The expression ECHO KW41: Bitcoin-bear Roubini in front of the US Senate

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An opinion has sounded in the last week, louder than all the others: The economist Nouriel Roubini, also known as “Dr. Doom”, has made his reputation as a unkonvertierbarer Bitcoin-bear in a hearing before the U.S. Senate, all the honor and crypto as the “mother of all bubbles”.

The interest in Bitcoin & co. is a US-American politicians and policy makers, are noticeably larger than in this country. This has been shown in the past week, as the U.S. Senate race in a one-hour hearing on the issues of crypto-currencies and Blockchain-technology think tank.

As an advocate for Bitcoin & co. was invited by the research Director of the nonprofit organization Coin Center, Peter Van Valkenburg,. The side of the crypto-skeptics was represented by Nouriel Roubini. Roubini as “Dr. Doom” and “Permabär” made a name, as he, the Bursting of the US real estate bubble in 2008 and the subsequent financial crisis as one of the few Economists predicted. Roubini’s thesis-stroke: 10 Time expired Bitcoin-bear lining. At the beginning of the survey listed Roubini ten points of criticism on the food is its rejection of crypto-currencies and Blockchain technology.

Roubini’s thesis stroke: 10 Time expired Bitcoin bears feed

  • Crypto bubble is the mother or the father of all the Scams and all the speculation. This is shown by the high number of fraudulent ICOs
  • Blockchain is the most overrated technology of all times and is only a glorified database.
  • Crypto-currencies have not earned this name because it is not value systems that are the currency. Bitcoin can keep up with his five transactions per second, never with Visa.
  • There is a Innovation in the financial market, and this bears the name of FinTech. FinTech has nothing to do with the Blockchain, but builds on technologies such as Artificial intelligence and the Internet of things.
  • Crypto libertäres are thinking of the currencies. The idea that money is managed on a decentralised basis, is ridiculous. Only terrorists and Criminals use Bitcoin & co.
  • There are strong tendencies of centralization in Bitcoin. In particular, the Bitcoin Mining is characterized by oligarchy of the Mining Pools.
  • There is massive price manipulation in “crypto land”, which are fired by the Stable Coin Tether.
  • ICOs of Security tokens are not regulated…
  • …during Utility tokens mean a return to the barter system of the stone age.
  • Private “block chains” of companies are only databases and have nothing to do with Blockchain. Generally speaking, the interest of the company in a public Distributed Ledger technologies is negligible.
  • Roubini’s Bitcoin criticism is based on well-known arguments and is sometimes tapered from the media. You listen to the Economist, one might think that the development of the Blockchain-completed technology already and largely failed.

    Van Valkenburg Replica

    Counterparty PE Van Valkenburg acknowledged that the technology is still in development, and pointed out that virtually every one of the of Roubini points mentioned were already the subject matter of the further development of Bitcoin & co. Roubini’s Argument, that it was mainly the Criminal to pay with Bitcoin, counterparty Valkenburg. So he know then, that Criminals were often the Early Adopters of new technologies. According to Valkenburg this fact indicates, rather, that Bitcoin is functioning.

    Also, the statement that crypto-currencies are not money, Van Valkenburg do not apply. Here, too, he undermines the arguments Roubini’s. So he replied to Roubini’s Statement that crypto-tax crimes would currencies: “How can you run with a bit of tax evasion, the is no money?”

    In part, Roubini’s words could also come from the mouth of a Bitcoin maximalists. This would slap him for his strict distinction between private company-block chains, and the “true” Bitcoin Blockchain applause. After all, Roubini has learned to differentiate here. His previous Bitcoin criticism made no distinction between the various manifestations of the Blockchain forms and Distributed Ledger technologies.

    Exemplary Survey

    The survey was ran in a civilized manner, and the present and senators have expressed in your questions, a sincere interest in the technology. Profiling experiments, as in the case of such hearings are often the rule, were kept in tolerable limits. Also, the questioner and the questioner does not, therefore, came quite uninformed. This may also be due to the fact that Republican Senator Orrin Hatch was present. Reminder: This was Mark Zuckerberg, once the question of how Facebook could be used to Finance, where the membership in the social network is free of charge.

    The whole survey are now available on the Website of the American TV channel C-SPAN to watch. So pleasant it is to hear for once reflected sounds from Washington, so it would be desirable, that the German policy would initiate such a publicly broadcast question time. But until then, you have to wait at least until Bitcoin & co. an election issue. The next parliamentary election is scheduled to take place on 24. October 2021. It may be interesting, if hitherto out of the mouth of the people, the policy looks notoriously like to, more frequently the word “Bitcoin” resounds.

    BTC-ECHO

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