BitMex Shares Part 2 of CEO and Nouriel Roubini Battles Over Crypto v/s Fiat v/s Digital

So round 2 debate of the Tangle in Taipei, conducted between BitMEX boss, Arthur Hayes and Dr. Doom (Nouriel Roubini) has recently revealed. While the result of the debate seems nothing specific yet, the crypto community is calling it just “Hilarious”.
Round 2 – Crypto v/s Fiat v/s Digital
The best part of the debate that makes everyone exciting is that – only the Asia Blockchain Summit organizer and the BitMEX has the tapes as it was excitedly held behind the closed doors. Now the BitMEX exchange has released a second round of the tape.
The first round was based on the topic “Holy Trinity in Crypto – Decentralization, security, and scalability” wherein Roubini calls whole system “Bitcoin” as corrupt and ridiculous, and Arthur seems more financial privacy in it. Whereas the second round was focused on Crypto v/s Fiat v/s Digital.

In a second round of the tape, the footage reveals that American Economist and NY Professor, Nouriel Roubini shouts at crypto community and its leaders, yelling as “there are terrorists, criminals, tax evaders, human traffickers. Continuing his angry tone, he said there are all sorts of criminals out there’s the lots of shady stuff happening.
He further bashed at Bitcoin, shouting that this shitcoin is against the whole idea of cryptocurrency. At the center of the whole debate, Roubini pointed out at the business model of BitMEX and says that it is completely exploitative for retail investors. Above all, he believes that BitMEX is operating without sufficient regulations.
While few think the video is just Hilarious, the Moderator Andrew Neil hushed Roubini during a longer argument and shouted “Quite”. He quickly remarked
“There’s no point in the two of you talking over each other because we can’t understand a word you’re saying.” “It’s actually hard enough when you’re not talking over each other,”
Benefits of Crypto
When asked about what are the main benefits of Crypto, Arthur took up the mike and said “We need a choice” and Bitcoin represents an opportunity.
Bitcoin represents an opportunity instead of using courts laws and violence to govern how money is transferred between individuals and parties, we use open source software cryptography and math now which one successful, Arthur said. As a society, we definitely need a choice and that is what bitcoin represents a choice for a different way to govern financial transactions
While given the opportunity to Roubini on the same topic, he referred revolution is already based on artificial intelligence, big data and the Internet of Things. He further compared transactions over Bitcoin v/s transactions via Visa and states that “bitcoin is not scalable, it does five transactions per second whereas VISA does 25,000 transactions per seconds” and explains that;
There are payment systems today used by billions of people for billions of transactions a day – not 5 transactions per second and it (Bitcoin) is not scalable.
In a longer harangue, Roubini again directs back his thought to Arthur and elaborates, It is a business of one shitcoins being traded against another shitcoins and middleman like him (BitMEX/Arthur), they make money.
They don’t consider – whether it goes up, goes down, as long as their volume backs out the Commission, Roubini said.
Image Source – Video snap
The post BitMex Shares Part 2 of CEO and Nouriel Roubini Battles Over Crypto v/s Fiat v/s Digital appeared first on Coingape.
Source: CoinGape

Bitcoin’s parabolic move will be boosted by ‘Central Bank money printing,’ claims BitMEX CEO

When the cat is away, the mice come out to play. As the global economy is muddled with concerns surrounding trade wars, interest rate movements, and global governance dilemmas, the cryptocurrency world is enjoying a parabolic move. Over the past few months, traditional finance has slumped, while Bitcoin has surged by 200 percent. With many […]
The post Bitcoin’s parabolic move will be boosted by ‘Central Bank money printing,’ claims BitMEX CEO appeared first on AMBCrypto.
Source: AMB Crypto

‘Tangle in Taipei’ Debate Report: Did Nouriel Win Over Arthur on ‘Gambling’ Bit?

