Joseph Stiglitz: ‘We should shut down the cryptocurrencies’

[Sithara007]

I wonder how he got the Nobel, with such retarded ideas. Even someone studying in 8th grade would tell you that it is not practical to shut down the cryptocurrencies. In order to do that, you need to shut down the entire internet (even then there can be loopholes). He and his proxies can try their best to spread negative propaganda against crypto. But they'll prove just as useless as his other ideas.

Anyway, my only request to the Nobel Committee would be to carefully screen their nominees before they award them the medals. It may tarnish their reputation, if some mentally challenged individual is able to win the Nobel prize for economics again in the future.

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[avikz]

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

I wouldn't disagree with this statement, because it is indeed a true risk of cryptocurrencies and a very valid one standing at current time! Bitcoin's name got involved in recent terrorist attacks in both NZ and Sri Lanka. It raises a need of evaluation to make sure we are not creating Frankenstein!

While digital payment system is the future, we also need to make sure we are doing it right! Regulation is one of the ways to at least reduce suh illegal activities.

[mu_enrico]

Assumed the government wants to shut down Bitcoin. Let's see whether decentralization truly makes Bitcoin "shutdown-resistant" or not. Anyway, I think Bitcoin is transparent enough. The pseudonymous nature of Bitcoin makes people able to verify transactions without knowing the senders/receivers.

[davis196]

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

All the leftist bullshit."Cryptocurrencies suck,paypal rocks" and the "better regulated economy" bullshit.
Stiglitz you idiot,cryptocurrencies can't be shut down,because as long as there are miners the blockchain will continue to exist.Governments could ban mining,but the miners will go into the darkweb and move into offshore jurisdictions.This level of stupidity makes me mental.

[Thanasis]

Government backed digital currency is that same fiat money in digital format,if it is better then why people moving for the decentralized currencies like crypto?

He maybe a crypto manipulator or not having full knowledge about crypto currencies because someone with better knowledge about fiat money and economical structure wouldn't say cryptos needs to be shut down.

[Kakmakr]

So, Joseph Stiglitz is saying it is 100% correct for governments to infringe on civilians financial privacy and that technologies should be developed to track all financial transactions. Just imagine the chaos if every Bitcoin could be tracked back to it's owner.    It would have been the most valuable database for scammers and thieves to get targets for their next crime. 

Bitcoin gives people the same level of anonymity as cash, so just get over it.

[Kemarit]

LOL, Before they can shutdown cryptos, they have to stop internet as well.  . Warren Buffet, Joseph Stiglitz and rest really wanted to subdued crypto because it's really challenging the status quo. Remember that they have work so hard that they don't want people to shift their funds around crypto. And his argument? USD has been used for illicit activities many years ago and they didn't do anything about it.

[shesheboy]

LOL, Before they can shutdown cryptos, they have to stop internet as well. 

shutting down the internet is almost impossible  but the internet isnt the only way to shutdown cryptos  . electricity can also be the key to shutdown cryptos and like the internet , electricity is also impossible to shutdown because both of them are too useful for the human's daily life  .  i  heard that quantom computer/computing  can also be a threat to cryptos   .

Warren Buffet, Joseph Stiglitz and rest really wanted to subdued crypto because it's really challenging the status quo.

there were actually alot of popular personalities that want to shut down cryptocurency but so far none of them have succeeded  . 

[andriarto]

LOL, Before they can shutdown cryptos, they have to stop internet as well.  . Warren Buffet, Joseph Stiglitz and rest really wanted to subdued crypto because it's really challenging the status quo. Remember that they have work so hard that they don't want people to shift their funds around crypto. And his argument? USD has been used for illicit activities many years ago and they didn't do anything about it.

how can it be turned off, if there are still many developed countries that legalize it. we can see countries that legalize cryptocurrency, they have an influence on the world economy, and I think other countries will actually follow in their footsteps

[shinratensei_]

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.

if you are a part of the old adopters of crypto and then this is not the only one. he just an example about how the haters of crypto were always talking about a bullshit thing.

