[2018-1-9]Harvard Professors Predict Bitcoin Collapse Due to ....

[hugeblack]

According to some Harvard economics professors, Bitcoin will eventually be destroyed through the weight of government regulation. Professor Kenneth S. Rogoff believes that the risk of financial anonymity will eventually create an environment where regulation would crush Bitcoin. He said:

“Small anonymous transactions with virtual currencies…would be desirable but large-scale anonymous payments would make it extremely difficult to collect taxes or counter criminal activity.”

The perspective is shared, though in a different vein, by the counterpart, Jeffrey A. Miron, whose Libertarian perspective makes him more lassez-faire. Nevertheless, he believes that central governments will eventually drive the technology out of existence. He said:

“It [government] could let cryptocurrencies peacefully exist, and not accept them as a means of payment, and that’s what I think it should do. But my guess is that sooner or later governments are going to regulate cryptocurrencies out of existence.”

source : https://cointelegraph.com/news/harvard-professors-predict-bitcoin-collapse-due-to-government-regulation

[greeklogos]

I have heard all those kinds of predictions already. And that's all really possible to happen as the professor say - sooner or later. We all can guess or hope for the brightest future of crypto, but we can't predict exactly what is going to happen. So, what stops us, all of those professors and economists work and earn with bitcoin now while everything is good and the profit is colossal?!

[onrise]

If it happen than the cypto market is going to make many people poorer as they will lose out their huge money invested in this 2017 or this year in anticipation for the good bright future for this rising coins. This is already being said as a bubble as well by many leaders of their fields and if you listen them than this is nothing more a bubble which is going to burst sooner or later.

[warrior333]

I don't believe the statements of such professionals. They studied the classic model of the financial system. Cryptocurrency is quite another. You don't go to the dentist to treat the leg. The fact that the government will deal with bitcoin that's for sure. States have an interest in maintaining the existing banking system. If the crypto community will solve the problem of having to change cryptocurrency for Fiat money that the government will be powerless.

[Carlton Banks]

Here's the big question these professors are ignoring: how?


How will governments successfully regulate cryptocurrencies, even one tiny bit? Peer-to-peer & decentralised technologies have a long history of forcing governments to change their policies, not the other way round.

• The printing press helped dismantle the power of Rome
• The fax machine helped dismantle the Soviet totalitarian government
• The tape machine, the CD burner, p2p file sharing networks (and soon the 3D printer) helped dismantle copyright

What reason have these professors posited that there is any reasonable expectation for an even more powerful peer-to-peer technology to be defeated, when all previous examples ended in the defeat of government repression?

[cynical]

Here's the big question these professors are ignoring: how?


How will governments successfully regulate cryptocurrencies, even a one tiny bit? Peer-to-peer & decentralised technologies have a long history of forcing governments to change their policies, not the other way round.

• The printing press helped dismantle the power of Rome
• The fax machine helped dismantle the Soviet totalitarian government
• The tape machine, the CD burner, p2p file sharing networks (and soon the 3D printer) helped dismantle copyright

What reason have these professors posited that there is any reasonable expectation for an even more powerful peer-to-peer technology to be defeated, when all previous examples ended in the defeat of government repression?

good points

I would also like to know is, HOW?
how can they fully regulate it? i think its impossible to fully regulate.
these are just scare tactics and someone wanting to voice his opinion.
ok they will most certainly introduce a level of regulation but there is nothing to stop me from selling crypto to you.
the currency board in this forum where people sell crypto for paypal etc works perfectly.
https://bitcointalk.org/index.php?board=53.0
In the case of massive amounts of fiat entering and leaving crypto there are ways arount that also.
if you are in a position to me moving large amounts of fiat you can avail of a "swiss bank account" also  

[stuartgh]

Yeah but, no but - remember the principle of "push down, pop up" that will come into play if govs try to regulate cryptocurrencies out of existence. 

[man22555]

Here's the big question these professors are ignoring: how?


How will governments successfully regulate cryptocurrencies, even one tiny bit? Peer-to-peer & decentralised technologies have a long history of forcing governments to change their policies, not the other way round.

• The printing press helped dismantle the power of Rome
• The fax machine helped dismantle the Soviet totalitarian government
• The tape machine, the CD burner, p2p file sharing networks (and soon the 3D printer) helped dismantle copyright

What reason have these professors posited that there is any reasonable expectation for an even more powerful peer-to-peer technology to be defeated, when all previous examples ended in the defeat of government repression?