The Tangle in Tapie between BitMEX CEO Arthur Hayes and American Economist, Nouriel Roubini has gripped the attention of the financial industry. The two opposing sides are staunch believers of their ideologies; while Hayes is a cryptocurrency fanatic, Nouriel is a staunch critic.
What made matters more impressive was the fact that the debate was held behind closed doors with no video recordings allowed by the attendees or the media. Only the organizers of the Asia Blockchain Summit, including BitMEX has the tapes.
Nevertheless, while Arthur believed that he ‘dusted’ Nouriel in the debate, the crowd seems to think otherwise. In an interview with leading Crypto-Journalist, Ran Neuner, the general sentiments of the crowd were that ‘Nouriel Roubini won the debate.’
Watch the debate highlights from the Courtesy of BitMEX here,

Roubini has been aggressively bashing Arthur Hayes and the crypto industry not releasing the tapes. He recently again tweeted,
They are hiding the whole video as CryptoHayes and BitMEXdotcom got totally reckt for once since their daily biz model is to BitmexRekt “degenerate gamblers” retail suckers with 100x leveraged toxic crypto derivatives. These folks are worse than blood-sucking leeches.
While the entire uncut version of it still yet to be released, the 100x leverage provided at BitMEX which leads to high volatility was the primary reason for concern. Even Mati Greenspan, Senior Market Analyst at eToro, at expressed doubts around it. In an exclusive interview, Arthur noted,
“This is a very exotic derivative in the backend, we were able to package it in a way that retail traders felt that they were trading on margin. He added, “And that’s bought immense liquidity to the market. And we’re able people allow to hedge larger amounts of risk because we’ve create such a speculative beast of a product.”
Hence, Nouriel’s’ direct attack on the business model of BitMEX and their most active trading product, the derivative market might have influenced the company to withhold the tapes. Moreover, his attacks on the business model further supported his argument that Bitcoin is only a ‘speculative asset.’
Therefore, while Nouriel might have won the debate, he has been proved wrong time and again. Moreover, the result of his ‘absolute doom’ predictions for the cryptocurrency industry will be reviewed in due time.
Do you think that derivatives that provide high leverage must be stopped due to volatility concerns? Please share your views with us.
 
The post ‘Tangle in Taipei’ Debate Report: Did Nouriel Win Over Arthur on ‘Gambling’ Bit? appeared first on Coingape.
Source: CoinGape

Nouriel Roubini back to old ways; says crypto-industry is ‘full of scammers and small criminals’

Bitcoin and the rest of the cryptocurrency market have always been subject to scrutiny and abject criticism by its critics. These comments have not just targeted major coins like Bitcoin and Ethereum, but almost all other digital assets on the charts as well. Such criticism was put in spotlight again when Nouriel Roubini aka Dr.Doom, […]
The post Nouriel Roubini back to old ways; says crypto-industry is ‘full of scammers and small criminals’ appeared first on AMBCrypto.
Source: AMB Crypto

Nouriel Roubini Threatens to Sue BitMEX CEO Over Censoring the Debate Tapes

The debate between Arthur Hayes and Nouriel Roubini at the Asia Blockchain Summit on 3rd July 2019 was a strong platform where people from two different worlds took center stage to share their independent views.
Roubini is an American Economist who is a strong critic of Bitcoin and cryptocurrencies. On the other side, Arthur Hayes is the CEO of BitMEX, which is one of the largest Exchanges in the world that offers crypto-derivates.
The debate reportedly turned sour in the end. Moreover, Arthur said that he “dusted” Nouriel in the debate. However, Nouriel has different views, he accused Arthur of not allowing media to cover it. So much so that he accused the entire crypto-industry,
Crypto is a mafia hush money racket. The blockchain conference organizers cowed and caved to BitMEX’s censorship and didnt tape or broadcast my debate with @CryptoHayes; he had his underlings make the only tape of the debate and is hiding it from view. Release that tape coward!
Roubini also accused Arthur of running a fraudulent exchange riddled with ‘insider trading, front running, flouting AML/KYC registrations’ and what not.
While are tapes or video is yet to be released, Nouriel has alleged Arthur of something absolutely offensive because according to him the tapes are being tampered with to make Arthur look good and Neuriel bad. He expressed his rage on Twitter where he also threatened to sue Arthur. He tweeted,
Because @CryptoHayes is a coward and wimp who looked like a total idiot in our debate. So he had to censor the video of the debate. A total crook and mafioso style thug
Reportedly, he also accused Arthur of criminal behavior by censoring the tapes. Whalepanda tweeted,

