Author Topic: Bitcoin "ought to be outlawed", says former chief economist of World Bank!  (Read 297 times)

Geremia

Bitcoin 'Ought to Be Outlawed,' [Jewish] Economist Joseph Stiglitz Says (source):



The globalists are clearly threatened by Bitcoin.

To outlaw bitcoin would entail complete governmental control of the internet, because bitcoin is decentralized.
He is wrong in thinking bitcoin's value is purely due to exchange; bitcoin also obtains its value by the work of those who validate its transactions (miners).
"One of the main functions of government is to create currency."‽ It certainly has been a function of government to do that, but is creation of currency a "main function" of government?
"They're [cryptocurrency users] relying on a Marxist theory of value and looking at the value of exchange." Isn't the Marxist theory of value that labor creates value?
« Last Edit: November 30, 2017, 10:15:59 AM by Geremia »
 
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OmegaTrad

Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #1 on: November 30, 2017, 09:29:11 AM »
I don't think he's the only one. If Bitcoin catches on it'll ruin national currencies (more than they already are). It makes me nervous too.  Just more completely valueless money. Besides if the dollar goes away then what happens to the exchange?  Seems like it just creates new problems. Only useful for early adopter techies who can dump their useless tokens to people who jumped on the bandwagon too late.
 

Geremia

Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #2 on: November 30, 2017, 09:51:49 AM »
Just more completely valueless money.
How is Bitcoin "valueless"? Bitcoin obtains its value in part from the work performed by those who validate its transactions (called miners); it takes a lot of computing resources (especially electricity) to mine bitcoin.

Various countries classify cryptocurrencies like Bitcoin differently; the U.S.'s IRS considers it property, and doesn't property have value? I'd consider it a deflationary currency because it has, by design, a fixed money supply; there will only be 21 million bitcoin ever produced, which means that the more people adopt bitcoin, the more valuable 1 bitcoin will become.




See also my Bitcoin wiki page.
« Last Edit: November 30, 2017, 09:53:55 AM by Geremia »
 

Rubecorks

Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #3 on: December 02, 2017, 10:54:24 AM »
I hope they go away, too, because I am against a cashless society.

Besides, if you lose your digital wallet with a hard drive crash, or computer gets stolen, you private keys are lost and those bitcoins remain "unspendable" forever, even though they exist in the bitcoin cloud. Though I believe that the encryption can be cracked, or soon will, they could be stolen if it is detected that coins are not being accessed. The U.S. and foreign governments, Amazon, Google, etc. have this kind of power, or very soon will, and they are mining the majority of the coins because they have the supercomputers to constantly do so.

Stick with silver and gold, etc. Easy to monitor to prevent theft, and easy to prosecute since it would be someone local.

 
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Geremia

Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #4 on: December 05, 2017, 02:53:05 PM »
I believe that the encryption can be cracked
Of course the encryption Bitcoin currently uses will be cracked in the future, but that doesn't prevent Bitcoin from transitioning to a stronger encryption in the future (cf. this).
Stick with silver and gold, etc. Easy to monitor to prevent theft, and easy to prosecute since it would be someone local.
Local blockchains are possible (cf., e.g., the Lightning Network and other similar ideas).

Mithrandylan

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Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #5 on: December 06, 2017, 12:55:05 PM »
It's pretty fascinating philosophically.  "What's a byte?" and so on.  Digitization is so imaginary, but at the same time obviously "real."  I never really know what to make of it. 
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Nick

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Geremia

It's pretty fascinating philosophically.  "What's a byte?" and so on.  Digitization is so imaginary, but at the same time obviously "real."  I never really know what to make of it.
The only difference between digital ledgers and an ink and paper ones is the medium of storing the information.

Nick

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And it's gone

« Last Edit: January 21, 2018, 03:48:39 AM by Nick »
"Now when [a pope] is explicitly a heretic, he falls ipso facto from his dignity and out of the Church, and the Church must either deprive him, or, as some say, declare him deprived, of his Apostolic See, and must say as St. Peter did: Let another take his bishopric.".      St. Francis de Sales.
 
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Mithrandylan

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It's pretty fascinating philosophically.  "What's a byte?" and so on.  Digitization is so imaginary, but at the same time obviously "real."  I never really know what to make of it.
The only difference between digital ledgers and an ink and paper ones is the medium of storing the information.

But no one treats a ledger like currency, is the difference.
I wear it for a memorable honor,
For I am Welsh, you know, good countryman.
 
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