Bankster minion Joseph Stigliz: "Government should shut down bitcoin".

Bitcoin 'Ought to Be Outlawed,' Economist Joseph Stiglitz Says.

The former chief economist of the World Bank wants bitcoin banned.

However, Stiglitz, who also chaired the U.S. President's Council of Economic Advisers during the Clinton Administration, said he does support technological innovation in payments, but thinks digital money should still be fiat created and controlled by the government.

"Let’s move away from paper into the 21st century of a digital economy," he said.

More info at the link.

So let me get this straight.

This scum bag is in favor of electronic "money" so long as the money is created by the banks and forced on the people by government... ie credit and debit cards.

You slaves are getting too uppity with your cash and crypto currency transactions.

How dare you people place value on something other than fiat currency created out of thin air and backed by nothing.

Whats that, crypto currencies arent backed by anything either?

Keep in mind, our public servants have made it illegal to leave or enter the land of the stupid home of the slave with more than $10k.

But with a crypto currency, you can digitize your savings, upload it to a server, travel anywhere in the world and retrieve your money.

Cryptos = freedom.

No bank and no government can stop you.

a reply to: gladtobehere

The former chief economist of the World Bank wants bitcoin banned.

Of course they do. Poor banks , they don't issue the currency, don't get fees for transactions, can't inflate it.

Bwaaaaah!!!

At over $10,000 for BTC.

I say shut the eff up Bankster minion.

I want to be a millionaire in the next five years.

a reply to: neo96

If it were that easy, there will be a # ton of millionaires with you. Unfortunately, I don't see that happening, instead I predict alot of regular people will get shafter when the institutional investors who have scooped up as much as they can dump it when the time is right. What you think is going to happen when the institutions stop buying up the coins that the regular folks cannot afford?? That price will crash and the regular folks stuck with it, some of them may end up jumping out of windows.

We all know it will happen. I guess seeing how long one can ride the wave is a thrill in itself though.

a reply to: worldstarcountry

WHAT ?

The returns of bitcoin right now is insane.

It's blown gold way, and this year alone it's appreciated over $8,000.

Bitcoin supply is finite which means the value is only going to increase.

Demand is high right now, and the supply is dwindling.

I see it happening.

I will admit 5 years might be overly optimistic but extremely possible.

a reply to: neo96

So at 200 grand a year profit what will your tax bill be ?

originally posted by: hopenotfeariswhatweneed
a reply to: neo96

So at 200 grand a year profit what will your tax bill be ?

Depends on the recent tax law and it's effect on capital gains taxation.

If's the security has been held for more than a year it's taxed a reduced rate, and rightly so.

If's it's been held short term then short term capital gains tax rate applies, and is significant.

a reply to: hopenotfeariswhatweneed
It will be taxed at regular income if held under twelve months, and treated as capital gains if longer than twelve months. The IRS is already coming after the exchanges to fork over the user data of anybody involved with $20,000+ in transactions.

a reply to: neo96
I feel like BC itself is approaching a cliff, so I will just buy in etherium, thats going to be my entry choice. There are sweet predictions for next year doubling in price, but I just don't trust that. Besides, we have no idea how December 8th is going to play out, but we will find out in a week.

a reply to: worldstarcountry

Well as with any security there is always risk involved.

That's why people diversify.

a reply to: neo96

Color me suspicious, I feel that a bunch people are going to get burnt while a small minority do very well .

Bitcoins leave a huge carbon footprint. All them millions of killowatts crunching pretend numbers to make pretend coins, it's the devil's work.

I've got a goat I'll trade for two bottles of whiskey.

a reply to: skunkape23
Well then, consider that goat mine! Where can we meet to arrange this transaction?

its cool.. when nn is gone isp can block bitcoin transactions

originally posted by: gladtobehere

Bitcoin 'Ought to Be Outlawed,' Economist Joseph Stiglitz Says.

The former chief economist of the World Bank wants bitcoin banned.

