“We Should Shut Down The Cryptocurrencies”, Says Nobel Prize Winner

Nobel prize-winning economist, Joseph Stiglitz, speaking to CNBC, has made a strong remark against cryptocurrencies, saying that they should be shut down because they make transactions less transparent and enable illicit transactions.

Stiglitz, however, does favour the use of electronic payments,

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.

The argument that crypto can be used to fund illegal activities and launder money has been posed many times before, but there is no doubt that P2P transactions are far safer and more transparent than cash-based transactions, which remain the primary means for the funding of illegal activities.

3 Comments

  • Rob
    Posted May 7, 2019 3:36 pm 0Likes

    Does this guy work for the world bank or something? It amazes me how easily disputable claims are put out by people who have reputation to lose like buffet, gates and this guy. A ten minute read on what cryptocurrency actually is would disprove everything here.

    Bitcoin is transparent, digital cash is not. Money laundering is actually done in fiat, not crypto. Fiat can be used to artificially inflate and hide money trails, bitcoin uses a public ledger.

    Government should be transparent. This guys underlying comment is that he wants citizens to be deprived of the right to privacy but governments and banks to freely execute that right. He believes currency should be owned by the government and you NEVER own it, just rent it.

    Who gave him a Nobel prize exactly? This just makes me think Nobel prizes are kind of talentless, it doesn’t vouch for the credibility of this man.

  • Eljee
    Posted May 7, 2019 7:33 pm 0Likes

    There is privacy, transparency and there are Bonks, Mr. Stiglitz would call Bonks: banks. I do not trust Bonks, many people do not trust Bonks. And this goes way back to…2008? No, Bonks have ripped us off since their early days of existence. Digital assets, on the other hand, have proven to be stable and trustworthy, there is also a huge level of transparency and decentralization. The crypto environment is still very young, however, already a new asset class since centuries. When compared to Bonks and Governments on issues of for example quantitative easing, money laundering a.o. legal misbehavior (dark havens), we have seen that the users and or issuers of digital assets, in general, are free from such behavior and or ” flaws”. This man needs to go back to the dark havens of Bonks and Governments (plus creep under the stone under which he came from) and stop spoiling the Internet of value.

  • Prote
    Posted May 8, 2019 11:39 pm 0Likes

    This guy is a former senior vice president and chief economist of the World Bank, enough said. He believes in New Keynesian economics which argues that “macroeconomic stabilization by the government using fiscal policy and the central bank using monetary policy” would lead to a more efficient outcome than laissez-faire policy would.
    I don’t think I have never read more bullshit crammed into one sentence.

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