Nouriel Roubini in US Senate Hearing: Exploring the Cryptocurrency and Blockchain Ecosystem

Nouriel Roubini in US Senate Hearing: Exploring the Cryptocurrency and Blockchain Ecosystem

Nouriel Roubini testified on Thursday’s Senate hearing calling Bitcoin a scam, a bubble; and blockchain a scoundrel. Peter Van Valkenburgh gives an alternative opinion

According to Roubini, the near $20,000 price of Bitcoin back in late 2017 was the first warning sign. The outcome of the price high was people FOMOed in. He alluded that scammers and whales were responsible for the price manipulation.

Roubini’s Opinion on Blockchain

Roubini characterized blockchain as most over-hyped and useless, even denying how the world has benefited since Bitcoin went public. He called mining an environmental hazard and utility tokens as bartering.

The Alternative Opinion

Peter Van Valkenburgh, director of research at Coin Center, testified that blockchain is not yet perfected. But the breakthrough is pronounced by its capacity to operate without trusted intermediaries. He also gave an example of the technology’s benefit by citing an Afghan woman who was able to begin and continue her business because of Bitcoin.

Earlier this week, Vitalik Buterin has countered a tweet from Roubini, where the economist labeled the programmer a centralized dictator and blockchain as a centralized system.

Bitcoin

BTC
Price
8,744 USD -6.81%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

Related news

Chainalysis Blockchain Analysis Firm Launches First-Ever Alert System for Suspicious Crypto Transactions

Chainalysis launches the first ever suspicious real time alert system for cryptocurrency transactions – Chainalysis Know Your Transaction (KYT) alerts. Chainalysis, a cryptocurrency and blockchain security analysis firm, announced on August 22 the launch of the first real time alert systems for suspicious cryptocurrency transactions. The system provides compliance officers and firms dealing with crypto […]
Bitcoin Exchange Guide

Feuding Ethereum Siblings Score Pre-Fork Surges as Bitcoin Price Lags

By CCN Markets While the bitcoin price languishes this week, ethereum classic is enjoying a spectacular spike ahead of its scheduled September hard fork. And the ethereum price is rising too. As of this writing, the price of ethereum classic (ETC) rocketed 20 percent to top $7.38 per coin. ETC has been on a sizzling rally […] The post Feuding Ethereum Siblings Score Pre-Fork Surges as Bitcoin Price Lags appeared first on CCN Markets
CCN

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.