Economist Roubini: bitcoin is the mother of all scams. Why?
Source:Nouriel Roubini made a new portion of criticism of Bitcoin. This is one of the first economists who predicted the global financial crisis of 2008. According to him, cryptocurrency are the "mother of all scams", and blockchain — sverhrazdutaya and the most useless technology in the history of mankind.
A Professor at new York University, made his statement during a speech at the hearings of the Senate banking, housing and legal problems of citizens.
theWhat is cryptocurrency? The economist
Literally every man I met between Thanksgiving and Christmas in 2017, asked me whether to buy cryptocurrency. This scheme is being people with zero financial literacy who cannot understand the difference between stocks and bonds — they have become crazy after I bought a Bitcoin. So many scams, charlatans and uneducated investors who invested in the asset only because of fear to lose their benefits (FOMO syndrome) the world has not seen in the entire history of financial bubbles.
Criticizing cryptocurrencies, Roubini moved on to the blockchain. According to him, the distributed registry is the quintessence of all global problems, including poverty, hunger and even disease.
Photo: AP
The Blockchain is nothing more than a hyped Excel spreadsheet. This is the most useless and destructive technology in the history of mankind.
During the hearing was also made by the head of the analytical company Coin Center van Valkenburg. The economist took a completely different position. According to him, the fact that the blockchain allows to exclude mediators is the main advantage of the technology.
He argues that a distributed registry will be as big step in the development and prosperity of the technology, as the advent of the Internet.
Roubini is famous for its extremely negative attitude towards the cryptocurrency. However, in spite of his predictions still did not fall to zero. Let's hope that in the future the industry will provide more solid evidence that the economist is wrong.
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