2021-01-13 Reuters - ECB's Lagarde calls for regulating btc's funny business

[Karartma1]

European Central Bank President Christine Lagarde called on Wednesday for global regulation of Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed.

https://www.reuters.com/article/crypto-currency-ecb/reuters-next-ecbs-lagarde-calls-for-regulating-bitcoins-funny-business-idUSL1N2JO0RM

Madame Christine Lagarde is afraid of Bitcoin: good! That is how I read her rants and if I was a bitcoin entrepreneur I would give the shit back at her!

[Mbitr]

Got to love the hypocrisy- she’s a convicted felon 

Christine Lagarde: IMF chief convicted over payout http://www.bbc.co.uk/news/world-europe-38369822

[cr1776]

Of course a statist authoritarian like convicted felon Lagarde would want to regulate something that gives people the freedom to live their lives and allows them to protect themselves from criminals like her.

Then again, Europe continues to keep her in power, so what does that say about them.  Kind of like the US electing a corrupt individual like Biden.  The difference is that Biden has a ton of protectors, at least for now, until they are ready to get rid of him for his equally corrupt and power hungry VP.

[acquafredda]

Got to love the hypocrisy- she’s a convicted felon 

Christine Lagarde: IMF chief convicted over payout http://www.bbc.co.uk/news/world-europe-38369822

Thank you for sharing the article about Ms. Lagarde as I did not know the story so well. If it was me, or you, we would have been spending our time in prison but not her.
That gives an idea of the real value of the words she has for bitcoin.

[Lucius]

Madame Christine Lagarde is afraid of Bitcoin: good! That is how I read her rants and if I was a bitcoin entrepreneur I would give the shit back at her!

So if memory serves me well this isn’t the first time she’s said things like this about Bitcoin, but when someone asks her about a specific example of money laundering or some other illegal activity, than she uses classic diplomatic vocabulary and invokes the secrecy of investigations. But if there were real journalists, then they would ask her a simple question - how come less than 1% of the world's population who use BTC can pose a problem when it comes to money laundering or other illegal activities?

When the right topics to talk about run out, then you take BTC out of the drawer and make it the main culprit of the day - and the fact that banks within the EU launder billions of euros every year is not something that should be regulated?

[bbc.reporter]

Regulate bitcoin really implies stop the big banks’ competition in activites of money laundering and other financial crimes. I reckon they do not want us to have the same type of power that they have.

[Darker45]

Yeah, that is to be read as fear.

But really, there is so much to do with fiat. Fiat's room for improvement is so vast. I don't think Lagarde's efforts toward Bitcoin are worth it. She better be spending her intelligence, effort, and time in looking for ways to develop fiat in such a way that it would perfectly fit an age which is so much ahead of fiat's structure.

She's just wasting her time trying to grasp that which couldn't be grasped and control that which is uncontrollable. The more Lagarde and her team focus on trying to control Bitcoin the more they forget that they have a money which is obsolete as it is unfair and abused. And the more fiat is unattended to, the more people will shift toward Bitcoin.

[Karartma1]

The economy is yet to face the real consequences of this health crisis: as of now, most European countries are supporting companies, entrepreneurs, workers and professionals who got affected by closures and lockdowns. I don't want to be Madame Lagarde when those aids are over as hyperinflation will dissolve the Eurozone.

[acquafredda]

Yeah, that is to be read as fear.

But really, there is so much to do with fiat. Fiat's room for improvement is so vast. I don't think Lagarde's efforts toward Bitcoin are worth it. She better be spending her intelligence, effort, and time in looking for ways to develop fiat in such a way that it would perfectly fit an age which is so much ahead of fiat's structure.

She's just wasting her time trying to grasp that which couldn't be grasped and control that which is uncontrollable. The more Lagarde and her team focus on trying to control Bitcoin the more they forget that they have a money which is obsolete as it is unfair and abused. And the more fiat is unattended to, the more people will shift toward Bitcoin.

