the nature of cripto-coins (the lack of control of governments or central banks) could cause them to be embraced by populations of countries with unstable currencies - which is already being done in Venezuela, for example.

[audaciousbeing]

LONDON — Christine Lagarde, the head of the International Monetary Fund, has a message for the world’s central bankers: Don’t be Luddites.

Addressing a Bank of England conference, Lagarde conceded that digital currencies, such as Bitcoin, don’t currently pose a major threat to the status quo, as they are “too volatile, too risky, too energy-intensive.” Some have also been hacked, she noted.

But in time, she argued Friday, technological innovations could address some of these issues and as such it “may not be wise to dismiss virtual currencies.”

In the future, she said, virtual currencies “might just give existing currencies and monetary policy a run for their money.”

http://www.denverpost.com/2017/09/29/imf-chief-warns-bankers-bitcoin/?preview_id=2805043

After reading the article, I  guess the outcome of what she said was purely because she does not want to be caught unaware and giving the warning is to sit on both sides of the table. Saying on one end about the volatility being a negative side considering the reference she made to the status quo. And also coming again to give bitcoin a heads up about being giving existing currency a run.

I wont attach to much importance to it because her as the director of IMF largely revolves around keeping the status quo which I am sure she is not ready to deviate from and that's why I categorise them as one and the same thing because bitcoin is meant to change the status quo. Any other thing outside that is not allowed.

[cr1776]

She is a crook (http://www.independent.co.uk/news/world/europe/christine-lagarde-convicted-imf-head-found-guilty-of-negligence-in-fraud-trial-a7484586.html) and her opinion is really that of the statist mainstream.

[bbc.reporter]

I fear that their only recourse is to keep banning bitcoin and altcoins for as long as they can. They cannot fully adopt them now because that would cause too much disruption in their own system.

I reckon that their biggest issue with cryptocoins is their lack of control over them. We would not be having this
discussion if the banks control the supply, the flow and the development of all cryptocoins.

But if banks control the flow of cash on the bitcoin ecosystem then it will not be decentralized at all. They just can't ignore bitcoin for now because its keeps growing everyday. That's why we see attacks from bankers Dimon bashing all calling bitcoin a fraud.

But can they keep crypto's away? No. We all know that its unstoppable, so its either they join the party, or really try to ban it at every way they can. But people loves them and no matter what actions they do it will still flourish. And the more they try to shoot it down, the more people are going into system. They just have to accept this hard fact.

Who said that banks wanted decentralization? What they want is to keep the banking system in their control forever. It is they who built it and it will be they who wants to control it. But bitcoin is trying to change that.

Cryptocoins are unstoppable? Maybe, but there is no reason to think that this is true right now. But we will see it soon enough.

[949miner]

I read this new on the internet today and i did not know if this was real or not, i was so impressed when i saw this, maybe this is the reason of why bitcoin raised a lot today, more than 5% in less than 24 hours, also Japan legalized bitcoin and altcoins, but not ICO's, anyway, bitcoin is rising again, and everything that i see are good news, so we are in the right path at the moment.