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Author Topic: Joseph Stiglitz: ‘We should shut down the cryptocurrencies’  (Read 634 times)
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May 06, 2019, 05:37:27 PM
 #1

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

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May 06, 2019, 06:36:45 PM
 #2

Seems like this guy is talking about traditiolan cryptocurrencies and he is not totally aware of all features of cryptocurrencies. It seems like if he is advocating electronic payment systems that use USD then I would like to see him critisizing government-backed cryptocurrencies from his position.
Some crypto dollar might be backed by fiat dollar and government would be able to see all transactions on blockchain. So this guy probably doesn't know that he can use some features of crypto with traditional money.
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May 06, 2019, 06:53:34 PM
 #3

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html
If Stiglitz recognizes the value and advantages of cryptocurrency, then to conclude that cryptocurrency needs to be banned because many people use them for illegal purposes, it is not entirely logical. Now in Europe and other states acts of terrorism and other crimes are committed with the help of cars. In road accidents, hundreds of thousands of people die every year in the world. However, it never occurred to anyone to ban cars. Virtually every human invention can be used for both positive and negative purposes. Even one of the very first skills of a man - to make fire, is always used as both good and evil.

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May 06, 2019, 07:23:39 PM
 #4

Means he don't know how blockchain work and how all transaction are visible, the most illicit activities are made with cash money, if they will use crypto they can be traced more easy and on the end someone can find where they cashout crypto.

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May 06, 2019, 07:45:04 PM
 #5

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html
If Stiglitz recognizes the value and advantages of cryptocurrency, then to conclude that cryptocurrency needs to be banned because many people use them for illegal purposes, it is not entirely logical. Now in Europe and other states acts of terrorism and other crimes are committed with the help of cars. In road accidents, hundreds of thousands of people die every year in the world. However, it never occurred to anyone to ban cars. Virtually every human invention can be used for both positive and negative purposes. Even one of the very first skills of a man - to make fire, is always used as both good and evil.
Yes, if we avoid everything that can be used by a person to the detriment of him, then we can return to the Stone Age. Although the stones used by primitive people to kill their own kind. In the Middle Ages for objectionable inventions burned at the stake. Can we go back to using this method? It is obvious that the method of prohibiting technical progress has never been effective. Cryptocurrency will not be able to stop anyone.

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May 06, 2019, 08:13:30 PM
 #6

~
“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.
~

~ he is not totally aware of all features of cryptocurrencies. ~
It's way worse than unknowing the feature of cryptocurrencies instead he is a damn humanless people who don't care about basic human rights which is privacy. I bet his thought is if any centralized entities have full control and awareness it would simply fix bad things. That is an absolutely bizarre opinion.

Cryptocurrencies especially Bitcoin has done right to give us financial privacy and freedom which I believe it is a human rights.



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May 06, 2019, 08:24:02 PM
 #7

People have chosen cryptocurrency because we could transact anonymously here without exposing any data.
Financial freedom is what we love about cryptocurrency and it's the edge of it from the usual transactions that we have through fiat. In fact, cryptocurrency is actually making the economic growth better so I don't get the point of shutting it down and it sounds like they want to control it.


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May 06, 2019, 08:51:21 PM
 #8

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html
If Stiglitz recognizes the value and advantages of cryptocurrency, then to conclude that cryptocurrency needs to be banned because many people use them for illegal purposes, it is not entirely logical. Now in Europe and other states acts of terrorism and other crimes are committed with the help of cars. In road accidents, hundreds of thousands of people die every year in the world. However, it never occurred to anyone to ban cars. Virtually every human invention can be used for both positive and negative purposes. Even one of the very first skills of a man - to make fire, is always used as both good and evil.
It is true everything could be used for good or bad things it all depends on us,
On how are we going to use it .
Even the cash or Fiat is being used by illicit activity for so long money laundering,Drugs,illegal weapon and all sorts of stuff are happening into Fiat before crypto was born.

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May 06, 2019, 08:55:16 PM
 #9

Ah, seems soon that will be pain in ass for you? hmm, people don't want that much control from goverments and all you do is piece of shit. Printing money which causes inflation which we have to pay. But you have a great time while ruining things.
Now, this must be clear, the harder you try (ban btc and others), the stronger push will be because such actions always perform like hydra. You close one gait (bitcoin) for a while but there will be another attempt but this time it will be much powerful. Ban bitcoin and altcoins, this will last for a while but they'll return in anyway.

