ECB Adviser: ‘Let's Eliminate Bitcoin’

[TomPluz]

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.”

Get more of the details of this development here.

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.

What would be your response to this anti-Bitcoin guy?

[bitterguy28]

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

[Jating]

It has been debunked already on the environment effect of Bitcoin mining and yet they want to continue with this narrative. As for being a bubble yeah, but it can't be compared to Tulip mania in the 1700's if I'm not mistaken as Bitcoin can't be mined by anyone. And so we have a 4 year cycle that is the bubble and then we repeat the cycle again. Again if we compare it to Tulip bubble, once it burst there was no coming back from that. So just be it, we can't really pleased anyone, if they resists and believed on what they thought to be for Bitcoin, then we can't do anything about it.

[Aanuoluwatofunmi]

Had it been that bitcoin is decentralized, that could be a reason to assume it could be banned or stopped and eliminated, but inasmuch as it network consensus remain the same, bitcoin cannot be centralized and erased, because it is not under anyone's control, not even a person or a country or group of people can effect this change, bitcoin is here to stay and will always remain serving it purpose with the use of the blockchain technology network.

[Z-tight]

Nothing new, their attack on BTC is as old as the network itself, it has always been a bubble to people who do not believe in BTC, bubble they said would burst many years ago, i thought they were over that line, so i am surprised Schaaf is still using it, lol.

I would not waste my time with any of this, a week ago it was about unequal distribution of wealth and now this, fud, fud and nothing but fud, ignore it and buy BTC.

[Zed0X]

Bubble, power, illegal activities again and again. His claim of enriching the early bitcoin adopters (implying that it's similar to a ponzi/pyramid scheme) is not a convincing argument anymore. Their real issue is they cannot control it and it's competing with their traditional businesses.

[hugeblack]

Since he talked about Bitcoin from an investment perspective, I don't think there is a problem. Bitcoin is still a high-risk asset (according to the definitions of central banks) and there is no guarantee that its value will not be zero, so these economists classify Bitcoin as a bubble, but over time, concepts will change to accept Bitcoin, and then prices will have stabilized and the market capacity will exceed several trillion dollars. Then the chances of rise/fall will be very limited.

[Stompix]

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

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?

[MrSpasybo]

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.

What would be your response to this anti-Bitcoin guy?

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.

We cannot demand that the wealthy share all their assets with society to achieve equality. The success of BTC and the wealth of its holders do not hinder others from making money. This fact exposes the ECB's fallacious argument. Despite the ECB's continuous FUD reports against BTC, they will continue to fail ^^

[Z-tight]

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.

[robelneo]

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.

[Bobcrypto]

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.

Honestly, the late arrival of some people into the crypto space has affected certain persons, and that is some of them will always come up with one hate speech about Bitcoin or another. There are many individuals that said in the past that Bitcoin was a scam and definitely will crash but their thoughts has failed them.

Now the price of Bitcoin looks unaffordable to some of this haters, unfortunately you will begin to hear unguarded  statements. I must say that Bitcoin has come stay and any hater at this level of growth will be irrelevant and meaningless.

[Lucius]

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 think that people like him serve as what we call "useful fools", because such people serve to say what some other, much more powerful people think. It's no secret what his boss thinks about Bitcoin, but she must have gotten tired of such stories, so she tasked those at a lower level to further market them to the public.

I don't know if these people understand that Bitcoin has no central bank, its own CEO and does not need permission to exist within the EU - and that all they can ban is trading or owning it, which will only put them alongside countries like China.

[ZAINmalik75]

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.

What would be your response to this anti-Bitcoin guy?

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.

He still thinks Bitcoin is making late participants poorer and the early participants rich there are people who have invested in BTC in 2015 and they made losses there are numerous examples but there are investors who made money even they invested late. It is a market and here people provide liquidity and the flow of trades continues and in that liquidity some make profit and some make loss.

[yhiaali3]

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.

I am surprised by all this European hostility to Bitcoin, Europe was usually the first in the renaissance and technology and everything new but it seems that they are now comfortable and do not want anything new, but they have not realized yet unfortunately that Bitcoin can no longer be stopped (as did the United States which began to change its policy towards Bitcoin).