2013-10-22 Technologyreview.com - Leading Economist Predicts a Bitcoin Backlash

[grondilu]

« Economist Simon Johnson says governments will feel the urge to suppress the crypto-currency Bitcoin. »


http://www.technologyreview.com/news/520296/leading-economist-predicts-a-bitcoin-backlash/

[davidgdg]

Interesting comments.

[BitChick]

Johnson says that Bitcoin’s success will draw increased attention from governments and regulators, who are used to having tight control over currencies. He believes they will be egged on by established financial institutions, which will likely seek to quash the currency. Bitcoin enables very rapid, cheap transfers and payments that could compete with existing fee-based ways of moving money around. “Any bankers watching this should be very afraid,” said Johnson.

This is an ongoing discussion that has been a big issue for Bitcoin from the beginning.  I would think that it is becomming increasingly difficult for governments and bankers to do anything about it at this point though.  The more it becomes widespread the more difficult it will become to do away with.  Yes, they should be afraid, but I think that Bitcoin is still flying under the "radar" so to speak.  I think that by the time they actually decide to try to take some legitimate action against it, they will be surprised that it will be too late.  Regulating it will still be an option though.  I am at least encouraged that the direction the US seems to be going in is for some regulation.  That is probably necessary and it really just validates the currency as legitimate I believe.

[cypherdoc]

Simon Johnson has always been one of my favorites.

he has been unabashedly critical of big banks.  i've read his book:  13 Bankers.

it's excellent and he is one of the few high profile economists that has stuck his neck out against the corrupt banking system as it is.  i wonder how well he understands Bitcoin however.  one would think that b/c he is on staff at MIT he would understand it well. 

but i agree with BitChick above that it's too late.  with the ROW onboard, especially China, there is nothing the US gov't can do at this point to stop Bitcoin.

but i'm sure there will be plenty of ppl who will be scared off by SJ's comments.  so be it; this is Bitcoin's Tension.

[LiteCoinGuy]

Johnson says that Bitcoin’s success will draw increased attention from governments and regulators, who are used to having tight control over currencies. He believes they will be egged on by established financial institutions, which will likely seek to quash the currency. Bitcoin enables very rapid, cheap transfers and payments that could compete with existing fee-based ways of moving money around. “Any bankers watching this should be very afraid,” said Johnson.

This is an ongoing discussion that has been a big issue for Bitcoin from the beginning.  I would think that it is becomming increasingly difficult for governments and bankers to do anything about it at this point though.  The more it becomes widespread the more difficult it will become to do away with.  Yes, they should be afraid, but I think that Bitcoin is still flying under the "radar" so to speak.  I think that by the time they actually decide to try to take some legitimate action against it, they will be surprised that it will be too late.  Regulating it will still be an option though.  I am at least encouraged that the direction the US seems to be going in is for some regulation.  That is probably necessary and it really just validates the currency as legitimate I believe.

could not say it any better