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“Blockchain: A Glorified Spreadsheet or Database”
Nouriel Roubini is famous for predicting the 2008 financial crisis. He has now been a hot topic of discussion on social media after his testimony on Thursday. He further addressed saying it is the mother of all scams and is now a busted bubble and said,
Blockchain is the most over-hyped technology ever, It is nothing better than a glorified spreadsheet or database
Adding salt to the wound, he continues referring to traders’ terminology on lesser altcoins, “Shitcoins”. Additionally, says, “is a grave insult to manure.”
In a prepared testimony Roubini said, “literally every human being I met between Thanksgiving and Christmas of 2017 asked me if they should buy cryptocurrency” when Bitcoin hit $20,000. “Especially folks with zero financial literacy. Individuals who could not tell the difference between stocks and bonds – went into a literal manic frenzy of Bitcoin and Crypto buying.”
He also addressed the “scammers, swindlers, criminals, charlatans, insider whales and carnival barkers (all conflicted insiders)” who profited off of “clueless retail investors’ FOMO (‘fear of missing out’),” then took them for a ride with pump-and-dump schemes for “scammy crappy assets at the peak that then went into a bust and crash — in a matter of months — like you have not seen in any history of financial bubbles.”
Nouriel Roubini faced off against Peter Van Valkenburgh, director of research at Washington-based lobbying group Coin Center during Senate Banking Committee’s hearing. Nouriel refers to the slump of Bitcoin since it’s all-time-high $20,000 saying,
Now that the crypto bloodbath is in full view” the crypto scoundrels are seeking to”blockchain, the technology underlying crypto that is now alleging to be the cure of all global problems” And then refers to his detail study of blockchain and says, “In practice it is nothing better than a glorifying spreadsheet or database.
To which Peter Van Valkenburgh replies, Is it perfect? Referring to crypto and blockchain technologies, No. Neither was email when it was invented in 1972. Further adding “The mere fact that it works without trusted intermediaries is amazing — it’s a computer science breakthrough. It will be as significant for freedom, prosperity and human flourishing as the birth of the internet.”
“The truly disruptive innovation underlying Bitcoin is the consensus mechanism, or the process by which computers agree on a shared set of data and then record updates to the data,” said Peter.
Nouriel has been arguing on Twitter with enraged crypto-community for his remarks and comments. Though Nouriel has been facing a lot of heat, he is sticking to his guns.
Did you miss out all the action on twitter? If you did, go check it out on twitter.