Nobel Prize-Winning Economist Says Bitcoin 'Ought to be Outlawed' (cnn.com)

Bitcoin "is drawing harsh criticism from Wall Street investment firms," writes Slashdot reader rmdingler -- and even from some prominent economists. CNN reports: The harshest assessment came from Nobel laureate Joseph Stiglitz, who said that bitcoin "ought to be outlawed. Bitcoin is successful only because of its potential for circumvention," he told Bloomberg TV. "It doesn't serve any socially useful function." Robert Shiller, who won a Nobel for his work on bubbles, said the currency appeals to some investors because it has an "anti-government, anti-regulation feel. It's such a wonderful story," he said at a conference in Lithuania, according to Bloomberg. "If it were only true."

Wall Street titans were getting in on the action, too. Goldman Sachs CEO Lloyd Blankfein told Bloomberg that the currency serves as "a vehicle for perpetrating fraud." Billionaire investor Carl Icahn said on CNBC that it "seems like a bubble." The digital currency previously attracted the derision of JPMorgan boss Jamie Dimon, who called it a "fraud" that would "eventually blow up." Warren Buffett has warned of a "real bubble."
Wednesday the price of bitcoin shot past $11,000 -- just ten days after rising past $8,000.

Comments

Bitcoin defines Valuation today.

[geekmux]

If bitcoin serves anything, it's merely demonstrating the utter fucking stupidity of how we perceive value today.

And we've done this shit before. Hell, tech valuation today makes the .bomb bubble look tame by comparison.

Valuation falsely propped up on bullshit and hype will result in a crash when common fucking sense eventually kicks in.

Re: I see

[king neckbeard]

He gets paid directly in little boys.