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What happens in Las Vegas remains in Las Vegas This is the famous saying but it does not hold up if you talk about Dr. Doom and Gloom Nouriel Roubini, known for his pessimistic opinions on cryptographic markets, he was in Las Vegas and what he said created a lot of rage among blockchain believers around the world.
Nouriel Roubini, president of Roubini Global Economics and professor of the NYU Stern School of Business, breaks during a Bloomberg television interview at the 29th edition of "The seminar on Economics and Finance," organized by the European House – Ambrosetti at Villa d'Este in Cernobbio, Italy, Friday 6 April 2018. The workshop brings together politicians, business executives and economists for the event held in Italian lakes. Photographer: Francesca Volpi / Bloomberg
Ι had two interesting days at the Blockshow Conference, where I contributed to two different panels. success after Roubini's speech. He was so adamant in his panel that the blockchain is nothing more than a scam, or even worse the biggest fraud of the century, so I decided to spend some time with him to discuss it in detail.
As I came back from the stage, I ran into him and asked him to meet me after the conference. He accepted politely and the discussion was open.
I sat by the pool in an armchair and tried to cool off. It was a usual Las Vegas night when the temperature starts to cool off in the mid-30s. But basically I knew that this would not continue, when I would start talking to Mr Doom. His considerations on the ICO market and on the blockchain industry would not let my temperature drop below 50C.
FILES – In this photo of February 7, 2018, a neon sign hanging from the Healthy Harvest Indoor Gardening window in Hillsboro, Oregon., Shows that the company accepts bitcoins as payment. A series of recent cybersecurity companies and governments now cite the growing trend of "crypto-jacking" in which devices are infected by fraudulent cryptocurrency invisible software that uses the computing power of victims' devices to extract virtual currency as the main threat to information security for businesses and consumers worldwide. (AP Photo / Gillian Flaccus, File)
Upon his arrival at the pool, I could see he had a busy day. Give him a drink and he asked me for a cup of coffee. "With this heat?", I thought about myself? After a hot drink, it felt cold anyway. To my surprise, the pool bar did not offer coffee, so I had to get out of the area and look for a coffee. It was a lucky day Soon I came across Starbucks. Perfect! I came back with two cups of coffee to keep us entertained as we discussed the future of the blockchain from a pool overlooking the Las Vegas skyline.
The news broke off, another question from ETF was rejected and bitcoin did what it does best, the price has dropped – practically a manual trade. "So, another ETF application was rejected," I observed. & nbsp; He gave me a dirty look. "No surprise there," he replied. "It's not the real advantage, it's nothing but a passing fad." "Well, bitcoin futures are traded and it's just a matter of time before someone meets the SEC requirements," I thought to myself. This could already happen in the first quarter of 2019.
For Roubini, the blockchain is nothing but a useless and overwhelmed technology. It will never go anywhere due to the test of the episode and the problems of scalability. No matter what, this will not become another point of reference because it is too slow.
During the conference, his argument came from a typical economist point of view; Bitcoin does not meet the definition of money that is a medium of exchange, unit of value and store value. It would be totally useless to discuss the definition of money because there is an equal amount of well-balanced arguments to support the concept that Bitcoin meets the definition of money.
I was more interested in his opinion on scalability issues. In the last ten years all kinds of scalability solutions have been discussed, but the number of transactions per second that can be performed with Bitcoin compared to traditional technology such as Visa or Master Card is not simply comparable.
The second important problem touched on is the custody problem. Blockchain is bulletproof when it comes to hacking, but exchanges are hacked every day. It could be argued that this is not different from the traditional exchanges and the malfunctions they have to date. Encryption exchanges are still in the nascent phase, so it will take some time for these guys to make the whole system solid. But I agree with him that hacking is creating a huge problem and significant measures should be implemented.
We have moved on to the issue of decentralization. The concept of blockchain concerns all this and yet the current exchanges are mainly centralized. I agree on this point and I added that the exchanges that actually work will probably come through decentralized exchanges.
Then something he discussed during his launch at the Blockshow Conference came. People often compare blockchain technology with the Internet in the early stages. "Complete absurdity", he stressed. The adoption of this technology is not far from that level.
