Joseph Stiglitz: ‘We should shut down the cryptocurrencies’

[EastSound]

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

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[Netnox]

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

Not just the Chinese governments. Apart from a few libertarian governments such as the ones we have in Switzerland and Singapore, the vast majority of the governing authorities want to control the personal finances of their citizens. They want to limit the investment options, and they want an absolute monopoly for the national currencies. And this is where Bitcoin causes problem for them. Bitcoin gives an individual more freedom on these aspects and on top of that, it offers anonymity.

[shinratensei_]

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

China has been doing it from a few years ago before bitcoin is getting famous like this time and china has failed to do that. The decentralized cryptocurrency can't be prevented or killed by any centralized institution or party. I guess they will be feeling crazy to think about how to prevent crypto while it's impossible to do that.
They have been attacking the mentality of crypto so many times and it doesn't work.

[nur rochid]

His way of thinking is the same with the Chinese Government that wants to know and control every detail of a person financial status.

If they cant control it, kill it. Mentality

China has been doing it from a few years ago before bitcoin is getting famous like this time and china has failed to do that. The decentralized cryptocurrency can't be prevented or killed by any centralized institution or party. I guess they will be feeling crazy to think about how to prevent crypto while it's impossible to do that.
They have been attacking the mentality of crypto so many times and it doesn't work.

therefore even though many governments currently do not support it, cryptocurrency still exists, and is growing as many people study cryptocurrency. we know etf and bakkt always be rejected, but btc continues to grow

[partysaurus]

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

big suprise another dinosaur talking about how bad bitcoin and other cryptos are and getting his information from the fud news all around the world.
All these old men big in their fields talking about something they have no real clue about.
like listening to most of the worlds gouvernements about weed and that they class it as a super dangerous drug lol.

[maxreish]

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.

They can not do that. Lol. Internet is the power of cryptocurrency and they have no power  :)to disable the internet. Sorry to say this but I think Joseph Stiglitz is just another Craig Wright guy who talks nonsense, too. We don't need pessimistic person here. And his ideas is very much impossible. Why worry about the illicit activities when there are FBI and other appropriate persons to take care of this kind of activities.

[RealMalatesta]

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.

It will be impossible for them to shut down what they don’t have any control on or can see what is happening in the crypto space, so that is idea is just from the pit of hell and he needs to channel some of his ideas into making our economy more better than destroying what has been created to add value to the economy.

Even if they declared it illegal by the word of the mouth, it will still not have much effect, except they want to shut down the entire world wide web down, which would be like shutting down the total economy of the whole world. So it will be better government quickly regulate the system to have partial control of it.

[Leonardo7]

He's yet to study cryptocurrency and blockchain and the problem it's solving and it equally aim to solve or he is been sponsored by bad economist elements to discredit an already established system, which way they will fail and eventually use bitcoin and blockchain in the long run. Tell him to do further study and practical then come back and give an unbiased report.

[carter34]

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.

This guy spoke with both side of his tongue. If he acknowledged the better side of crypto currency, then his main goal as an economist is to propound measures that can incorporate cryptocurrency into the financial system. That will score him more points, perhaps more laurels.

[Menawi12]

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

As far i know, our banking system right now not transparant compare with blockchain system. Cryptocurrency with blockchain system very transparant on every transaction. Cryptocurrency already recognized as big industry and i think its hard to shut down cryptocurrency because its decentralized

[audaciousbeing]

Everyone is very much entitled to their opinion to the extent of how much they believed its the right thing to do. I would argue towards the direction of blockchain because if not for anything, the transparency is second to none that there is absolutely no way to lie about such transactions. It also does not mean that the concern raised by the erudite scholar should be wished away because truth be told, a lot of people have been exploiting the anonymous nature of crypto as a means to carry out their nefarious activities to the detriment of the individuals who used it for the transborder advantages without any hassle.

[TheCoinGrabber]

“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.

Oh, is he advocating for Big Brother? He lost me at that part. Main reason Bitcoin was created was because this "regulated" economy failed many people. If they regulated it properly then the 2008 crash wouldn't have happened.

The genie is out of the bottle, there's no putting it back in. Even if they shutdown exchanges and miners, people would find a way to use it. If they attempt to quash it, it'll just go further underground.

[Ucy]

Cryptocurrency should be shut down?Okay, lol.
Has government control over fiat currencies stopped them from being used for illicit activities?
And he said he wants government to be able know what people are spending money on? interesting

[South Park]

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

Another Nobel prize winner that is completely clueless about something outside his sphere of knowledge, if governments could shut down cryptocurrencies they should have done so already, the main reason bitcoin is still around 10 years later comes from its decentralization, it is as if he has no knowledge that there is not a button you can push to turn off this market, but I see something more insidious here, he does not want to recognize this market cannot be shut down even by the most powerful institutions of the world but he wants to make it seems as if it is possible to delay adoption.

[viralmetaphore]

Another one trying to hide the moon with the thumb. What a such a dumbass. These kind of personalities well known for being backed by this U.S Dollar and the already failed/wrecked old systhematical transactions system. They already rich by this if the system truly dissapear, which in fact will do. their status won't fit anymore. They worst fear... nightmare


I mean. What such nobel prize? Didn't Obama won the Peace Nobel Prize. So what he did for the World Peace?. I think Bitcoin has done more for peace and economics itself.

[shoreno]

Shut down cryptos ? Why ?  What is thier problem on why so many people want to destroy cryptos ?  Cant they see the benfits of cryptos to the public  ?   Or maybe they are only a hater that hates crypto because they cannot control it but even most governments right now are already joining the movement towards the legalization of cryptos   . oh well , shutting down cryptos is i think not really possible to happen .

[BlueStackz]

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

The thing is,  everything that has its advantage will also have a disadvantage. Cryptocurrency has a lot of advantages, and there is also disadvantages . I have seen those that claims that cryptocurrency can be used in sponsoring terrorist attacks, okay good,  but before there was anything like cryptocurrency,  terrorists were being sponsored, but by what? Lol.

If it's by dollars, then we should as well do something about that. Instead of stopping cryptocurrency,  we should only be looking for ways to persecute those that makes use of cryptocurrency for evil purposes.

[Muzika]

He cant shutdown cryptocurrency by his own insight, it is better if he ask for back up for the cryptocurrency by the government because that is the only thing that this kind of industry is needed.

[Apes]

sometimes people want privacy when using their money. it does not mean using cryptocurrency are always connected with against the law activities. the community has the right to choose when to use financial transactions without being easily traced, the consideration of removing cryptocurrencies as part of the global financial monopoly system. even though he is an economic noble from his thoughts, it doesnt mean that he has right to dictate people in the world how to use their money.

[uneng]

His points are very weak: first that any kind of currency is used for illegal activities, not only crypto currency, second that crypto transactions aren't so hidden as he thinks. Otherwise we wouldn't see news about criminals that deal with bitcoin being arrested.
What these guys want is to limit access to opportunities that crypto currency opens. They want to be the eternal middleman of the opportunities in life.