Repeat after me: Mr. Joseph Stiglitz, SHUT the F*ck Up! 😬———Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down.
He worries that they enable illicit activity by making money transactions less transparent. Still, he supports electronic use of government-backed currencies like the dollar.
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.
Though I’m just a simple village idiot and Mr. Joseph Stiglitz is a Nobel Laureate, I’m afraid I’m not supporting a notion that a “better regulated economy” is what we should all be working towards.
Also I find his entire premise weak and built only on subjective anecdotes. They enable illicit activity? That alone is an anttribute afforded to many products and industries both directly and indirectly. Do we shut them down to? What do these “illicit activities” actually entail and who are the illicit to?
I need not say that pissing the government off and only the government need not be the sole cause of shutting down an entire industry. Also I find fault in the lack of transparency sentiment Mr Joseph seems to have; especially if transparency is used as support for regulating an industry out of existence (if that’s even possible).
Yet again I ask not transparent to who? For starters, the underlying industry is built on capitalistic principles of voluntary exchange in that no transaction occurs without both parties agreeing to the terms of the trade. Thus it’s safe to conclude the buyer and seller are privy to the details of the trade, who else is needed in this scenario?
I suspect that not only with the direct statement supporting a “regulated-economy” but with all the implications of the supporting premises provided, Mr. Joseph Stiglitz is under the impression the government knows what’s best and should therefore be in control. Now that my friends, despite coming from a Nobel Laureate or otherwise, I find to be complete bull shit consisting of unsupported big government propaganda and about as useless to me as tits on a bull. Though Mr. Joseph is quite possibly a genius in other fields, common sense seemingly isn’t one of those fields.
I dare say I’m somewhat insulted at the level of intelligence Mr. Joseph seemingly thinks I have. If you want to regulate an entire industry underground through the use of regulation and writing laws turning all industry participants into criminals, you’re going to need a lot more objective evidence and unadulterated truths than what’s been shared here.
Enjoy your freedoms my friends! It’s the greatest attribute and one the government should always respect. ✊
📷 Cointelegraph