Nobel Prize-winning economist Joseph Stiglitz said “bitcoin is successful only because of its potential for circumvention, lack of oversight.”
“So it seems to me it ought to be outlawed,” Stiglitz said Wednesday in a Bloomberg Television interview with Francine Lacqua and Tom Keene. “It doesn’t serve any socially useful function.”
CryptoCurrency expert, the first person to be married on the Blockchain and CEO of Trive (which kills fake news and empowers journalists via the blockchain), David Mondrus, strongly disagrees:
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“Worthy recipient of the Nobel Memorial Prize in Economic Sciences and fellow Columbia University alumnus, Joseph Stiglitz has certainly proven himself to be astute. However, it is my unwavering belief that he misses the point on Bitcoin.
Yes, circumvention of third parties, including government is one of the major uses/cases of Bitcoin, but it is precisely because of the failure and overreach of such parties that it was invented.
Let’s remember that the Madoffs served on both the NASDAQ and SIFMA, that Enron had the ‘smartest guys in the room’, and that MERS was a direct violation of the laws of 26 states and yet was created regardless. Regulators have either been ineffective or complicit in their duties. Strengthening regulations in the face of this history works about as well as Marijuana prohibition.
Maybe it’s time we stopped relying on third parties, governments and regulators to keep us safe and relied on ourselves. Maybe it’s time for personal responsibility and self determination. Maybe it’s time for sovereignty.”
After Bitcoin’s rally past $11,000, the world’s biggest cryptocurrency plunged as much as 20%, generating a surge in traffic on exchanges. But in this highly-unregulated market, can this all be the result of market manipulation?
As a trader in his past life, Christopher Grey, Co-Founder and COO of CapLinked, believes that, “The large market fluctuations are driven by people who are using the media to manipulate the prices of various coins for quick profits both up and down, especially because nobody is regulating or watching these markets. Market manipulation that would be illegal for most other things can be done basically without risk for now in these crypto markets.”
Christopher co-founded CapLinked with PayPal’s first head of US marketing, Eric Jackson.