[2021-02-23] Yellen sounds warning about ‘extremely inefficient’ bitcoin

[cr1776]

...
Once they've started with the terrorism and far-right extremist narrative nothing good will come out of it.

Anyone who wants to be left alone to make their own choices for themselves and not be under the boot of the statists - whether fascist, socialist, communist or any other form of authoritarian - is now a "far right extremist."  It is the method of attempting to shut people up and technologies down without actually having to have a rational discussing about what the alternative is.

[Sithara007]

But surely, if it was "extremely inefficient", it wouldn't need "curtailing"?  I mean... which is it?   

The US government do have some educated folks and they understand that it is not possible to shut down the cryptocurrency market. If they close down the KYC-enabled mainstream exchanges, the trade will simply shift to P2P platforms. So although they would like to "curtail" the Bitcoin activity, they will not attempt to do that right now. But that doesn't mean that individuals such as Yellen will stop spewing venom directed towards cryptocurrency on a regular basis.

[acquafredda]

...
Once they've started with the terrorism and far-right extremist narrative nothing good will come out of it.

Anyone who wants to be left alone to make their own choices for themselves and not be under the boot of the statists - whether fascist, socialist, communist or any other form of authoritarian - is now a "far right extremist."  It is the method of attempting to shut people up and technologies down without actually having to have a rational discussing about what the alternative is.

Those in power would need to maintain a clear distinction between those who follow them and the others. It is a matter of surviving and self-reproducing which is what powers does constantly. Also, it is very important to put labels on people so that they also get to know the others and do not have to spend too much time too recognize friends or foes.
It is very sad but this is the state of things in 2021.

[NeuroticFish]

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

This sounds so much Jamie Dimon 2017...
At least he admitted lately that he was wrong. Let's see how long will she need for admitting that.. if ever...

[cr1776]

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

This sounds so much Jamie Dimon 2017...
At least he admitted lately that he was wrong. Let's see how long will she need for admitting that.. if ever...

I think you are right with the "if ever...".   As long as she is on the payroll of the gangsters currently in DC - err, politicians in DC - she'll never admit it.

[bustabitsboy]

Bitcoin is currently a hot topic of discussion, as well as an acquisition for personal needs.  The finance minister is partly right to talk about transactions, but not for long.  Bitcoin is relatively new to use, so it  caught on.

[bbc.reporter]

Establishment talking points:

Bitcoin is "used for illegal activities"
Bitcoin is "not green"
Bitcoin is "risky"
Bitcoin is "volatile"
Bitcoin is "a bubble"

etc. etc.

They will be spouting these and others more and more as they see people moving away from their currencies as a store of value and embracing something else.

Bitcoin is not a threat to the utility of fiat currencies.  We need them for day to day transactions.

Bitcoin is a threat to their control of the economy through their manipulation of their currencies.

It also appears that the Biden administration is creating another push for the storyboard that bitcoin is wasting electricity. I predict higher taxes for miners in America and millions of keyboard typing attacks on bitcoin users from liberal social justice warriors in social media. Bitcoiners would wish it was Trump.

[acquafredda]

So, Yellen last week called bitcoin "an extremely inefficient way of conducting transactions" and a highly speculative asset: and we all know that.
I would have never imagined who could have possibly given her a better answer for that: please enter Miami Mayor Francis Suarez who replied
"It doesn't surprise me at all that a Treasury secretary would find a decentralized potential currency ... to be hostile to a currency that they control."
Chapeau

[bbc.reporter]

@acquafredda. However, the policies created under the Biden administration might still not be good for bitcoin even if she herself knows that what she has been telling everyone is wrong. She does not care if she is wrong. She only wants her billions of campaign funds against bitcoin.

As I have mentioned, higher taxes and stricter licenses for miners in America will be the beginning. I also predict that in America, Asic resistant cryptocoins will become more popular for miners.

[acquafredda]

@acquafredda. However, the policies created under the Biden administration might still not be good for bitcoin even if she herself knows that what she has been telling everyone is wrong. She does not care if she is wrong. She only wants her billions of campaign funds against bitcoin.

As I have mentioned, higher taxes and stricter licenses for miners in America will be the beginning. I also predict that in America, Asic resistant cryptocoins will become more popular for miners.

You mentioned two major risks here: so far regulation, both on the tax and the licenses side, has not been able to circumvent or direct bitcoin advancements.
Bitcoin is still running on its own and late-adopters (institutional, banks, wealth managers etc.) are jumping onboard to avoid missing the party.
Surely, this is a never-ending fight and I sincerely hope that bitcoin will keep running no matter how tough the external circumstances may be.
 

[Sithara007]

You mentioned two major risks here: so far regulation, both on the tax and the licenses side, has not been able to circumvent or direct bitcoin advancements.
Bitcoin is still running on its own and late-adopters (institutional, banks, wealth managers etc.) are jumping onboard to avoid missing the party.
Surely, this is a never-ending fight and I sincerely hope that bitcoin will keep running no matter how tough the external circumstances may be.
 

It is a difficult choice for the governments. They know that rising popularity of Bitcoin is a threat to their power. But at the same time, they realize that they can't ban Bitcoin because it is completely decentralized. By arresting a few masterminds or raiding mining farms, they can't destroy Bitcoin. There is only one way to put down Bitcoin, and that is to destroy internet altogether. I really doubt whether they will go that far.

[acquafredda]

Bitcoin created a completely new business industry out of the blue and the companies that belong to this ecosystem earn money and pay taxes to their respective jurisdictions. How on Earth what they make all this unlawful as this is a perfectly working virtuos cycle?
Of course Bitcoin is decentralized by its own nature but they cannot do anything about it. Better to play the game fair, am I right? 

[bryant.coleman]

Bitcoin created a completely new business industry out of the blue and the companies that belong to this ecosystem earn money and pay taxes to their respective jurisdictions. How on Earth what they make all this unlawful as this is a perfectly working virtuos cycle?
Of course Bitcoin is decentralized by its own nature but they cannot do anything about it. Better to play the game fair, am I right? 

They know that cryptocurrency activity can't be made illegal or unlawful. That's why they are trying to scare away the investors. After the repeated statements by Yellen, today we had Elizabeth Warren going ballistic about Bitcoin. But the timing is wrong. They should have made these statements during a crash in the exchange rates. If they had done that, then at least some people would have taken them seriously. Now when the Bitcoin prices are up, they are coming up with such ridiculous statements.

[bbc.reporter]

It appears that Janet Yellen has a supporter in the Senate and also an old woman like her hehehe, senator Elizabeth Warren. Everyone should also know that Elizabeth Warren is in the senate finance committee and the senate banking committee. This implies that not there will only be executive orders against the cryptospace. There might also be legislation created against it.



U.S. Sen. Elizabeth Warren (D-Mass.) backed recent negative comments on bitcoin (BTC, +3.87%) by Treasury Secretary Janet Yellen during an interview with CNBC’s “Squawk Box” on Tuesday.

Asked if she agreed with Yellen’s comments made last month that the cryptocurrency was a “speculative” asset, Warren did not give a direct answer, saying, “I think Janet’s a really smart woman.”

When pressed, she said, “‘Speculative in nature and going to end badly’ – I don’t think Janet left a lot of room for ambiguity.”

Source https://www.coindesk.com/bitcoin-warren-yellen-speculative-nature