Nobel Winner Says Bitcoin “Ought to Be Outlawed”

Megalith

Megalith

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Bitcoin’s harshest assessment has come from Nobel laureate Joseph Stiglitz, who said that it should be outlawed and is successful only because of its potential for circumvention and lack of oversight. "It doesn't serve any socially useful function." Others say that the currency’s appeal stems from its "anti-government, anti-regulation feel."

Nobel Prize-winning economist Joseph Stiglitz said “bitcoin is successful only because of its potential for circumvention, lack of oversight.” Bitcoin surpassed $11,000 in a matter of hours after hitting the $10,000 milestone, taking this year’s price surge to almost 12-fold as buyers shrugged off increased warnings that the largest digital currency is an asset bubble.
 
It's definitely an asset bubble that will come crashing down in time once governments seize enough control over the bitcoins out there. Plus with the US govt cracking down on exchanges, other govts will follow and this won't be as valuable as it was when it started as a darknet currency.
 
hold up hold up.

Lemme cash out my chips first. Then you can outlaw it.
 
5150Joker said:
It's definitely an asset bubble that will come crashing down in time once governments seize enough control over the bitcoins out there. Plus with the US govt cracking down on exchanges, other govts will follow and this won't be as valuable as it was when it started as a darknet currency.
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it might be a bubble, But I'm having a hard time imagining how they can control over all the bitcoins though.
 
Joseph Stiglitz eh? Lt. Raine is gonna be pissed he ain't Hugo. I wonder if Joseph is any good at killin nazis.
 
And he has a Nobel Peace Prize? Is it just me or did he just answer his own question?
 
Nobel was a rich dude in Scandinavia either Sweden or Norway that donated his fortune to scholar / scientific breakthroughs.
 
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Krenum said:
Good call. What's a Noble Price?
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So you really want to come on here and be the ....... Spelling Police? Really? That's weird. The last time I ran into the Spelling Police was in Middle School.
 
I've read HardOCP for years but lately is seems like Megalith is just using it to trash on things he doesn't like and it feels more like a Google News feed then anything else.

The guy doesn't have a Nobel Peace Prize like it makes it seem, he has a Nobel Memorial Prize which has pretty much just stole the Nobel name in an effort to gain prestige. He isn't even very well respected... At least do some do some research or read up on what you're copy/pasting.
 
SixFootDuo said:
And he has a Nobel Peace Prize? Is it just me or did he just answer his own question?
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No that was Kofi Annan, he won the "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001" (along with two others), guess if you win a mouthful you can speak one as well.
 
Outlaw something due to opinion, as opposed to understanding it fully.

Coming from a fellow like this, I am a bit suprised.
 
And in other news people say and do shit all the time that other people don't agree with. Like the President. Or members of Congress. Or your mother-in-law.

Who gives a shit?

Moving on.
 
gtrfvb said:
I've read HardOCP for years but lately is seems like Megalith is just using it to trash on things he doesn't like and it feels more like a Google News feed then anything else.

The guy doesn't have a Nobel Peace Prize like it makes it seem, he has a Nobel Memorial Prize which has pretty much just stole the Nobel name in an effort to gain prestige. He isn't even very well respected... At least do some do some research or read up on what you're copy/pasting.
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Ok dude, do some research. Alfred Nobel established prizes in Physiology, Chemistry, Literature, Peace and Physics. Any of these prizes are GENUINE Nobel prizes. The Nobel Prize in economics was not established by Alfred Nobel himself but it is conferred by the Nobel Foundation along with all of the others. It's over a million dollar prize and only given to VERY well respected economists.
 
gtrfvb said:
I've read HardOCP for years but lately is seems like Megalith is just using it to trash on things he doesn't like and it feels more like a Google News feed then anything else.

The guy doesn't have a Nobel Peace Prize like it makes it seem, he has a Nobel Memorial Prize which has pretty much just stole the Nobel name in an effort to gain prestige. He isn't even very well respected... At least do some do some research or read up on what you're copy/pasting.
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Folks gotta have their claim to fame at all costs it seems.

Reminds me of Professor Bitcoin from a few years back.
 
gtrfvb said:
I've read HardOCP for years but lately is seems like Megalith is just using it to trash on things he doesn't like and it feels more like a Google News feed then anything else.