As a winner of Nobel-Prize from the centralized institution (you know that) and it's a common thing for him to do that. That guy never knows what he was talking about. he was saying if we must be pegged to the centralized system that can freeze our money without any reason. that's a joke.

[Netnox]

Surprising that he is having problems only with crypto-currency and not with physical cash. IMO, no crypto-currency can ever be as anonymous as physical cash. Being a Nobel winner, I expect him to study the facts carefully before he opens up his mouth to deliver his latest round of verbal diarrhea. He needs to understand that the times of monarchy are over. You can't expect the citizens to live in constant surveillance and virtual slavery, like what existed a few centuries ago.

[Indrawan77]

Most of the people that don't understand like to see crypto from the negative side, they never mention and understand that crypto has been helping a lot of people by creating more job opportunities that failed being created by government and the transaction system using crypto is very easy and efficient

[ecnalubma]

I understand where his words are coming from, but i think he’s more focus on the disadvantage of using the technology. Once the industry fully regulated and apply it to different businesses and transactions then growth is inevitable.

[joniboini]

I understand where his words are coming from, but i think he’s more focus on the disadvantage of using the technology. Once the industry fully regulated and apply it to different businesses and transactions then growth is inevitable.

That will only come true if the majority of the people realize that fiat is not entirely sound. Before that happens, crypto might easily be replaced with digital cash backed by fiat. I think we're still far away from that point, and I'm sure it needs a lot of education, and probably will take years before people lifestyle change. I think in the near future we'd see crypto being used more as a store of value or speculative investment except for a few projects that have a real use case and demands where users need to buy/use/stake their tokens/coins to use the services.

[pushups44]

This should not be suprising from him given that he appears to believe in central planning for the social good, whereas cryptocurrencies represent empowerment of individuals and away from central authorities. So presumably he sees bitcoin as a threat to the status quo. Fortunately, bitcoin is here to stay no matter what he proclaims.

[wuvdoll]

Who the hell is josep stiglitz ? I mean what do we have to listen to someone we do not even know. He can talk all he wants and we do not have to care about him, anyone that points a microphone to him sees him fit to do so and gets his thoughts on the subject but we are not obliged to do that.

Tom Lee for example is opposite of this who keeps on calling bitcoin to get to 14 thousand dollars for months but nobody really cared about what he said neither, bitcoin people do not like who say bitcoin should go down but we are not hypocrites so we don't listen to ones who call it should go up neither.

We only care about what the market says and that is the decisive thing, if market says it is higher it gets higher, if market says it is lower it gets lower. WE decide the price, not the experts.

[futile-resistance]

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

Meehn, in this world you can never get everyone to be on the same side. Everyone's opinion will always be different in everything. Here we have it, there are people who are in support of bitcoin and there are those who are not in support of it, cause they think it is dangerous and will lead us to a big trouble one day.

I do like bitcoin, though I know that there are some disadvantages as well, but what on earth doesn't have a disadvantage? I like bitcoin and cryptocurrency because they make transactions very fast and the cost is less when compared to other financial institutions.

[kryptqnick]

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

There are many jokes about economists not being able to predict anything right, and these jokes are somewhat justified. Being a Nobel laureate in economics doesn't mean understanding the key changes of the world. Or maybe this guy is simply on the side of the banks for whatever reason. Here is how another serious economist was wrong: https://www.snopes.com/fact-check/paul-krugman-internets-effect-economy/.

[BrewMaster]

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

if that is the whole reason then with that statement (which i quoted and doesn't contain anything about cryptocurrencies) we should shut down the banking system, US dollar and all the governments all around the world because fiat is being used in illicit activities and cash makes it impossible to track them.

[Febo]

I believe serious discussions what to shoot down will start only after next financial crisis. Lets hope that will not come that fast. And we are left with 3 years to pack one more bubble into steady economic growth.