Buiter Says Bitcoin Is Crazier Than the Tulip Bubble ...

"They will prevent it."--Professor Ken Rogoff on Bitcoin

*Video link (thanks u/MRDAT21): http://video.cnbc.com/gallery/?video=3000548776
Harvard professor of Economics and former economist at the IMF and Federal Reserve, Kenneth Rogoff, was on CNBC this morning promoting his latest book 'The Curse of Cash'.
During the discussion it was mentioned that people could switch to bitcoins if cash were restricted. Rogoff answered that bitcoins aren't widely used for transactions but if their use became more widespread "they would prevent that" even though they are currently "allowing some innovation."
Rogoff also explains his view of BTC in this article: "Yes, new-age crypto-currencies such as Bitcoin, if not completely invulnerable to detection, are almost so. But their value sharply fluctuates, and governments have many tools with which they can restrict their use – for example, by preventing them from being tendered at banks or retail stores." There is historical precedent for such actions. For example when FDR made it illegal for Americans to own gold. I can see a future when Bitcoin mining is 'temporarily banned' as it 'threatens the economic stability of our Great Nation'.
Make no mistake, the individuals involved in managing the current monetary system are not dummies. Others like Larry Summers, Willem Buiter, and Jaime Dimon have made similar statements regarding BTC and cash. They fully understand the threats to the fiat monetary system and will co-ordinate with governments to defend that system at any cost.
While, I appreciate what some in the Bitcoin community have done in terms of working with regulators and trying to craft 'sensible' regulation, ultimately that avenue will likely be fruitless. There are no significant changes to the system that can be obtained via 'voice'. The only option is to 'exit' and build systems that are resilient to the attacks that will eventually come.
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Rules versus Discretion: An Interview with Willem Buiter

Dec.08 -- Willem Buiter, Citi global chief economist, discusses bitcoin and why he says the cryptocurrency is socially wasteful. He speaks with Bloomberg's C... Jun.29 -- Willem Buiter, global chief economist at Citigroup, discusses the impact of trade tensions on the global economy. He speaks on "Bloomberg Surveilla... Citigroup chief economist Willem Buiter opines on banking regulations at the 2013 Financial Markets Conference. Dec. 1: Willem Buiter, chief economist at Citigroup, and Mark Ellwood, author of “Bargain Fever,” talk about the fascination with gold shared by investors and consumers. -- Subscribe to ... Willem Buiter - It's Time to Remove the Lower Bound on Interest Rates ... Citigroup’s Buiter: Gold Is Equivalent to Shiny Bitcoin - Duration: 5:16. Bloomberg 1,534 views. 5:16. De financiële ...

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