"I will sue them" Someone has been taking lessons from CSW. pic.twitter.com/rwIP9AU9Ck
— WhalePanda (@WhalePanda) July 5, 2019

There are a couple of other recordings and views from the debate. However, the most credible view until now has been from Ran Neuner, who said in an interview that the debate was evenly balanced and there were a couple of hard-hitting questions from Roubini that are a concern for the Bitcoin community.
Here is an audio clip of the debate re-tweeted by Roubini.

An audio recording of the debate but the sound quality is quite poor. https://t.co/UxJWbG4gSr
— Nouriel Roubini (@Nouriel) July 4, 2019

Do you think that Roubini’s outrage is justified? Please share your view with us. 
The post Nouriel Roubini Threatens to Sue BitMEX CEO Over Censoring the Debate Tapes appeared first on Coingape.
Source: CoinGape

Bitcoin Price Hits $11,500 Levels Following a Week-Long Bearish Period

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Bitcoin Price Hits $11,500 Levels Following a Week-Long Bearish Period
After a week span of bearish market conditions, the number one cryptocurrency Bitcoin is back on track and currently trading above $11,000 price level.
Bitcoin Price Hits $11,500 Levels Following a Week-Long Bearish Period

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Source: CoinSpeaker

Dr Doom Dukes it Out With BitMEX Boss For Crypto Supremacy

In what has been dubbed the ‘Tangle in Taipei’, serial crypto misanthropist Nouriel ‘Dr Doom’ Roubini faced off with BitMEX boss Arthur Hayes. The crypto sparks started to fly as the language became more colorful between the two adversaries.
Dr Doom On The Warpath
Economist Roubini just can’t stay away from Bitcoin. His repugnant rants on the digital asset have been repeatedly documented, yet he still chooses to attend crypto centric conferences to rage on about what has clearly become his personal demon over the past decade.
After labeling Binance boss, Changpeng Zhao, a ‘snake oil salesman’ yesterday, Roubini has eyed up Hayes at the Asia Blockchain Summit in Taipei today as he continues to belittle everyone involved in the crypto industry. In an opening statement Roubini said:
“Shitty behavior occurs in this industry – scammers, criminals and so on. Next to me is a gentleman who works with degenerate gamblers and suckers, not accredited investors.”
The main beef here is clearly the massive leveraging of up to 100x that BitMEX offers to often inexperienced traders. He added that there was no KYC or AML at the exchange and accused it of insider trading. The tirade continued with:
“BitMEX is just an example of everything that is sick and wrong in the industry.”
BitMEX Bites Back
Hayes retorted with:
“I don’t even want to call you a professor, you went straight for me. We don’t have any marketing, we don’t seek out any people, they have found an oasis. People saw this phenomenon, real value, and decided they wanted to speculate.”
The battle raged on with Roubini reiterating the lack of regulation angle with Hayes responding that they are based in the Seychelles and not everyone needs to follow rules set by the US.
Things started to heat up when the topic moved beyond BitMEX and on to Bitcoin and altcoins, a clear red flag to Dr Doom who seemed to lose the plot here with comments like:
“We have AliPay in China and similar systems in India. We don’t need that cesspool of stinking shitcoins.”
Hayes replied stating that these systems were very convenient, yes, but they are controlled and monitored by governments and tech monopolies whereas Bitcoin and crypto is private and decentralized. He added;
“We need to get f****d by the government, before we realize how important this is.”
The full transcript was uploaded by Mike Dudas, founder and CEO of The Block.
The battle did not end there and raged on via Twitter with Dr Doom pulling the crypto mafia card.

Don’t worry our tapes will exposure your thin grasp of economics and technology. After seeing these tapes, I would be surprised if you were allowed into any higher learning institution. https://t.co/nTDQIUlaHV
— Arthur Hayes (@CryptoHayes) July 3, 2019

It is clear that Roubini stands for old school, heavy handed state control where people have little or no control over their own finances.
Both are claiming victory but in reality there are no victors when so much of the argument was bloated opinion. Dudas called it pretty even which is probably about the best we can ask for.

