An adviser to the European Central Bank has suggested a Bitcoin ban, sparking backlash among the crypto community. Jürgen Schaaf, labeled Bitcoin “a speculative bubble that will eventually burst.”
He claimed that this would leave behind “substantial social damage amid its high energy use and facilitating illicit payments.”
The anti-Bitcoin tirade follows a paper from the European Central Bank, co-written by Schaaf last week, claiming that long-term BTC holders were making newer market participants poorer.
Schaaf claimed that even if Bitcoin prices keep rising and the bubble doesn’t burst, “the wealth gains by early adopters come at the expense of latecomers or non-holders.”
I can see that there seems to be still a strong resistance for Bitcoin in Europe than in United States. Imagine this: Jürgen Schaaf has a big fear that Bitcoin holders will soon get rich and those who don't have Bitcoin will get poorer.you know what i think? he is probably mad that he didn't get to bitcoin earlier and now new comers aka him are not going to earn as much as those who got to bitcoin really early i have never seen a govt organization consider how this affects the poor i mean if he is viewing it as an investment opportunity then i do not think he should be thinking of how much profit one can gain from it
What would be your response to this anti-Bitcoin guy?investments must be done early and anyone who buys and sells at the right time comes out on top i do not get why he is pushing this reason to try and ban bitcoin a lot of people who are anti bitcoin are obviously just scared of bitcoin potential and its threat to their currencies
you know what i think? he is probably mad that he didn't get to bitcoin earlier and now new comers aka him are not going to earn as much as those who got to Bitcoin really early
I can see that there seems to be still a strong resistance for Bitcoin in Europe than in United States. Imagine this: Jürgen Schaaf has a big fear that Bitcoin holders will soon get rich and those who don't have Bitcoin will get poorer. In my own analysis, only a person who still clings to socialism-influenced mindset would be thinking like that. Unfortunately, socialism remains to be so alive in Europe...and in USA the Democrats are becoming the evangelists of these non-working ideas and platforms.The ECB dismisses the value of BTC but expresses concerns about a scenario where BTC becomes successful and exacerbates societal inequality. Inequality is inherent in society: the experienced earn money while the inexperienced must pay to gain experience. Those who invested in real estate years ago are now wealthy, while many young people cannot afford homes. The ECB is deliberately ignoring this reality and blaming BTC for societal inequality.
What would be your response to this anti-Bitcoin guy?
Their real issue is they cannot control it and it's competing with their traditional businesses.Yeah, that is their real issue, that has always been their problem, it is decentralized and they cannot control it, they cannot also print it and manipulate it like they do with their fiat. Anyone who understands BTC will know that this is nothing but fud and they should not listen when people like this talk.
What would be your response to this anti-Bitcoin guy?
What would be your response to this anti-Bitcoin guy?
The fact is there will always be a guy like this who, at every phase of Bitcoin adoption, we should pity him; he prefers to look on the negative side of Bitcoin than the positive and what the technology of blockchain can bring in this generation and the generation to come.
I think he doesn't know how this technology works, so he thinks this is a Ponzi scheme or an MLM of that sort. He may be so engaged in MLM that he chooses to think that early adopters are the ones who benefit from this.
The guy is a lead adviser for the ECB the minimum wage is for the full contract is 12 000 for his position after taxes without benefits just for the adviser job, he can easily get upward to 20,000 with all the bonuses if he is in multiple governing structures as an adviser, and he was working previously for banks and investment funds in leading positions, he's getting a sweet job and a healthy pension, do you think a guy earning 1 million every 3 years cares that much about investments?
I can see that there seems to be still a strong resistance for Bitcoin in Europe than in United States. Imagine this: Jürgen Schaaf has a big fear that Bitcoin holders will soon get rich and those who don't have Bitcoin will get poorer. In my own analysis, only a person who still clings to socialism-influenced mindset would be thinking like that. Unfortunately, socialism remains to be so alive in Europe...and in USA the Democrats are becoming the evangelists of these non-working ideas and platforms.His statements are so old and he is still calling bitcoin a massive bubble and it can burst anytime when I read this line I thought an old thread has been bumped on top maybe so I went back to see the date of the topic but it was not any old topic.
What would be your response to this anti-Bitcoin guy?
I don't know what's new that made them repeat the old accusations, I mean these accusations are old and known to everyone but why are they repeating them at this time? A few days ago a research paper from the European Central Bank and now this ECB advisor.
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It's one and the same thing, but I don't understand why anyone reacts to such statements considering that the ECB mostly had negative opinions towards Bitcoin, especially after Christine Lagarde became president in 2019. To me, it is quite logical that people in such positions have exactly such opinions, as if the central bank of England or the American FED think differently.I've been following ECB reports on BTC since way back in 2012, if I recall correctly, and I'm all too familiar with their stance on this new asset class. The ECB has always been pretty conservative, wanting to protect the EUR at all costs since it's essentially the EU superpower. They couldn't stomach the EUR losing ground to inflation post-Covid, so they started firing shots at BTC, often with convoluted and biased arguments.
The only difference is that in the US big capital can influence political decisions, while in the EU there are obviously no such big players lobbying for their interests.
I've been following ECB reports on BTC since way back in 2012, if I recall correctly, and I'm all too familiar with their stance on this new asset class. The ECB has always been pretty conservative, wanting to protect the EUR at all costs since it's essentially the EU superpower. They couldn't stomach the EUR losing ground to inflation post-Covid, so they started firing shots at BTC, often with convoluted and biased arguments.I don't think it can start any controveries now instead it will cause them more distrust and bad reputation people like you who have been following them since 2012 are aware from their every move and why they do it but like me who did not followed would also get the idea that they are convoluting us like BTC is a Bubble which can burst anytime I think I have been listening to this line since I got into crypto haha.
I do see a slight shift in their tone though, because at least they're not outright denying BTC potential anymore. They've even admitted that BTC could become so successful it might create societal imbalances, which is a pretty big concession ^^
The ECB opinions usually fly under the radar, but with BTC recent success and the hype around BTC Spot ETFs, any dissenting views are bound to cause a stir. I doubt the ECB can shake BTC fans faith, we're all used to dismissing their reports as easily as we'd dismiss a WSJ article while watching BTC hit $71K.
~snip~
I do see a slight shift in their tone though, because at least they're not outright denying BTC potential anymore. They've even admitted that BTC could become so successful it might create societal imbalances, which is a pretty big concession ^^
The ECB opinions usually fly under the radar, but with BTC recent success and the hype around BTC Spot ETFs, any dissenting views are bound to cause a stir. I doubt the ECB can shake BTC fans faith, we're all used to dismissing their reports as easily as we'd dismiss a WSJ article while watching BTC hit $71K.
I don't think it's hostility, more like caution. But I agree with you - bitcoin is already too integrated into the global economy to be stopped,
We have found the European Buffet.
To be honest, we don't need to give these kind of guys much attention, because they can't actually do anything.
Bitcoin is too big to fail. It is not saved by governments, but by millions of people around the world who hold coins or run nodes or miners in their custody. And governments and anybody else can't do a thing about it.