In a world where we have to destroy everything in order to save it, we need to be able to laugh at the absurd things happening in our world. On the other hand, the current state of the world makes us lose the sense of humor. So, when something ridiculous happens, we should be able to laugh at it. Hopefully, this blog will provide some comic relief.
In September 2013, the Bitcoin community was in an uproar after a user named Satoshi Nakamoto posted a message to the forum Bitcointalk.org in the early hours of the morning claiming to be the creator of Bitcoin.
The last week of October brought with it a number of good news for bitcoin and bitcoin cash. With unexpected market developments that led to a substantial increase of price of bitcoin cash, the community of this cryptocurrency has become more informed about their platform, and how it could potentially help to solve their problems.. Read more about bitcoin worthless 2020 and let us know what you think.Qiu Qiang, a Chinese economist and deputy director of the International Monetary Institute at Renmin University, has predicted that we will all die if bitcoin is accepted as a currency. He sees our society entering a death spiral of deflation and claims that the entire society will contract and destroy itself.
We will all die if bitcoin becomes mainstream, predicts Chinese economist
Qiu Qiang, deputy director of the International Monetary Institute at Renmin University, was interviewed on CGTN about bitcoin. CGTN is owned by China Central Television (CCTV), a state-owned media company in China. The video of her interview was shared on Twitter Thursday by Hayley Lennon, who said she went to her hotel room and the interview was televised. Ku asked: Can you give me a worst-case scenario of the systemic shock to the current financial system of widespread use of bitcoin in China or the rest of the world? He replied: I can tell you exactly what’s gonna happen… We’re all going to die. I’m not kidding. His answer was what he calls the worst-case scenario or the mandatory scenario that would happen if bitcoin became the last kind of currency and was accepted by all human society. Koo further pointed out that bitcoin has a very, very tight, limited total, meaning it is a deflationary currency, noting that the number will not increase with human development. This is why he claimed that with the introduction of bitcoin, our society will go into a deflationary spiral. He clarified: The whole society will shrink and destroy itself. This was the case at the end of the Ming Dynasty, when silver became scarce. Ku received his degree and doctorate in economics from Renmin University of China, where he is currently a professor and doctoral advisor. He is currently the external auditor of the Bank of Beijing and the Industrial and Commercial Bank of China (ICBC). He is the director of the China Financial Policy Research Center, a major research center in humanities and social sciences of the Chinese Ministry of Education. Bitcoiners celebrated on social media in Ku’s comments. Many just laughed, and some called the whole thing FUD and state-sanctioned propaganda bullshit. Some have debunked his money theory. One person tweeted: The Ming Dynasty collapsed for many reasons, but the deflationary silver spiral was not one of them. I quote the work of Richard von Glahn, who wrote This hypothesis is based on dubious theoretical and empirical foundations. Many scoff at his knowledge of the fall of the Ming Dynasty. One person suggested: It could very well be an SNL [Saturday Night Live] skit, but funnier. Another exclaimed: The end of the world. Be careful. The third person said: I didn’t know Bitcoin ended the Ming Dynasty. A fourth person added: Imagine that, since the 15th century. Horseshoe of the century for running. One user became more serious and said that he [Ku] knew nothing about the Ming Dynasty. Quoting from the British Museum’s World History, he writes: However, the state of minus… issued too much paper money which led to hyperinflation. By 1425, paper money was worth only one-seventieth of its original value and its use was suspended in China. What do you think of Ku’s comments on bitcoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki CommonsThis text is sensitive. Try generating new copy.. Read more about the economist asks host and let us know what you think.
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