I was there — totally untrue. I understand why Nouriel is so upset that BitMEX forbid reporters from livestreaming or audio recording. It was a nearly dead-even debate, and both men made strong arguments. I might even call it 52/48 for Nouriel.
— Mike Dudas (@mdudas) July 3, 2019

Meanwhile Bitcoin bounced back 20 percent from its short lived correction as the bulls powered on.
Image from Shutterstock
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Nouriel Roubini Vs Arthur Hayes’ Tangle in Taipei: A Sour Debate with a ‘No-Coiner’

The crypto-community and even its critics or gold buffs are both looking up to the epic battle between American Economist, Nouriel Roubini and BitMEX CEO, Arthur Hayes. The Asia Blockchain Summit at Taipei is hosting the event.
Nouriel is a professor at the NYU and has strongly advocated against Bitcoin and cryptocurrency since 2013. As reported on CoinGape in the mark up to the debate, Nouriel believes that cryptocurrencies are corrupted and will imminently doom.
On the other hand, Arthur Hayes is the CEO and founder of one of the largest Cryptocurrency Exchanges that offer derivates contracts on it. It reported a volume of $1 trillion over the past year, which Hayes said is coming from rising retail interest. Arthur also praised Libra and predicted that it would challenge the banking systems.
Reportedly, the debate turned sour and “heated” soon enough as the moderator asked Nouriel,
“when I say quiet you be quiet!”

Heard this is @CryptoHayes vs @Nouriel debate was like today in Taipei? pic.twitter.com/CsYEgBVxsn
— Dovey Wan 🗝 🦖 (@DoveyWan) July 3, 2019

Also Read: Also Read: Binance CEO V/S Bitcoin Critic – Nouriel Roubini Calls CZ ‘Jerk’ and Here’s How CZ Responds!
Nouriel accused crypto exchanges including BitMEX of reporting fake volume and luring the crowd. When in reality, it is still in the dark and controlled mostly by criminals. However, Arthur “begged to differ” and assured the crowd that the volume is real; and a lot is going on in crypto.
Ran Neuner, Crypto-Journalist gave a small snippet of the battle on Twitter. He reported that the battle soon heated up with Nouriel making personal and derogatory remarks at Arthur. Neuner tweeted,
Moderator “ Are you saying Arthur is a crook?”
Nouriel – “ there are laws but they are not in all jurisdictions and retail suckers are being rekt by whales” “There are reasons why there are laws and these people don’t give a shit”
Arthur eventually got agitated by the ignorant remarks and aggressive nature and replied harshly,
Arthur to Nouriel: “ I don’t even know why they call you professor. No one is forced to use our site, we dont even market it. I was going to talk about Crypto and the amazing thing happening but Nouriel decided to bash me and my business”
According to Neuriel, the amazing things are happening around cryptocurrency is insignificant. People must look forward to the ‘FinTech’ space. Arthur and the crypto-community are putting Nouriel as a ‘no-coiner’. Metlem Demirors, crypto-Analyst at Coinshares included Nouriel in the ‘no-coiner’ list with Peter Schiff who is another ‘no-coiner’ and a harsh critic.
Do you think that growth is real as well or crypto is destined to doom? Please share your views with us. 
The post Nouriel Roubini Vs Arthur Hayes’ Tangle in Taipei: A Sour Debate with a ‘No-Coiner’ appeared first on Coingape.
Source: CoinGape

Binance CEO V/S Bitcoin Critic – Nouriel Roubini Calls CZ ‘Jerk’ and Here’s How CZ Responds!

Nouriel Roubini, who is famously known as ‘Dr.Doom’ is again in a circle of criticism – and this time, with Binance CEO, Changpeng Zhao or CZ. While responding to CZ’s tweet, Mr.Roubini called him a ‘Jerk’.
Binance CZ v/s Bitcoin Critic
So, It all begun with a tweet posted by Crypto Godfather who is the CEO of Block Journal, a Blockchain Magazine – he shared a tweet, stating, Dr. Doom dropping the knowledge’ at the 2019 Asia Blockchain Summit, held on July 2nd – July 3rd at Tapei, Taiwan.

