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 Willem Buiter (hoofdeconoom Citigroup) over de economische crisis en de eurocrisis Buiter Says Bitcoin Is Crazier Than the Tulip Bubble Citigroup’s Buiter: Gold Is Equivalent to Shiny Bitcoin Buiter Says Bitcoin Is Crazier Than the Tulip Bubble

Willem H. Buiter, a former chief economist at Citigroup, is a visiting professor at Columbia University. Previous Cancel Next. Close . new comment has been posted. new comments have been posted. Refresh? Close. 0 Comments on this paragraph, 2 in all 2 Comments on this article. Before posting a comment, please confirm your account. To receive another confirmation email, please click here. Paul ... Despite working for the biggest bank in the world, Willem Buiter is not a fan of money. He called gold a 6,000-year bubble and thinks fiat currencies have an equilibrium value of zero. Willem Buiter has a very nice piece critiquing the Swiss Gold Initiative; see here. Unfortunately, Buiter starts talking about Bitcoin, making false analogies between the cryptocurrency and gold. He should have just focused on gold. As it turns out, both gold and Bitcoin do share some important characteristics. I've written about this here: Why Gold and Bitcoin Make Lousy Money. The false ... Citi economist Willem Buiter was one of the first to call for a banning of cash last year as central banks stood on the precipice of lowering interest rates into negative territory in the hopes of stimulating consumer spending. But as the outcry against eliminating physical currency created the backlash that helped drive gold prices up since the beginning of the year, Buiter is now ... Dec.08 — Willem Buiter, Citi global chief economist, discusses bitcoin and why he says the cryptocurrency is socially wasteful. He speaks with Bloomberg’s Carl Ricadonna on “Bloomberg Surveillance.” source

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Rules versus Discretion: An Interview with Willem Buiter

Citigroup chief economist Willem Buiter opines on banking regulations at the 2013 Financial Markets Conference. Dec.08 -- In today's "Single Best Chart," Bloomberg's Tom Keene displays U.S. non-farm payrolls going back to 1940. He speaks with Willem Buiter, global chief economist at Citigroup and Bloomberg ... 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... I super appreciate all your likes and comments guys. My recommended exchange is CoinBase: I'm on Steemit!: Facebook: Dec.08 -- Willem Buiter, Citi global chief economist, discusses bitcoin and ... 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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