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May 06, 2019, 09:13:36 PM
 #10

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html
He’s already talking about the transparency and blockchain technology have all the datas in real time. I don’t know if he just one to promote his upcoming books on what but I’m not convinced with this guy. Cryptocurrency will never be shutdown, it will make the economy grow and that’s the future.

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May 06, 2019, 09:40:34 PM
 #11

Maybe he is not very good at reading cryptocurrency and Blockchain technology with all his sophistication, yes back again he is free to debate but before doing so it would be better to continue to calculate where this is a very good innovation for the future all supporters who are always encouraged by investing, all need calculation before acting don't let something good be destroyed instantly.
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May 06, 2019, 09:43:59 PM
 #12

For being a Nobel winning person and a well-known economist, he's actually a bit ignorant, isn't he? "shut down cryptos"? How can you go on public and say such thing? At least inform yourself about the properties of cryptos, if you can't grasp the basic of cryptos, then STFU and stop talking about things you don't understand, otherwise, your whole argument completely is invalid.

He worries that they enable illicit activity
Like the US dollar does, right? Shouldn't he propose to shut down the US Dollar?  Roll Eyes

knowing what people are spending
There it is! The fiat advocates like him simply don't want people to get out the surveillance of the system by using cryptos.

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May 06, 2019, 10:24:39 PM
 #13

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

well, words like this we have often heard before. quite a lot of big people who refused crypto and in the end when they understood how crypto walked. They instead tried to make their own version of Cryptocurrencies

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May 06, 2019, 10:28:06 PM
 #14

Lets shut down fiat, governments, the internet, electricity, etc. You know what? Lets wipe out humanity in its entirety and you're sure there are no longer illicit activities.  Cheesy

Bitcoin's freedom aspect is threatening his perfect picture of the world where governments continue treating people like a bunch of cash cows. This is the first time we can circumvent everything related to the government and the current financial system, and oh boy, some people don't like it.

The more we see these entities come up with similar statements, the more I feel that we're on the right track. These fools wouldn't pop up would they not feel uncomfortable about their position in this system.

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May 06, 2019, 10:45:40 PM
 #15

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

That applies to cold hard cash as well. The real message is they want to snoop on all your transactions. It's not just about cryptocurrencies.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.

That sounds so cold and Orwellian. Why is it the state's business what I spend my hard-earned money on?

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May 06, 2019, 11:07:17 PM
 #16

He's an advocate of electronic payments that will be backed up by dollar. Come on, Joseph. We've already heard about these words before and it's obvious that he's kind of threatened with cryptocurrencies.

He's an economist and mostly they are all into traditional payment method that's regulated by the gov't. He shouldn't dictate the people on what we wanted to see, it's all about freedom, he's free to tell his opinion but he can't shut down crypto's.

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May 06, 2019, 11:16:15 PM
 #17

Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent.

Still, he sees the value in digital payments systems and supports electronic use of government-backed currencies like the dollar.

“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,” he says.



https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

Cash makes transactions less transparent too.

It's telling that he wants to abolish cash, and wants to abolish cryptocurrencies and is in favour of a govt-controlled crypto. This is about power, not efficiency or transparency.

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May 07, 2019, 12:50:02 AM
 #18

Dollar is the most used medium for illegal activity because its so common and more cash exists outside the USA borders then within meaning its mostly untracked locally and spends a long time not being realised in a bank account.

How does he think crypto is worse then US dollars when they very commonly have open transactions viewably by anyone.    Seems a silly comment.

Quote
He worries that they enable illicit activity by making money transactions less transparent.

It doesnt matter alot what you worry about, either you have a respect for capitalism and transfer with value by the people or believe in government controlled economies.    Its a bit tragic if he is nobel prize winner but advocating  tendencies to control everything like we see fail in Venezuela or similar

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May 07, 2019, 03:17:48 AM
 #19

Him mentioning about being an "advocate of electronic cash" is kind of a "balancer" to his statement (title).
The given reasons why crypto should be shut down are also applicable to fiat, physical paper/coin cash, that's why he mentioned the sentence above's statement since electronic cash is transparent unlike cash.

If he can't tell people or Government to stop using physical cash and using it himself, then the statement "we should shut down the cryptocurrencies" is kind of a hypocritical bias based from the reasons he've given.

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May 07, 2019, 03:21:28 AM
 #20

Touché. I wonder if he even know what decentralization mean.
Fiat paper money has generated more evil than any other monetary instruments so far.
Moreover, we have seen certain countries desperately printing more papers easily. Not a good thing.

Means he don't know how blockchain work and how all transaction are visible, the most illicit activities are made with cash money, if they will use crypto they can be traced more easy and on the end someone can find where they cashout crypto.
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