💀 Dr. Doom dropping the knowledge on this crypto conference!@Nouriel pic.twitter.com/akgOcpl5Ia
— Crypto Godfather (@CryptoGodfatha) July 2, 2019

Just to remind,  it is the same conference that many other crypto leaders, including Justin Sun from TRON, Charlie Lee from Litecoin, Arthur Hayes from BitMEX, CZ from Binance and many other known faces of crypto industry marked their presence. Moreover, it is the conference, where CZ announced Binance’s upcoming launch of Bitcoin Futures.
While responding to this Tweet, CZ commented ‘this is the 2nd conference in Asia I overlapped with him in 2019. Adding that he trolled, Does he have anything to do? Maybe he is the disguised Satoshi?
For a guy who doesn’t see the future of #crypto, but yet, spends days attending crypto conferences. This is the 2nd conference in Asia I overlapped with him this year. Does he have anything to do? Maybe he is the disguised Satoshi???
To note, Nouriel Roubini is the economist and New York University Stern School of Business professor who often seen criticizing Bitcoin – in fact, he is called as a renowned bitcoin critic. CZ’s comment was quickly gotten Roubini’s attention who in return reacted rashly at CZ and said “The most pathetic critique I have heard about me is from this Jerk CZ. In his words;

The most pathetic critique I have heard about me is from this jerk @cz_binance; I was chosen as the 3rd most influential person in the world in the crypto space coz I am the only honest critic of this shitty space who isnt talking his book 24/7 the way you do snake oil peddler https://t.co/t3BlZ2aGpH
— Nouriel Roubini (@Nouriel) July 2, 2019

And it didn’t stop here, CZ again swipes at Nouriel with a joke asking who is the Jerk here.?
A guy who builds what he believes in? Or A guy who goes to crypto conferences just to call bitcoin a scam?
This is not the first time- and definitely not the last one also – after this open troll, Nouriel Roubini is set to debate with BitMEX founder Arthur Hayes on July 3rd, 2019 which was announced by Roubini himself on his Twitter wall. He claims that BitMEX volume is fake, adding a note on BitWise study falls into exchange manipulation.

How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc… https://t.co/i43cPwjFX2
— Nouriel Roubini (@Nouriel) June 26, 2019

The post Binance CEO V/S Bitcoin Critic – Nouriel Roubini Calls CZ ‘Jerk’ and Here’s How CZ Responds! appeared first on Coingape.
Source: CoinGape

Bitcoin Halving is Less Than One Year Away: What to Expect from the New Bitcoin?

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Bitcoin Halving is Less Than One Year Away: What to Expect from the New Bitcoin?
The third Bitcoin halving is expected to take place in May 2020 with most people in the community confident that the price of BTC will soar from now until the event takes place.
Bitcoin Halving is Less Than One Year Away: What to Expect from the New Bitcoin?

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Source: CoinSpeaker

Roubini makes satirical claims, debates value of digital assets

The recent Deconomy Conference held at Seoul saw the presence of crypto luminaries, including Ethereum Co-Founder Vitalik Buterin and the infamous crypto-skeptic Nouriel ‘Dr. Doom’ Roubini. The Hong Kong-based Digital Asset Exchange, ANXONE, recently tweeted that Roubini was satirizing when he stated that he was the real Satoshi Nakamoto, at the Deconomy forum held from between April 4-6.
Responding to ANXONE’s claim, Nouriel Roubini tweeted that he was the real creator of Bitcoin and that he incepted the digital asset to expose the inefficiencies of the legacy traditional institutions. He tweeted,
“What do you mean I satirized? I am the real Satoshi Nakamoto!! I created BTC to show a monetary and financial system that is even more inefficient, costly, corrupt, rent-seeking, greed-is-good biased, concentrated, oligopolistic, scammy, prone to manipulation than Wall Street!”
It was also reported that in the conference, which was titled the “Fundamental Value of Cryptocurrency and its Sustainability”, Buterin and Roubini got into a heated debate regarding the true value of digital assets.
The famous crypto naysayer claimed that the government and regulators would eventually take over the space. Vitalik held on to his stance and stated that one positive impact involving the creation of a new social expectation around privacy which, in the end, the authorities would have to adapt to.
This is not the first time that the duo has confronted each other. Prior to the latest stint, Dr. Doom had called Bitcoin “crap” and compared Vitalik Buterin to North Korean dictator Kim Jong-un.
The post Roubini makes satirical claims, debates value of digital assets appeared first on AMBCrypto.
Source: AMB Crypto

