Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality
Critics of the digital currency have visions of the future every bit as silly as maximalists'. Not everyone is excited about hyperbitcoinization. According to a popular copy/paste meme, Bitcoin holders are set to become a neo-aristocracy as Bitcoin becomes the dominant world currency: Only $BTC holders will be permitted to the upper echelons of society. Nocoiners will be shunned, socially and financially. At best forced to become servants to the new upper class. At worst executed for crimes against the #Bitcoin empire.— The Crypto Dog (@TheCryptoDog) January 2, 2021 The meme is part of a....
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Allianz’s chief economic advisor Mohamed El-Erian says that bitcoin is not too big to fail and that governments may intervene. While he believes that cryptocurrency will grow in popularity, the economist says “it takes away a lot from governments,” adding that this asset “can only establish itself if governments allow it to.” Economist Warns of Government Intervention, Bitcoin Is Not Too Big to Fail Mohamed El-Erian said in an interview with CNN Tuesday that bitcoin is not “too big to fail” and its failure could disrupt the global monetary system....
As stablecoin’s momentum continues to surge worldwide, 2014 Nobel Prize-winning economist Jean Tirole recently warned about the risks of a potential financial crisis due to the “insufficient supervision” in the sector. Related Reading: Tesla Sees $657M Outflows As South Korean Retail Investors Favor Crypto-Related Stocks Economist Warns Of Multibillion-Dollar Crisis On Monday, Jean Tirole shared […]
Gold bug and economist Peter Schiff says there are two possible outcomes of the Federal Reserve’s action on the U.S. economy. One outcome leads to “a massive financial crisis and severe recession” as stocks, bonds, and real estate crash. In the second outcome, “the world will run away from the dollar,” the economist stressed. Peter Schiff on U.S. Economy: Two Possible Outcomes Gold bug and economist Peter Schiff continued to share his view on the U.S. economy and the Federal Reserve’s efforts to bring down inflation this week. Regarding where the U.S.....
Longtime blockchain developer and enthusiast has warned blockchains could bring about a dystopia in new essay. Stefan Thomas, Chief Technology Officer at Ripple Labs, a leading private and public ledger company, wrote an essay titled “The Subtle Tyranny of Blockchain.” The blockchain industry, he writes, foresees a blockchain revolution across a swathe of industries like finance, international trade and health care. He also evokes the Bitcoin block size debate in the essay, in which he suggests social consensus represents an obstacle to the deployment of blockchain technology. “Blockchains....
The biggest crypto market crash of the year sent shockwaves through the industry over the weekend, wiping out more than $19 billion in liquidations and pushing Bitcoin as low as $101,000. Now, as the market attempts to recover, famous economist and longtime Bitcoin critic Peter Schiff has reopened conversations on the sustainability of Bitcoin’s rebound. […]