Using the “we’re regulated so they should be regulated too” argument, a Swiss Bank leader, Joseph Stiglitz, is calling on Bitcoin to be regulated out of existence because it has an “unfair” advantage over gov currencies. That’s right, because bitcoin isn’t bogged down by regulations like gov currencies are, bitcoin should be regulated out of existence.
I’ll leave you to ponder the idiocy and sycophancy of that statement.
But remember, Stiglitz is not just a client of government, he’s also an owner, so he’s speaking from a place of personal interest.
|‘Regulate It Out of Existence’: Stiglitz And Swiss Bank Bash Bitcoin At Davos|
Addressing Bloomberg TV audiences during the annual event in Davos, Switzerland, the professor and Nobel Prize winner said that cracking down on “secret” Bitcoin use cases would “regulate it out of existence.”
“We have a good medium of exchange called the dollar. We can trade in that. Why do people want bitcoin? For secrecy,” he said.
Stiglitz was joined by Swiss National Bank chairman Thomas Jordan, who in a speech also argued for tough restrictions on how Bitcoin can be used.
“There is an important principle: Similar activities should be similarly regulated,” he told listeners, “and Bitcoin and other cryptocurrencies have some characteristics of other investment instruments.”
“You can’t, on the one hand, heavily restrict cash and on the other hand permit fully anonymous instruments that to a great extent can be used for all manner of transactions.”
|Read More at Coin Telegraph|