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Author Topic: [2018-03-02]Cointelegraph-UK Secretary Diane Abbott: If Everyone Used Bitcoin ..  (Read 37 times)
theCoinMaestro
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March 03, 2018, 11:29:41 AM
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UK Secretary Diane Abbott: If Everyone Used Bitcoin ‘The Whole Thing Would Collapse’

Diane Abbott, the United Kingdom’s sitting Shadow Home Secretary, said in an interview with The House magazine that Bitcoin “is just a gigantic Ponzi scheme,” and promised that the Labour party, of which she is a member, would regulate it if elected, Express news site reports Friday, March 2.

Speaking to The House, Abbott said that Bitcoin could “easily collapse,” stressing her opinion that the UK authorities should clamp down on its spread throughout the rest of the economy.

Abbott’s opinion echoes the statement made today by Mark Carney, Governor of the Bank of England, about the need to hold Bitcoin and other cryptocurrencies to the “same standards,” as the rest of the financial system.

“We are looking at the Bitcoin issue. One of the problems with Bitcoin is the extent to which it is just a gigantic Ponzi scheme,” the Shadow Home Secretary continued her explanation of the risks posed by Bitcoin.

“And if everyone took their bitcoin money and tried to buy a new car all at once the whole thing would collapse.”

The Labour MP is known in the British public for making controversial and sometimes ill-informed remarks on a range of topics. Abbott once suggested that her party would be able to hire 10,000 people for the UK police at a total cost of £300,000, translating to an average annual salary of £30, or a little over $40, per each new officer.

Diane Abbott also tweeted that one of the lessons to be learned from the 2017 Grenfell Tower fire is that “fire puts out water,” and called for the UK government to do something about the drought in the province of Davao del Norte in Indonesia, which is actually located in the Philippines.

Abbot is not the only public figure to harshly criticize Bitcoin over the past month. Matthew Lesko, the “free money guy,” who became famous in the 90s by writing books on how to get federal grants from the US government, called Bitcoin a “scam” and a “gamble” in an interview with CNET.

Charlie Munger, a 94-year-old business partner of Warren Buffett and the vice president of the Berkshire Hathaway conglomerate, said that the idea of cryptocurrency is “totally asinine” and that it is “disgusting” that people buy Bitcoin.


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March 03, 2018, 12:53:01 PM
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"Abbott’s opinion echoes the statement made today by Mark Carney, Governor of the Bank of England, about the need to hold Bitcoin and other cryptocurrencies to the “same standards,” as the rest of the financial system."

If the bitcoin is used by regulated industry, then its use should be encouraged.
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March 03, 2018, 03:59:19 PM
Last edit: March 04, 2018, 02:42:43 AM by DooMAD
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Article isn't quite right, Abbott is in one of the opposition parties, so not the actual Home Secretary.  Meh, it's marginally less stupid than what the Conservatives have said in the past.  They thought it was possible to ban encryption altogether.  Plus, there aren't many people who still take Diane Abbott seriously when it comes to technical subjects.  She's capable of moral decency, unlike most politicians, but she's sadly not the sharpest mind in the shadow cabinet.  

//EDIT:  Alternative version on Business Insider:  http://uk.businessinsider.com/diane-abbott-bitcoin-is-ponzi-scheme-labour-cryptocurrencies-2018-3

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March 03, 2018, 04:48:05 PM
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Bitcoin's already persona non grata in the UK. There ain't no banking for it. They can't 'regulate' something that's been ostracised from minute one. I'm rather looking forward to the UK being left in the dust for their pure fuckwittage when it comes to this area.

Government naivety when it comes to internet related stuff still appears to be bottomless. Check the 'let's crack cryptography' legislation that everyone knows will never amount to anything.

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