This is where he is wrong. In fact, we are living a record number of people opening accounts with exchanges. Now you can buy real estate, cars and a long list of goods and services simply by using cryptocurrencies. Fixed income products are now also available in this space. If you look at the number of transactions that took place in 2012 and the number of transactions going on today, even a person who does not understand much of the charts will be able to see that the current number is much larger.
Returning to my chair, I focused on finding something that would put us on the same page. "You can not deny the fact that banks are testing blockchain technology, which confirms blockchain is the future is not it?", Chiesi. Considering that I come from a trading past, I can clearly see how blockchain technology can improve the whole space. He gave me a frustrated look. "There is nothing new or unique in banks that test new technologies, they test thousands of new technologies every day," he replied. " If a bank sheds a small amount of capital to test a new technology, it does not mean that they will adopt it ."
But these banks are taking up crypts. Banks like Goldman Sachs, Citibank and a few others will open the gate to the crypt. His view was that banks use the three technologies called fintech (internet of things, artificial data and big data) to make changes in our lives. "There is no transparency there.What bank did it? The data and the source are accurate? The artificial intelligence can execute any command? How can you trust it?", I was thinking in my head in silence. & nbsp; Artificial intelligence and big data are not just two sexy words, but they also have enormous potential. But in my opinion, without the blockchain technology, there will be no trust or transparency.
I went to the topic of Ethereum. "I hold more Ethereum in Bitcoin's portfolio because of its use case," I said "Which case of use? I do not believe in the way smart contracts are designed", he replied "It's a scam The entire ICO industry is a scam, people are robbing, raising funds for zero-value projects. "
I strongly opposed it. & nbsp; It is true that a large number of ICOs out there have no real value. But you can not paint the whole industry with the same brush. There are some real cases of using Ethereum, especially on the supply side where governments have adopted technology and the combination of blockchain and AI would change the landscape.
Despite our differences, it was a great pleasure to be in agreement with Nouriel Roubini with a cup of coffee in Las Vegas.
Disclaimer: I keep bitcoins and other crypto-currencies. Nouriel Roubini told me he does not hold any crypto-assets.
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What happens in Las Vegas remains in Las Vegas This is the famous saying, but it does not hold up if you are talking about Dr. Doom and Gloom Nouriel Roubini, known for his pessimistic opinions on the markets cryptographic, was located in Las Vegas and what he said created a lot of anger among blockchain believers around the world.
Nouriel Roubini, president of Roubini Global Economics and NYU Stern School of Business Professor, pause during an interview Bloomberg Television at the 29th edition of the seminar "The economy for the economy and finance", organized by the European House – Ambrosetti at Villa d'Este in Cernobbio, Italy, Friday 6 April 2018. The workshop brings together politicians, business executives and economists for the event held in Italian lakes. Photographer: Francesca Volpi / Bloomberg
Ι had two interesting days at the Blockshow Conference, where I contributed to two different panels. they happened after Roubini's speech. He was so adamant in his panel that the blockchain is nothing more than a scam, or even worse the biggest fraud of the century, so I decided to spend some time with him to discuss it in detail.
As I came back from the stage, I ran into him and asked him to meet me after the conference. He accepted politely and the discussion was open.
I sat down by the pool in an armchair and tried to cool off. It was a usual Las Vegas night when the temperature starts to cool off in the mid-30s. But basically I knew that this would not continue, when I would start talking to Mr Doom. His considerations on the ICO market and on the blockchain industry would not let my temperature drop below 50C.
FILES – In this photo of February 7, 2018, a neon sign hanging from the Healthy Harvest Indoor Gardening window in Hillsboro, Oregon, shows that the company accepts bitcoins as payment. A series of recent cybersecurity companies and governments now cite the growing trend of "crypto-jacking" in which devices are infected by fraudulent cryptocurrency invisible software that uses the computing power of victims' devices to extract virtual currency as the main threat to information security for businesses and consumers worldwide. (AP Photo / Gillian Flaccus, File)
Upon his arrival at the pool, I could see he had a busy day. I offered him a drink and he asked for a cup of coffee. "With this heat?", I thought about myself? After a hot drink, it felt cold anyway. To my surprise, the pool bar did not offer coffee, so I had to get out of the area and look for a coffee. It was a lucky day Soon I came across Starbucks. Perfect! I came back with two cups of coffee to keep us entertained as we discussed the future of the blockchain from a pool overlooking the Las Vegas skyline.
