The Committee of the United States Senate on Banking, Housing and Urban Affairs has the audition of a commission for October 11 entitled "Exploring the Cryptomonete and Blockchain Ecosystem".
At the upcoming hearing, the two witnesses currently on the program are the research director, Coin Center Peter Van Valkenburgh, and the professor of the New York University Nouriel Roubini.
Roubini, a well-known economist, is known for his contempt for cryptocurrency and blockchain, and for the often colorful way he expresses his opinions.
Dr. Doom: Bitcoin is a speculative bubble
Roubini is currently a professor at the Stern School of Business at New York University.
He earned the nickname "Dr. Doom" as he predicted the 2008 financial crisis before it started. He is now one of the most respected economists in the world.
It has long been a bitcoin adamant, noting in November last year that popular cryptocurrency is not a good way to preserve capital or a serious payment method.
Dr. Doom added to his pessimism on virtual currency in May, noting that "there is no decentralization, it is only bulls" at the Milken Institute's annual conference.
He also launched an assault on blockchain technology, referring to nothing but a "glorified Excel spreadsheet". Roubini remained firm in his convictions even after being challenged by other members of a panel of cryptocurrency during the conference.
In July, Roubini claimed that bitcoin was not a currency as it is not a stable value deposit, a unit of account, nor a means of payment.
Roubini, who had previously called bitcoin fans "Hodl nuts" and "cyber terrorists", was not even afraid to share thoughts on smart contracts.
In June, he tweeted that smart contracts are not "contracts because no court can enforce them", writing that "the only crypts in the krypton land are the kangaroo courts of the cryptic developers".
The "Smart Contracts" are neither smart nor contracted: they are extremely bug -100 bugs for 1000 lines of code – and they are not contracts because no court can impose them. The only cryptographic tribunals are the kangaroo courts of the crypto-developers who decide randomly when forging or not https://t.co/ZS48y5ZQMu
– Nouriel Roubini (@Nouriel) June 1, 2018
Many rejected Roubini's comments, but bitcoin developer Jimmy Song made an observation that actually seemed to portray him as more ally towards Roubini's position.
"The dirty secret of smart contracts is that they have a very limited and extremely difficult to protect utility.There is a greater limitation here, no more ways to ruin.The hype and engineering reality are extremely divergent."
In particular, a February panel hearing on digital currencies saw comments from SEC President Jay Clayton. At the time, Clayton underlined how he could ask for further legislation on encryption in the future. In addition to Clayton, the chairman of the US Commodity Trade Committee, J. Christopher Giancarlo, also provided his observations as a witness to the Congress.
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