At the Blockshow conference, held August 20-21 in Las Vegas, a discussion took place between Tone Vays and Nouriel Roubini, who at one time earned the nickname “Doctor Doom” for predicting the 2008 economic crisis. Its decoding is the portal Bitcoinist.
At the beginning of the discussion, Roubini noted that his “competence in the blockchain is built on the fact that if there is a bubble in the market, he is able to see it.”
The former trader and YouTube blogger Vays disagreed with Nouriel about the dysfunction of the cryptocurrency market. But he agrees that everything except bitcoin is “useless”, and is either “a scam or a fraud”.
Roubini paid special attention to the tension between institutional players and regulators. Vays, in turn, compared bitcoin with nuclear waste – if you do not know how to properly store them, there can be a disaster.
Roubini replied that he was very skeptical about cryptocurrency. He said that there are a lot of fraudulent schemes like “pump and dump” on the crypto market, and traders “sell shitty tokens every day”.
In addition, according to Roubini, 99.9% of cryptocurrencies will eventually collapse, and only bitcoin will continue to exist. Vays replied that bitcoin by its nature can not be confiscated if it is stored correctly, nor can it be alienated by the possibility of transferring funds with it.
The theses of my duel with Nouriel on BlockShow. I agree with him that everything except bitcoin is a scum, because it surpasses USD and gold in the following parameters:
- Monetary policy
- Payments capable of resisting censorship
Roubini did not agree that bitcoin can not be confiscated, referring to US Treasury Secretary Steve Munchina, who said:
“We can not allow bitcoin and cryptocurrencies to become another account in a Swiss bank.”
In addition, Roubini separately criticized the anonymity of bitcoin, saying that it would be intolerable for any modern government, and especially – the government of Trump.
Closer to completion, Roubini touched on the subject of crypto-mining and said that the centralization of mining is hypocritical in the light of the fact that the cryptocurrencies promised to decentralize the financial system. After that, the acuteness of the discussion gradually came to naught and was reduced to a short talk about the centralization of mining, and then safely concluded.