The news broke off, another question from ETF was rejected and bitcoin did what it does best, the price has dropped – practically a manual trade. "So, another ETF application was rejected," I observed. He gave me a dirty look. "No surprise there," he replied. "It's not the real advantage, it's nothing but a passing fad." "Well, bitcoin futures are traded and it's just a matter of time before someone meets the SEC requirements," I thought to myself. This could already happen in the first quarter of 2019.
For Roubini, the blockchain is nothing but a useless and overwhelmed technology. It will never go anywhere due to the test of the episode and the problems of scalability. No matter what, this will not become another point of reference because it is too slow.
During the conference, his argument came from a typical economist point of view; Bitcoin does not meet the definition of money that is a medium of exchange, unit of value and store value. It would be totally useless to discuss the definition of money because there is an equal amount of well-balanced arguments to support the concept that Bitcoin meets the definition of money.
I was more interested in his opinion on scalability issues. In the last ten years all kinds of scalability solutions have been discussed, but the number of transactions per second that can be performed with Bitcoin compared to traditional technology such as Visa or Master Card is not simply comparable.
The second important problem touched on is the custody problem. Blockchain is bulletproof when it comes to hacking, but exchanges are hacked every day. It could be argued that this is not different from the traditional exchanges and the malfunctions they have to date. Encryption exchanges are still in the nascent phase, so it will take some time for these guys to make the whole system solid. But I agree with him that hacking is creating a huge problem and significant measures should be implemented.
We have moved on to the issue of decentralization. The concept of blockchain concerns all this and yet the current exchanges are mainly centralized. I agree on this point and I added that the exchanges that actually work will probably come through decentralized exchanges.
Then something he discussed during his launch at the Blockshow Conference came. People often compare blockchain technology with the Internet in the early stages. "Complete absurdity", he stressed. The adoption of this technology is not far from that level.
This is where he is wrong. In fact, we are living a record number of people opening accounts with exchanges. Now you can buy real estate, cars and a long list of goods and services simply by using cryptocurrencies. Fixed income products are now also available in this space. If you look at the number of transactions that took place in 2012 and the number of transactions going on today, even a person who does not understand much of the charts will be able to see that the current number is much larger.
Returning to my chair, I focused on finding something that would put us on the same page. "There is no denying the fact that banks are testing blockchain technology, which confirms blockchain is the future is not it?", Chiesi. Considering that I come from a trading past, I can clearly see how blockchain technology can improve the whole space. He gave me a frustrated look. "There is nothing new or unique in banks that test new technologies, they test thousands of new technologies every day," he replied. " If a bank sheds a small amount of capital to test a new technology, it does not mean that they will adopt it ."
But these banks are taking up crypts. Banks like Goldman Sachs, Citibank and a few others will open the gate to the crypt. His view was that banks use the three technologies called fintech (internet of things, artificial data and big data) to make changes in our lives. "There is no transparency there.What bank did it? The data and the source are accurate? The artificial intelligence can execute any command? How can you trust it?", I was thinking in my head in silence. Artificial intelligence and big data are not just two sexy words, but they also have enormous potential. But in my opinion, without the blockchain technology, there will be no trust or transparency.
I went to the topic of Ethereum. "I hold more Ethereum in Bitcoin's portfolio because of its use case," I said "Which case of use? I do not believe in the way smart contracts are designed", he replied "It's a scam The entire ICO industry is a scam, people are robbing, raising funds for zero-value projects. "
I strongly opposed it. It is true that a large number of ICOs out there have no real value. But you can not paint the whole industry with the same brush. There are some real cases of using Ethereum, especially on the supply side where governments have adopted technology and the combination of blockchain and AI would change the landscape.
Despite our differences, it was a great pleasure to be in agreement with Nouriel Roubini with a cup of coffee in Las Vegas.
Disclaimer: I keep bitcoins and other crypto-currencies. Nouriel Roubini told me he does not hold any crypto-assets.
