Author Topic: Bitcoin "ought to be outlawed", says former chief economist of World Bank!  (Read 199 times)

Offline Geremia

  • Feldwebel
  • ***
  • Posts: 2858
  • Thanked: 337 times
    • St. Isidore e-book library
  • Religion: Roman Catholic
Bitcoin 'Ought to Be Outlawed,' [Jewish] Economist Joseph Stiglitz Says (source):


The globalists are clearly threatened by Bitcoin.

To outlaw bitcoin would entail complete governmental control of the internet, because bitcoin is decentralized.
He is wrong in thinking bitcoin's value is purely due to exchange; bitcoin also obtains its value by the work of those who validate its transactions (miners).
"One of the main functions of government is to create currency."‽ It certainly has been a function of government to do that, but is creation of currency a "main function" of government?
« Last Edit: November 30, 2017, 11:13:11 AM by Geremia »
 

Offline Greg

  • St. Joseph's Workbench
  • Major
  • ****
  • Posts: 10301
  • Thanked: 5068 times
  • Religion: Kung Fu
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #1 on: December 02, 2017, 03:16:15 AM »
I am beginning to wonder whether blockchain is the technology the antichrist will use to control the buying and selling of things without the mark of the beast.
 

Offline Geremia

  • Feldwebel
  • ***
  • Posts: 2858
  • Thanked: 337 times
    • St. Isidore e-book library
  • Religion: Roman Catholic
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #2 on: December 02, 2017, 06:53:19 PM »
I am beginning to wonder whether blockchain is the technology the antichrist will use to control the buying and selling of things without the mark of the beast.
:lol: Like how the capitalists/globalists currently "regulate the flow, so to speak, of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul, as it were, of economic life that no one can breathe against their will." (Pope Pius XI, Quadragesimo Anno 106, 1931)? I'd be interested to know how centralized Antichrist could control decentralized Bitcoin.

Offline Greg

  • St. Joseph's Workbench
  • Major
  • ****
  • Posts: 10301
  • Thanked: 5068 times
  • Religion: Kung Fu
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #3 on: December 02, 2017, 08:06:11 PM »
You can still buy or sell though.

With blockchain the ability to shut you entirely out of the system is complete.  Because there would be no cash in hand jobs.

We are dealing with supernatural intelligence here.  Just as Christ's mechanism for saving the world seems impossibly complex and downright bizarre, so might the Antichrist's be a super complex technology that seems good but suckers us in.
 

Offline Carleendiane

  • Mary Garden
  • Hauptmann
  • ****
  • Posts: 9848
  • Thanked: 6434 times
  • all aboard the "struggle bus"
  • Religion: Traditional Catholic
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #4 on: December 02, 2017, 09:25:47 PM »
I have trouble trusting wealth that appears as digits on a monitor. Virtual wealth holds no interest to me. I want to see it, feel it and understand it. Because, so far, my little brain does not comprehend this. The only wealth I truly appreciate is that which facilitates meeting a need, now or in the future.
To board the struggle bus: no whining, board with a smile, a fake one will be found out and put off at next stop, no maps, no directions, going only one way, one destination. Follow all rules and you will arrive. Drop off at pearly gate. Bring nothing.
 

Offline Greg

  • St. Joseph's Workbench
  • Major
  • ****
  • Posts: 10301
  • Thanked: 5068 times
  • Religion: Kung Fu
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank
« Reply #5 on: December 02, 2017, 09:36:02 PM »
Bitcoin isn't wealth.  The values, if they are based on anything at all, are a speculative guess, bet, or punt, that the future might require a digital global currency that the major nations all agree to use.

If that bet is shown to be incorrect then bitcoin is no more valuable than the currency in an online video game.  Not valueless but not 10,000 either.

One bet seems fairly sure.  Governments either need to support it or legislate it out of existence.  They are not going to allow it to grow, and lose tax revenue and AML and economic sanction powers to it.

Which is why I am considering a spread bet.

 
The following users thanked this post: Carleendiane

Offline Geremia

  • Feldwebel
  • ***
  • Posts: 2858
  • Thanked: 337 times
    • St. Isidore e-book library
  • Religion: Roman Catholic
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank
« Reply #6 on: December 05, 2017, 03:45:38 PM »
Bitcoin isn't wealth.  The values, if they are based on anything at all, are a speculative guess, bet, or punt
A currency's value is what those using it as a medium of exchange are willing to give it (cf. Bishop of Lisieux Nicole Oresme's De Moneta; cf. "Nicholas Oresme and the First Monetary Treatise").
If that bet is shown to be incorrect then bitcoin is no more valuable than the currency in an online video game.  Not valueless but not 10,000 either.
Video game "currencies" are centralized, they're not trustworthy, and they take minuscule effort to create.

Offline Geremia

  • Feldwebel
  • ***
  • Posts: 2858
  • Thanked: 337 times
    • St. Isidore e-book library
  • Religion: Roman Catholic
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #7 on: December 05, 2017, 03:48:24 PM »
With blockchain the ability to shut you entirely out of the system is complete.  Because there would be no cash in hand jobs.
There can be local blockchains (cf., e.g., the Lightning Network).

Offline King Wenceslas

  • Wachtmeister
  • ***
  • Posts: 1103
  • Thanked: 402 times
  • Religion: Catholic
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #8 on: December 05, 2017, 06:08:13 PM »

Bitcoin = Tulips
 
The following users thanked this post: Greg, red solo cup

Offline Greg

  • St. Joseph's Workbench
  • Major
  • ****
  • Posts: 10301
  • Thanked: 5068 times
  • Religion: Kung Fu
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #9 on: December 07, 2017, 12:15:34 AM »
Tulips are more useful
 

Offline Non Nobis

  • By my staff!
  • Mary Garden
  • Feldwebel
  • ***
  • Posts: 3566
  • Thanked: 2128 times
  • Religion: Roman Catholic
Re: Bitcoin "ought to be outlawed", says former chief economist of World Bank!
« Reply #10 on: December 07, 2017, 12:38:32 AM »

Bitcoin = Tulips

For those who are ignorant but curious you could start by reading this: https://en.wikipedia.org/wiki/Tulip_mania
Quote
In November 2013 Nout Wellink, former president of the Dutch Central Bank, described Bitcoin as "worse than the tulip mania," adding, "At least then you got a tulip, now you get nothing."

I'm still mostly ignorant.
Children say that people are hung sometimes for speaking the truth.

If I am not in the state of grace, may God put me there; and if I am, may God so keep me

- Saint Joan of Arc