The guy doesn't have a Nobel Peace Prize like it makes it seem, he has a Nobel Memorial Prize which has pretty much just stole the Nobel name in an effort to gain prestige. He isn't even very well respected... At least do some do some research or read up on what you're copy/pasting.
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I kinda miss Steve Lynch being here
 
Entertaining to see that a Nobel price winner thinks that current markets have strict oversight and regulations ;)
 
He's probably quietly buying more Bitcoin on the downlow.

That's the hilarious part every time a nerrvous CEO of a megabank bellies up to a podium to shit-talk Bitcoin - they're secretly buying them.
 
And here I thought the 30% in various transaction fees is what attracted people to use bitcoin.
 
Krenum said:
Its NOBEL PRIZE are you people using cellphones to type?

Anyway, they hand those out to anybody these days. Heck Obama got one, and we are far and away from being peaceful.
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Where can I get my Nobel Prize if they're handing these out willy nilly...
 
The energy used to mine coins is massive, this could be its downfall because most of it goes to waste other than creating the currency.
Some use mining machines to heat their homes and pay for the heating but many need much more energy keeping their houses cool enough to run the machines.

We are rapidly moving toward all electric vehicles on the road and we have nowhere near the capacity to charge them.
Minings days could be short lived.
 
I do wonder how long Bitcoin and the like have. The big banks and other financial institutions are getting into it. If that is the case, they have the funds available to survive tanking it. Governments don't like it for different reasons. I can't see this going on forever.
 
Spaceninja said:
I do wonder how long Bitcoin and the like have. The big banks and other financial institutions are getting into it. If that is the case, they have the funds available to survive tanking it. Governments don't like it for different reasons. I can't see this going on forever.
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In order for Bitcoin to go on into the future, it will have to become dependent upon itself for the exchange of goods. Not Bitcoin for government currency, but Bitcoin for Bitcoin.
The banks or government can refuse to honor Bitcoin transactions for government currency and the entire market will go to zero.

Governments can't function on Bitcoin. This sounds great to the revolutionist, but imagine everyone for themselves type of society.
 
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WorldExclusive said:
In order for Bitcoin to go on into the future, it will have to become dependent upon itself for the exchange of goods. Not Bitcoin for government currency, but Bitcoin for Bitcoin.
The banks or government can refuse to honor Bitcoin transactions for government currency and the entire market will go to zero.

Governments can't function on Bitcoin. This sounds great to the revolutionist, but image everyone for themselves type of society.
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Exactly. I kinda think the reason it is "worth" 9k a coin is because it is being set up for a crash. People can buy on margin, the last time that was allowed it worked out well didn't it? I feel like the often pointed at "they" are behind it. I could see a few rich investors figuring out how to run this up for a pump and dump. Since it isn't a regulated market, there would be no crime to prosecute for.
 
Imhotep said:
Right..... wishful thinking. As for the noble price winner . Lets not mistake education with intellect :D
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I disagree with you. Frankly, there is no jurisdictional oversight of bitcoin.
 
Someones butthurt. A LOT of drug dealers are getting FILTHY RICH right now off BTC and I honestly couldn't care less. People that have an agenda to go after bitcoin are either bafoons, or GOVERNMENT SCHILLS. Not everything in the world has to be your cup of tea.

I would be interested in finding out how much BTC transactions strictly involve something (commodity) being sent through the mail. I would surmise the number is much higher than people might guess.

All those little coffee carts that started accepting bitcoin awhile back are gettin high as fk right now yo.
 
-PK- said:
And here I thought the 30% in various transaction fees is what attracted people to use bitcoin.
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not sure what pool or exchange you are using, but you are getting raped if you are paying that. When I cash out or move BTC around I'm only having to pay like $3 or something to move 1/2 a grand. which is literally 0.6%

Transfers on the bitcoin network are pretty slow, I damn sure don't use BTC if it's a time sensitive transaction if there's a rush on the network things go even slower. The one thing I got into recently that impressed the hell out of me was Ripple XRP transactions.

Just for fun:

Bitcoin network currently averages 3-5 transactions per second, Ethereum: 20 TPS, Paypal: 193 TPS, Ripple has the capacity for ~1000 TPS sustained. sending money anywhere in the world in 15 seconds without going through 3 middlemen is awesome.
 
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