Deconomy Forum’s Most Exciting Debate: Vitalik Buterin Faces Off Nouriel Roubini

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Deconomy Forum’s Most Exciting Debate: Vitalik Buterin Faces Off Nouriel Roubini
In the framework of the Deconomy Conference, Ethereum co-founder Vitalik Buterin and crypto skeptic Nouriel Roubini shared their views on cryptocurrencies.
Deconomy Forum’s Most Exciting Debate: Vitalik Buterin Faces Off Nouriel Roubini

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Source: CoinSpeaker

Ethereum’s Vitalik Buterin and Nouriel Roubini square off to discuss scalability, censorship resistance and decentralization

The cryptocurrency world witnessed its own version of Ali v. Foreman after Vitalik Buterin, the Co-founder of Ethereum and prominent cryptocurrency skeptic, Nouriel Roubini, faced off at the Deconomy Forum in Seoul. The two stalwarts were up against each other on a panel discussion titled, ‘Fundamental Value of Cryptocurrency and its sustainability,’ moderated by Antony Lewis.
The debate was billed as the most exciting panel discussion of the year, with Nouriel Roubini and Vitalik Buterin having squared off several times previously. The debate itself covered a range of subjects, including, centralization, scalability, and censorship resistance, among other things.
Ethereum’s Co-creator spoke about the utility of cryptocurrencies and how they can be censorship resistant and be used to allow more people access to financial services, while exploring more use cases such as DApps. The economist dismissed this, stating that the privacy and anti-censorship argument was a ‘joke.’
Calling it nothing more than a myth, Roubini said that since governments have the power and authority to overrule crypto-systems, cryptos can only be as resistant as the government allows them to be. Further, since many regulators impose KYC norms, anonymity and censorship resistance will be rendered moot, he said.
Roubini further added that since felonies such as tax evasion, human trafficking and terrorist financing are common, governments have no incentive to accept cryptocurrencies. Instead, they’ll be motivated to act against anonymous finance, he said. Buterin responded by saying that anonymity was not mutually exclusive with finance. He also added that private and compliant finance is possible.
Roubini and Buterin also crossed swords on the issue of scalability and decentralization. Proof-of-Work networks such as Bitcoin and Ethereum are not sufficiently scalable, Roubini said, citing the consensus algorithm’s slow transaction speeds. The economist also spoke about the alleged degree of centralization within the mining and developer community.
Buterin was quick to respond however, stating that solutions such as Ethereum’s sharding not only allows maximum efficiency for nodes and miners, but also contributes towards improving scalability and decentralization.
Emin Gün Sirer, a professor at Cornell University, had this to say about Roubini’s comments on centralization,
“Ok, he even called out the centralization among developers. Not wrong, but kind of unfair to direct it at ETH, one of the few coins with a decentralized developer ecosystem.”
Buterin and Roubini also spoke about a scenario where Central Banks hold cryptocurrencies in the future. While Roubini said that it was not possible, Buterin commented that it wasn’t impossible since central banks already hold gold reserves.
Ethereum’s Vitalik Buterin also had some interesting insights on what present-day cryptocurrencies are supposed to become in the future. He said,
“I don’t advocate for BTC or ETH to become a unit of account for the world. Things like @MakerDAO have potential. But value of most of crypto in short term is not to replace global fiat.”
The post Ethereum’s Vitalik Buterin and Nouriel Roubini square off to discuss scalability, censorship resistance and decentralization appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] losing 85% of its value is ‘the mother and father’ of all bubbles, says Nouriel Roubini