I agree. There just seems to be no way how to technically stop cryptocurrencies.
What could they possibly do? Banning? It's not possible (technically) - even if crpyto gets illegal by law, people won't stop using them and governments will have to consider making it legal again to gain taxes and decriminalize again.

[Taki]

I don't believe the statements of such professionals. They studied the classic model of the financial system. Cryptocurrency is quite another. You don't go to the dentist to treat the leg. The fact that the government will deal with bitcoin that's for sure. States have an interest in maintaining the existing banking system. If the crypto community will solve the problem of having to change cryptocurrency for Fiat money that the government will be powerless.

The government doesn't like to be powerless and if those control on crypto currency which will satisfy them will not be able, they rather ban all sources for crypto currencies.

I agree. There just seems to be no way how to technically stop cryptocurrencies.
What could they possibly do? Banning? It's not possible (technically) - even if crpyto gets illegal by law, people won't stop using them and governments will have to consider making it legal again to gain taxes and decriminalize again.

Why do you think it is impossible to block crypto currencies? Oppositely I think it is not going to be hard. Cryptos have not a physical form and every operation with them is providing through the internet. So, as the government ban unnecessary internet content they can start to ban exchangers, forums, wallets one by one. Technically it is possible to do, but I doubt that all governments over the world will follow such methods, surly will be crypto free places over the world.

[man22555]

I don't believe the statements of such professionals. They studied the classic model of the financial system. Cryptocurrency is quite another. You don't go to the dentist to treat the leg. The fact that the government will deal with bitcoin that's for sure. States have an interest in maintaining the existing banking system. If the crypto community will solve the problem of having to change cryptocurrency for Fiat money that the government will be powerless.

The government doesn't like to be powerless and if those control on crypto currency which will satisfy them will not be able, they rather ban all sources for crypto currencies.

I agree. There just seems to be no way how to technically stop cryptocurrencies.
What could they possibly do? Banning? It's not possible (technically) - even if crpyto gets illegal by law, people won't stop using them and governments will have to consider making it legal again to gain taxes and decriminalize again.

Why do you think it is impossible to block crypto currencies? Oppositely I think it is not going to be hard. Cryptos have not a physical form and every operation with them is providing through the internet. So, as the government ban unnecessary internet content they can start to ban exchangers, forums, wallets one by one. Technically it is possible to do, but I doubt that all governments over the world will follow such methods, surly will be crypto free places over the world.

They can only ban centralised exchanges, forums etc. Everything decentralised will work as long as the internet runs.

[superjeyy]

Knowing that he is a professor from a prestigous school, there is no doubt that he is reliable and what he said is truly valid. The professor gave some good point but i think what he said is just a possibility and not yet a fact. From what I understood, he is saying that Bitcoin is a bubble. There are certain situations where Bitcoin could justify being a bubble bit it really is just because of its volatility. This is why Bitcoin should establish its structure well for there are many misconceptions about it. With more studies and research, maybe people would truly understand what Bitcoin is.

[darkangel11]

They can only ban centralised exchanges, forums etc. Everything decentralised will work as long as the internet runs.

Forums will continue to switch servers, just like wikileaks, TPB and other torrent sites...
There will always be a government ready to help those who are committing crimes under another jurisdiction, just look what happened to Assange and Snowden.

Small anonymous transactions with virtual currencies…would be desirable but large-scale anonymous payments would make it extremely difficult to collect taxes or counter criminal activity.

It seems that according to those professors governments don't care if you skip taxes on small transactions as long as the big ones don't go unnoticed.
It's still impossible to counter criminal activity done with cash. Every single day there are thousands of drug deals being done in cash around the world and this doesn't concern them, but a currency that allows you to see all transactions in real time somehow does.

[richardsNY]

It will never change -- there will always be people who don't understand that an economy has more to offer than that what a government issues or approves. If we had to believe similar predictions, Bitcoin wouldn't even exist by now anymore. It just shows how certain high level individuals don't have the ability to think beyond their own logic, and this will likely never change. Regulations are working in favor of Bitcoin, and strictly speaking, we wouldn't come this far without regulations. Do I think that governments will try to impose regulations making this market less free, sure, but this could have been seen coming by people years ago already. As long as regulations are fair, we'll continue to benefit.