There is not much they can do with fiat money. They are getting after the old good cash with constant reductions of cash payment limits: with all their cashless plans they are only helping their friends at big payment processing giants.
Yes, they do not care about real people and real economy issues and now they are afraid of the vast majority trying to leverage bitcoin and crypto to escape the fiat money plague.
I see it this way.

[Darker45]

Yeah, that is to be read as fear.

But really, there is so much to do with fiat. Fiat's room for improvement is so vast. I don't think Lagarde's efforts toward Bitcoin are worth it. She better be spending her intelligence, effort, and time in looking for ways to develop fiat in such a way that it would perfectly fit an age which is so much ahead of fiat's structure.

She's just wasting her time trying to grasp that which couldn't be grasped and control that which is uncontrollable. The more Lagarde and her team focus on trying to control Bitcoin the more they forget that they have a money which is obsolete as it is unfair and abused. And the more fiat is unattended to, the more people will shift toward Bitcoin.

There is not much they can do with fiat money. They are getting after the old good cash with constant reductions of cash payment limits: with all their cashless plans they are only helping their friends at big payment processing giants.
Yes, they do not care about real people and real economy issues and now they are afraid of the vast majority trying to leverage bitcoin and crypto to escape the fiat money plague.
I see it this way.

As I've said, there seem to be a lot they can do to improve fiat. Shifting from paper bills and metallic coins to paperless transactions is superficial. The same can probably be said even if there is a shift from digital payment forms to the use of actual digital currencies issued by central banks. All these developments are only affecting the surface.

The worse problems with fiat involve the system itself. They are much deeper than the different forms fiat currency takes. The fact that the government has full control of fiat is problematic. The fact that only a few individuals have the power to decide how much is to be issued or printed is problematic. The fact that fiat is based on debt is problematic. The list could go on.

These are the problems which should be addressed first. The abuse of fiat happens in this level. If they wish fiat to compete with Bitcoin, then they should overhaul the entire fiat system.

[bbc.reporter]

Yeah, that is to be read as fear.

But really, there is so much to do with fiat. Fiat's room for improvement is so vast. I don't think Lagarde's efforts toward Bitcoin are worth it. She better be spending her intelligence, effort, and time in looking for ways to develop fiat in such a way that it would perfectly fit an age which is so much ahead of fiat's structure.

She's just wasting her time trying to grasp that which couldn't be grasped and control that which is uncontrollable. The more Lagarde and her team focus on trying to control Bitcoin the more they forget that they have a money which is obsolete as it is unfair and abused. And the more fiat is unattended to, the more people will shift toward Bitcoin.

Agreed. However, there is nothing to improve with fiat. It can be argued that bitcoin, monero, litecoin and other similar cryptocoins are the improvement. They do not want this, however. They want everyone to remain ignorant hehehe.

[Darker45]

~snip~

Agreed. However, there is nothing to improve with fiat. It can be argued that bitcoin, monero, litecoin and other similar cryptocoins are the improvement. They do not want this, however. They want everyone to remain ignorant hehehe.

With all due respect, I beg to disagree. The state of fiat right now is awful. It is probably near bottom in terms of quality. Which, therefore, means that it could be improved a lot. For example, when the fiat system was following the gold standard, things were definitely a lot better. You and I know that the fiat of today is backed by nothing but air. If, for example, we bring back that standard, that's already an improvement.

Also, as I pointed out just above your post, fiat's point of control could be improved a lot. There's definitely a whole lot of loopholes there which are inviting abuses.

[acquafredda]

Yeah, that is to be read as fear.

But really, there is so much to do with fiat. Fiat's room for improvement is so vast. I don't think Lagarde's efforts toward Bitcoin are worth it. She better be spending her intelligence, effort, and time in looking for ways to develop fiat in such a way that it would perfectly fit an age which is so much ahead of fiat's structure.

She's just wasting her time trying to grasp that which couldn't be grasped and control that which is uncontrollable. The more Lagarde and her team focus on trying to control Bitcoin the more they forget that they have a money which is obsolete as it is unfair and abused. And the more fiat is unattended to, the more people will shift toward Bitcoin.