However, Stiglitz, who also chaired the U.S. President's Council of Economic Advisers during the Clinton Administration, said he does support technological innovation in payments, but thinks digital money should still be fiat created and controlled by the government.

"Let’s move away from paper into the 21st century of a digital economy," he said.

More info at the link.

So let me get this straight.

This scum bag is in favor of electronic "money" so long as the money is created by the banks and forced on the people by government... ie credit and debit cards.

You slaves are getting too uppity with your cash and crypto currency transactions.

How dare you people place value on something other than fiat currency created out of thin air and backed by nothing.

Whats that, crypto currencies arent backed by anything either?

Keep in mind, our public servants have made it illegal to leave or enter the land of the stupid home of the slave with more than $10k.

But with a crypto currency, you can digitize your savings, upload it to a server, travel anywhere in the world and retrieve your money.

Cryptos = freedom.

No bank and no government can stop you.

At the same time though, Stiglitz in recent years has written extensively on how the economic system is deeply unjust and income inequality is a result of pro-rich policies.

www.theatlantic.com...

I'm not sure he's as bad as you make him out to be:
"In his new book, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity, Stiglitz, a Nobel-prize winning economist, professor at Columbia University, and the chief economist at the Roosevelt Institute, asks the question “Can the rules of America’s economy be rewritten to benefit everyone—not just the wealthy?” The answer, he insists, is yes.

Stiglitz describes the current situation as “a stark picture of a world gone wrong”: He notes that 91 percent of all income growth between 2009 and 2012 was enjoyed by the wealthiest 1 percent of Americans. In the first half of the book, Stiglitz focuses on the practices and policies that have gotten the country to this point. It is a familiar story: The demise of labor unions, the increasing financialization of the economy, and the lack of wealth-building opportunities in minority communities have made the rich richer while leaving everyone else to flounder. He lists off a bevy of other contributors too: weak wages, ineffective regulation and federal oversight, and a focus on short-term versus long-term growth, which embodies a preference for rewarding shareholders over workers and consumers.

Stiglitz also notes that despite advancements in technology, which should—in theory—increase efficiency and lower costs, consumers are paying more in fees for financial services, which enriches big banks and companies while siphoning money out of the middle class. All of these things, he says, have created a society with a gaping hole, not only in its economic makeup, but in its morality. "

a reply to: gladtobehere

I actually agree with Stiglitz for the most part, not entirely though.

I think cryptocurrency is a ponzi or pyramid scheme and so therefore is not exactly a legitimate commodity. Almost...

It's a huge speculation bubble. I dunno when it'll pop though. It looks like the walls are closing in on it though.

The Constitution does grant the government legitimate authority to regulate commerce.

a reply to: Quetzalcoatl14

Good post thanks for sharing your research!

a reply to: Quetzalcoatl14

This is where bias can become dangerous.

People will oppose anything X says because of his social class or political affiliations.

This is very concerning.
We really need to think things through more.

Honestly, it's not going to bubble, it's going to be sabotaged, from the inside out.

The banks don't want it around, and because Bitcoin wasn't designed really for the people, ( note the total amount ) , banks can buy in at large levels, and control the price via bot trades.

Then throw in the greed factor and others are doing the same buy / sell walls to swade price movements.

The mining has long since moved away from the people and towards the larger companies, thus turning this into a centralized currency, under a decentralized mask.

The unregulated system allows for serious arbitrage, on levels that would make the current stock market super envious.

I honestly feel that bitcoin will be bloated, and profited off of until it cannot contain anymore trust and it will burst.

It's only because it was the 1st, that it's so popular, the transactions now take HOURS still to confirm, while other altcoins take shorter AND have features you'd actually find useful, other than being public.

Namecoin is basically a DNS on the blockchain, wait till that's reconcepted...

Ethereum is a great concept, but, it's also ALL eggs in one basket, if there is ever found to be a flaw in the original code, all altcoins build on the platform will be affected, and possibly profited off of in new forms of scams or hacks.

But all this is needed, so we can build onwards into the future of money and public facing finance