Joseph Stiglitz: ‘We should shut down the cryptocurrencies’

[toast]

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.

in my opinion it's just a mere nonsense to scare cryptocurrency lovers. he has no right to turn off cryptocurrency because cryptocurrency has never made noise in the real world or the digital world. however, we must always support and protect bitcoin because cryptocurrency has contributed to our economy.

[Supercrypt]

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

But, this one has already failed them. There is no way they can have control of the system, and even though the citizens might not have the complete freedom to operate cryptocurrency as they like, they will still be able to use it secretly without the knowledge of the Chinese government because of the anonymous benefit of the system.

Some of the people like Joseph are just being paid to use their public figure to kill the existence of cryptocurrency using all form of FUD news available to them which I don’t think they will continue to have their ways any longer as there is no more response to FUD news by bitcoin.

[finaleshot2016]

I know that bitcoin has a lot of disadvantages but let look on the other side of it. Bitcoin has a lot of advantage and it's very essential to its user. Everything that is being invented by a man has a negative effect, even the devices you're using everyday to surf the internet has a disadvantage. There's no thing that has no negative effect, so I don't even take it seriously. Bitcoin helps me a lot for everyday life and financial problems in academic.

I don't like his mentality towards an advanced technology.

[fabiorem]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

[Artemis3]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

Is he a bull in disguise?

In any case he is wrong. By that logic internet should be shut down, or computers, or electricity...

Controls and "regulations", he is opposed to the free market. He wants the almighty State to intervene on every single transaction, in short, a socialist. He wants perfect information so he can command the economy, and that means a police State, which is the opposite of (good) cryptocurrencies.

Is not that he doesn't understand decentralization, he hates it.

[nc50lc]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

Is he a bull in disguise?
-snip-

That's not what he meant.
Every time the market becomes bullish, these guys tend to post negative news or FUD to spread... uh FUD (Fear, Uncertainty & Doubt).
Apparently, everyone here is expecting negative news about bitcoin during a bull run and these "crypto newscasters" never missed a single one.
Thus, it strongly indicates a bull run.

For the "news": He's alright but very biased in favor of fiat and that's what makes his statement an obvious FUD attempt.
Reasons are in my previous reply.

[fiulpro]

That's something that has been said since the start of the crypto world , the thing is mainly bad activities happens with fiat , if you know sure I mean,
This way they should shut out the fiat and stuff also at the same time even the money in banks has been used for bad activities  , it depends on the person not the method he us using

Also cryptocurrency is not that that can withheld identity the idea is it's easily trackable sometimes, you can follow the address and find a way.

[Broly46]

I don’t even know if he’s making a joke, shutting down is just not a feature in the money itself, same with the dollars, it has no shut down feature, I would be very worry if both crypto and dollar could be shut down, he may try some other approach, may be restricting it by sanctioning, but it would be a futile effort too, very tough choice.

[STT]

Dollars have a plug, in fact its already been pulled really just they left it in the drain so it makes less noise; nobody notices till they cold and all the waters gone.  The proper dollar was linked to a set value, a dollar was a physical description of an amount of precious metal.    Nobody is going to believe that because its ancient history but dollar relates to the Spanish empire, its money and its gold and silver which was how business and trade was done.
   USA setting up at this time took on the concept, this was before it had won its great position we know today and as a new country they needed to win the trust of traders and holders of its money and debt.

The reason I say the plug of dollar got pulled was its not set to any value, its traded and changes every day to account for the constant new supply of dollar appearing at the top of the food chain.   Its not a favourable system for anyone distant to that source

[BitHodler]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

I don't recall the exact date, but these bad news events do seem to coincide with a strong increase in the price. It's almost like they carefully plan these attacks on Bitcoin hoping that they can scoop up some cheap coins before the rally.

That being said, I am not seeing 2017 in current rally, more like what we have seen happen in 2015 where the price peaked out at $500 then went down with 40%. It went up just as quick as we have gone up in the more recent weeks.

Currently there is a lot of selling pressure around the $7000 mark and from what I can see, the buy support up there seems to get weaker and weaker. I expect a 10% correction to kick in testing the $6400 mark.

[STT]

Lots of things in capitalist markets are ironic and appear to be negative while actually marking the bottom.    When nobody is complaining or pointing out negatives, its an incredibly dangerous situation if like you can imagine the whole of a crew of a small fishing/rowing boat all standing on one side then its unstable.

This guy hopping onto a negative chart of BTC and calling out problems possible but then the price rises, its not fake or organised its just that he is late to the party.   Despite his well observed classically trained fine talking on the subject, he is far away from the real people all over the globe who actually determine real markets.    Many attached to macro economics are a reflection on the modern nature to the dollar which is deficit based, debt absorbed and bound to politics not open trade.     The fuss over these tariffs is a big deal but its politics not proper economic determination by normal supply and demand.

He is very likely to call it wrong because he is assuming an unadjusted system like BTC is going to replicate markets dominated by governments and markets.   Proper capitalism is a reflection of billions of people or millions in each country, its highly unpredictable and capturing a trend is very profitable as it will be genuine not based off artificial programs from government.

Its quite likely crypto is new and genuinely going to open business that might not exist otherwise, how or who profits most from that trend is the hard part but I dont think its going to pop and disappear and we revert to governments overspending and losing money as a better system of exchange, its not

[SaShiRaJaVu]

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.

This is the major problem with all the economist who does not have a clue what they are talking about, he thinks that bitcoin can be shut down  a global crack down on all the miners, blockchain is the most transparent thing you can ever get and still he think that it is the opposite, the only thing these prize winning economist can do is to stop giving advice to the things they cannot understand  .