Nouriel Roubini aka Dr. Doom, an American economist, has yet again stormed on Bitcoin and cryptocurrency, terming the 2017s Bitcoin bubble as the “mother and father of all bubbles”.
Dr. Doom said that the largest cryptocurrency, Bitcoin, is not scalable. Bashing all users by terming them a “delusional army of people”, the crypto cynic stated:
“Especially telling was that by the second half of 2017, there were millions of people who didn’t know anything about finance or portfolio investments, driven by FOMO or the fear of missing out, buying bitcoin and all these other s**tcoins.”
The economist was of the opinion that the bubble started to burst because cryptocurrencies had “no real fundamental value”.
Talking about his tryst with the crypto community, Roubini said that the people he met at cryptocurrency and blockchain conferences had no knowledge of the basics of economics, finance, and money, among others. He added that these people were clueless, but still wanted to revolutionize every aspect of the traditional money. He said:
“I met some of these individuals, and I must say I’ve never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class.”
After the Bitcoin bubble in late 2017, the largest cryptocurrency lost nearly 85% of its value. Bitcoin, however, recuperated and maintained its price in the $3,300-$4,000 range. During the recent rally, the ‘gold’ crypto embarked on a support level of $3,800.
The post Bitcoin [BTC] losing 85% of its value is ‘the mother and father’ of all bubbles, says Nouriel Roubini appeared first on AMBCrypto.
Source: AMB Crypto

Dr Doom Does it Again: Bitcoin and Crypto People Are Arrogant Zealots and Fanatics

In another scathing attack on Bitcoin and cryptocurrencies Nouriel ‘Dr Doom’ Roubini has labeled individuals involved in crypto and blockchain as total zealots and fanatics about this new asset class.
The Mother and Father of All Bubbles
In an interview with the CFA Institute Roubini was quite aptly labeled as a ‘perennial permabear’. He is known for calling out bubbles, most famously the housing bubble leading up to the global financial crisis. He has also labeled crypto as the mother and the father of all bubbles adding;
“But to me, the whole crypto space is one of assets that are not really money. They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.”
While the price action of Bitcoin and its brethren has behaved like a bubble in the past 18 months one has to look at the bigger picture to see that Roubini is clearly barking up the wrong digital tree here. Yes, Bitcoin is down 80% from its all-time high but it is also up 225% from this day two years ago, March 8 2017 when BTC traded at $1,200. That is not how bubbles behave.
The venting went on as Dr Doom vehemently displayed his distaste for this asset class and all who are involved in it.
“Well, I engage on Twitter and I also have attended many of these crypto or blockchain conferences. I met some of these individuals, and I must say I’ve never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class,”
He added that those people were also completely ignorant of basic economics, finance and money. It would be interesting to see if Roubini had the same views about those that invested in the dot com boom and bought Netscape stock, for example, when they launched the IPO at $28. The shares surged to $175 by the end of 1995 and some of the biggest gainers from that period were investment bankers who clearly did have a grasp of economics.
Roubini added that the start of internet was a bubble with a lot of dot coms going bust but it kept growing, adding the billions of people used it and it changed the world. Again, what he fails to see is that crypto is still in this very early phase with virtually no adoption yet – the capacity for growth is as big as the internet was back in the 1990s and the institutions are clearly showing interest this year.

Nouriel Roubini: The Mother and Father of All Bubbles https://t.co/kgDwFnY5Jp
— Nouriel Roubini (@Nouriel) March 7, 2019

The ranting continued and one could almost envision the blood pressure rising;
“The ratio between arrogant and ignorant is astounding — I have never seen such a gap in my life. These are fanatics. Some of them, like criminals, zealots, scammers, carnival barkers, insiders who are just talking their book 24/7.”
As if in ‘gloat mode’ for correctly predicting that a bear market would follow a huge bull run, Roubini’s venomous rhetoric towards this industry appears to be stemming from some deep personal loathing of it and the people involved in the nascent technology. Nothing more, nothing less.
Image from Shutterstock
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