There is not much they can do with fiat money. They are getting after the old good cash with constant reductions of cash payment limits: with all their cashless plans they are only helping their friends at big payment processing giants.
Yes, they do not care about real people and real economy issues and now they are afraid of the vast majority trying to leverage bitcoin and crypto to escape the fiat money plague.
I see it this way.

As I've said, there seem to be a lot they can do to improve fiat. Shifting from paper bills and metallic coins to paperless transactions is superficial. The same can probably be said even if there is a shift from digital payment forms to the use of actual digital currencies issued by central banks. All these developments are only affecting the surface.

The worse problems with fiat involve the system itself. They are much deeper than the different forms fiat currency takes. The fact that the government has full control of fiat is problematic. The fact that only a few individuals have the power to decide how much is to be issued or printed is problematic. The fact that fiat is based on debt is problematic. The list could go on.

These are the problems which should be addressed first. The abuse of fiat happens in this level. If they wish fiat to compete with Bitcoin, then they should overhaul the entire fiat system.

Bitcoin is a completely different a better world, no money alternative can compete with its value proposition as it is unfolding just right before our eyes. If there is one thing that bitcoin has accomplished already is to have shown us how filthy and rotten the whole financial world is!

[aoluain]

Her statement is just laughable, "Regulate Bitcoin" is really a plea to do something because
she can see that Bitcoin is starting to hurt FIAT monetary systems, eventhough they are
not helping their own cause.

“(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,”

Bitcoin has? or the small percentage of people who use Bitcoin?
What about FIAT? or the many financial institutions or individuals, herself included
who have "conducted funny business" throughout history, we dont have to go far back,
for example the financial crisis of 2008 and the Bank bailouts which followed?

Really, how can this woman, convicted of neglegence as finance minister actually
be in the first instance President of the ECB?

[Argoo]

European Central Bank President Christine Lagarde called on Wednesday for global regulation of Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed.

https://www.reuters.com/article/crypto-currency-ecb/reuters-next-ecbs-lagarde-calls-for-regulating-bitcoins-funny-business-idUSL1N2JO0RM

Madame Christine Lagarde is afraid of Bitcoin: good! That is how I read her rants and if I was a bitcoin entrepreneur I would give the shit back at her!

This is not good. I recently heard on the news that the newly elected US President Biden is appointing her to a high position in his government. At the same time, he is changing SEC leaders to be more loyal to the cryptocurrency.
We see that some decisions regarding cryptocurrency can very seriously affect it and its price. Therefore, people like Lagarde in power are dangerous for cryptocurrency. This danger should not be underestimated.

[Dispox]

The economy is yet to face the real consequences of this health crisis: as of now, most European countries are supporting companies, entrepreneurs, workers and professionals who got affected by closures and lockdowns. I don't want to be Madame Lagarde when those aids are over as hyperinflation will dissolve the Eurozone.

She's really going to have a tough time. Do you think this could be karma for perjury against bitcoin? 

[Karartma1]

The economy is yet to face the real consequences of this health crisis: as of now, most European countries are supporting companies, entrepreneurs, workers and professionals who got affected by closures and lockdowns. I don't want to be Madame Lagarde when those aids are over as hyperinflation will dissolve the Eurozone.

She's really going to have a tough time. Do you think this could be karma for perjury against bitcoin? 

She's doing what her role supposes her to do. When such people reach these important roles they tend to follow a clear agenda. Maybe she thinks bitcoin is a remarkable financial instrument but, obviously, she could never say that in front of the public.
Don't worry, karma always works as intended.

[Dispox]

The economy is yet to face the real consequences of this health crisis: as of now, most European countries are supporting companies, entrepreneurs, workers and professionals who got affected by closures and lockdowns. I don't want to be Madame Lagarde when those aids are over as hyperinflation will dissolve the Eurozone.

She's really going to have a tough time. Do you think this could be karma for perjury against bitcoin? 

She's doing what her role supposes her to do. When such people reach these important roles they tend to follow a clear agenda. Maybe she thinks bitcoin is a remarkable financial instrument but, obviously, she could never say that in front of the public.
Don't worry, karma always works as intended.

You're probably right about the role, but I can't help but feel bad that her opinion affects my family and friends...