[Whosdaddy]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

Is he a bull in disguise?

In any case he is wrong. By that logic internet should be shut down, or computers, or electricity...

Controls and "regulations", he is opposed to the free market. He wants the almighty State to intervene on every single transaction, in short, a socialist. He wants perfect information so he can command the economy, and that means a police State, which is the opposite of (good) cryptocurrencies.

Is not that he doesn't understand decentralization, he hates it.

Probably that has been his anger, I never heard of his stand about bitcoin until I read about it here, if he has been fighting bitcoin before the last Bull run, then he must really be a bitter person by now for not following the path of successful people, of all the digital payment that has existed before bitcoin, which one has been more successful globally without exploiting the users like bitcoin.

If he is advocating for the short t=down of bitcoin, they he should be ready to go back to the days of our forefathers where they find it difficult to communicate with each other easily and would have to travelled far distance across the border to perform a single transaction.

[prtty2gal2]

That's something that has been said since the start of the crypto world , the thing is mainly bad activities happens with fiat , if you know sure I mean,
This way they should shut out the fiat and stuff also at the same time even the money in banks has been used for bad activities  , it depends on the person not the method he us using

Also cryptocurrency is not that that can withheld identity the idea is it's easily trackable sometimes, you can follow the address and find a way.

The scam and fraud that goes on with fiat is more than the one that goes on with cryptocurrency and despite the fact they can control fiat, yet governments are still fighting fiat corruption, so they don’t need to condemn crypto and paint fiat as if it’s usage is void of fraudulent activities.

Instead of them creating all these FUD, They would have just sat down with crypto analyst and see how they can merge the 2 system and still have little control using crypto since it has always been the fear of government, its glaring now, after I learnt that Facebook has been called by senators to explain if its usage of crypto will make the people’s transaction less transparent, although that has not been confirmed, still a rumor.

[RealMalatesta]

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.

This is the major problem with all the economist who does not have a clue what they are talking about, he thinks that bitcoin can be shut down  a global crack down on all the miners, blockchain is the most transparent thing you can ever get and still he think that it is the opposite, the only thing these prize winning economist can do is to stop giving advice to the things they cannot understand  .

Because they are public figure, they think it’s everything they say to the world that people will take, he knows the truth too and he is just trying to still sell himself by doing the opposite. He has not even listed the damages cryptocurrency will cause to the world, because it is only when something can damage the world that requires being globally shut down.

Bitcoin is now a global issue that is beyond the decision of just one single government, and except governments of the whole world comes together before they can succeed in shutting crypto down, which is where the hitch will start from, because we have some government that has already adopted cryptocurrency.

[South Park]

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 .

They can see the benefits that cryptocurrencies will give to everyone, that is precisely why they are against them, banks obtain great benefits by providing a service that while useful it gives them the chance to abuse their power, which is something they have been doing for centuries and for the first time in a long time they have to compete against a form of money that is not controlled by them and they are not liking this at all.

[traderethereum]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

So let's wait with what happened after this and if that guy can make the bull spike again, then it will gives benefits to us because bitcoin price will increase so high like before.
And if he shut down everything, then we could be back to the stone age without a chance to see a new world happen and I am sure that many people will deny what he says.
It is not easy to shut down cryptocurrency because it's already spread in many countries although not all people know about cryptocurrency, at least people know that cryptocurrency is alive among them.

[Xampeuu]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

So let's wait with what happened after this and if that guy can make the bull spike again, then it will gives benefits to us because bitcoin price will increase so high like before.
And if he shut down everything, then we could be back to the stone age without a chance to see a new world happen and I am sure that many people will deny what he says.
It is not easy to shut down cryptocurrency because it's already spread in many countries although not all people know about cryptocurrency, at least people know that cryptocurrency is alive among them.

which becomes more difficult to turn off crypto because without the presence of the government, crypto can survive and more people use it. especially if the price flies, of course there will be more news about crypto, so that it has an effect

[el kaka22]

Bitcoin or any crypto currency is not something that could be shut down, no matter what you do. All the countries in the whole world come up with a ban that will stop all exchanges and all miners and everything in between and basically make it illegal to even own bitcoin and even after that bitcoin will still live as long as it runs on a single computer.

Considering they can only slow down bitcoin by doing that and dropping the price there is absolutely no logical way to shut down at all. You can't just take out wallets and close all computers that ever had bitcoin related things on them, its not possible, you can't even do that for small coins let alone something as big as bitcoin. Which clearly shows that Joseph Stiglitz has no idea how bitcoin works at all and should not be cared about at all.

[traderethereum]

Bullish news. Last time I read about this guy attacking bitcoin was weeks before the bull spike in 2017.

So let's wait with what happened after this and if that guy can make the bull spike again, then it will gives benefits to us because bitcoin price will increase so high like before.
And if he shut down everything, then we could be back to the stone age without a chance to see a new world happen and I am sure that many people will deny what he says.
It is not easy to shut down cryptocurrency because it's already spread in many countries although not all people know about cryptocurrency, at least people know that cryptocurrency is alive among them.

which becomes more difficult to turn off crypto because without the presence of the government, crypto can survive and more people use it. especially if the price flies, of course there will be more news about crypto, so that it has an effect

Yes, that will attract more people to come to cryptocurrency, and they will join like what we did.
I am sure that when the price flies, many people will amaze and wonder how it could happen again and they will search for the reason.