A Chinese social scientist and assistant director at the International financial Institute of Renmin University, Qu Qiang, has foretold that “We’re all going to die” if bitcoin becomes widely adopted as a currency. He foresees our society falling into “a death spiral of deflation,” noting that “the whole society goes to shrink and self-explode.”
We’re All attending to Die if Bitcoin Is wide Adopted, Predicts Chinese Economist
An assistant director at the International financial Institute of Renmin University, Qu Qiang, was interviewed on CGTN regarding bitcoin. CGTN is owned by the Chinese state media China Central tv (CCTV). The video of his interview was shared on Twitter Thursday by Hailey Lennon, UN agency aforementioned. She walked into her bedchamber and it absolutely was enjoyable on TV.
Qu was asked: “Can you offer American state the worst state of affairs, what quite a general shock it’ll offer to this national economy if bitcoin is widely employed in China or the remainder of the world?” He replied:
“I can tell you specifically what’s going to happen … We’re all attending to die. This is not a joke.”
His answer was what he known as “The worst state of affairs or the should scenario” which will happen if bitcoin were to become “the final variety of currency” and “adopted by all human society.”
Qu then noted that “Bitcoin features a terribly, terribly strict, restricted total variety, which suggests this can be a deflation currency,” noting that it’ll not expand the number as human development grows.
Consequently, he declared that with bitcoin adoption, our society can make up “a death spiral of deflation.” He elaborated: “The whole society goes to shrink and self-explode. That’s what happened at the top of the dynasty after they were short on silver.”
Qu graduated and received his doctor’s degree in social science from Renmin University of China, where he’s currently an academic and a student authority. He presently is the external supervisor of the Bank of capital of Red China and also the Industrial and bank of China (ICBC). Among varied positions he’s holding could be a director of the China money Policy analysis Centre, a key research facility of humanities and social sciences of the Chinese Ministry of Education.
Bitcoiners had a field day over Qu’s comments on social media. several simply laughed too, with some lines the entire issue associate “ultimate FUD” and “state-sanctioned bullshit info.”
Some debunked his silver theory. One person tweeted: “Ming family line folded for several reasons however a deflationary silver spiral ain’t one among them,” citing work by Richard von Glahn, who wrote, “This hypothesis rests on dubious theoretical and empirical grounds.”
Many mocked his information of the autumn of the dynasty. One person suggested: “This might simply be a SNL [Saturday Night Live] acting except funnier.” Another exclaimed: “End of the planet. Beware.” a 3rd person aforementioned, “I didn’t understand bitcoin concluded the dynasty.” A fourth person chimed in, “Imagine if we had hodled since the fifteenth century.”
One user got additional serious and declared that “for the record, he [Qu] is uninformed regarding dynasty.” Quoting Country Museum’s history of the planet, he wrote: “The Ming … state issued an excessive amount of paper currency, however, inflicting hyper-inflation. By 1425 paper currency was priced solely a seventieth of its original worth and also the use of paper money in China was suspended.”