Nobel Prize-Winning Economist Says Bitcoin 'Ought to be Outlawed'

[DEAD7]

Bitcoin "is drawing harsh criticism from Wall Street investment firms," writes Slashdot reader rmdingler -- and even from some prominent economists. CNN reports:
The harshest assessment came from Nobel laureate Joseph Stiglitz, who said that bitcoin "ought to be outlawed. Bitcoin is successful only because of its potential for circumvention," he told Bloomberg TV. "It doesn't serve any socially useful function." Robert Shiller, who won a Nobel for his work on bubbles, said the currency appeals to some investors because it has an "anti-government, anti-regulation feel. It's such a wonderful story," he said at a conference in Lithuania, according to Bloomberg. "If it were only true."

Wall Street titans were getting in on the action, too. Goldman Sachs CEO Lloyd Blankfein told Bloomberg that the currency serves as "a vehicle for perpetrating fraud." Billionaire investor Carl Icahn said on CNBC that it "seems like a bubble." The digital currency previously attracted the derision of JPMorgan boss Jamie Dimon, who called it a "fraud" that would "eventually blow up." Warren Buffett has warned of a "real bubble."

Bitcoin: Nobel winner says digital currency should be 'outlawed'

 

[Moich]

I don't agree.

Never the less, I believe bitcoin is useless.

The current surge is a classic pump and dump.

Ultimately I believe currency should be backed food and energy the way gold used to back money before fiat currencies.

 

[Micky Mikey]

Keep your hands off my BTC

 

[Dameon Farrow]

If they couldn't outlaw shorting stocks they sure won't outlaw bitcoin.

 

[Leasy]

They just afraid its challenging the power structure and this false ass global economy

 

[88m3]

 

[Hood Critic]

They just afraid its challenging the power structure and this false ass global economy

Agreed, the Street is against any currency that they can't speculate and profit off of directly.

 

[#1 pick]

They love scarying y'all from investing when most of them are knee deep into it.

 

[Futuristic Eskimo]

Agreed, the Street is against any currency that they can't speculate and profit off of directly.

Are you implying professional traders can't speculate and / or profit on bitcoin?

 

[Hood Critic]

Are you implying professional traders can't speculate and / or profit on bitcoin?

I know they can personally but in what systematic way can they do so?

 

[Futuristic Eskimo]

I know they can personally but in what systematic way can they do so?

I don't understand your question.

CBOE is kicking off bitcoin futures trading on the 10th of this month. Investment banks are in various stages of providing their clients access to the cryptocurrency market. Any hesitation banks have had with offering these products has almost nothing to due with some inability to profit from them. There is just a lack of faith in the value of bitcoin.

 

[ORDER_66]

Man fukk them... They just mad it's a currency they CANNOT control...

 

[YouMadd?]

Joseph Steegy just doesn’t like the fact that when CNBC money interviews correspondents for crypto currency analysis, they have to interview some goofy 32 year old Asian kid in Silicon Valley instead of someone from the old order in New York.

Times are changing

 

[Dr. Acula]

Joseph Steegy just doesn’t like the fact that when CNBC money interviews correspondents for crypto currency analysis, they have to interview some goofy 32 year old Asian kid in Silicon Valley instead of someone from the old order in New York.

Times are changing

 

[Hood Critic]

CBOE is kicking off bitcoin futures trading on the 10th of this month.

Thank you for the education, I did not know this.