Stigz is a statist and an apologist for bad economics and bad government. He fears the planners losing control over the economy. No wonder he fears Bitcoin.
Joseph Stiglitz found himself being named on headlines of crypto sites across the web. The former chief economist of the World Bank released a statement or two on how he thought that Bitcoin, the world’s biggest cryptocurrency, should be banned. Honestly, we should have expected nothing less from this centralization loving bank buddy.
A Coindesk report dove into what he said in regards to cryptocurrency. “Bitcoin is successful only because of its potential for circumvention, lack of oversight,” said Stiglitz. “So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.”
This economist, though, has another thing coming. Circumvention itself is not an inherently bad thing. Food is circumvention from starvation. Bitcoin is the feed to an economically starving world. Bitcoin was created so that money could be used outside of the state, and so that we can have transactions that we trust will work in the absence of a third party. So Stiglitz is right in that Bitcoin technology is used (and proudly) to circumvent state action. When the state uses its control of money to stealthily steal our money and finance its wars under the table, I think we may have a moral obligation to circumvent it.