A cryptocurrencies panel at the Milken Institute Global Conference broke out in a cryptobrawl, there were no punches thrown but a barrage of barbed comments.
The world is failing to come to conscience on cryptocurrency. A lot believe it is a hoax rest term as a revolutionary technology that will change the world and provide true freedom to people. It will be different as it promises to provide freedom without autonomy and regulations from a body that dominates the market.
Since the genesis of cryptocurrencies, we have witnessed a great many debates where crypto enthusiasts, investors, entrepreneurs, etc. have defended the innovative new technology and lay emphasis on its decentralized structure. At the same time, we have heard from many veteran economists, investors about how the entire thing is a bubble, and it does not promise to produce anything.
Recently at the Milken Institue Global conference, yet another debate was witnessed where the two opposing sides argued on the decentralization aspect of cryptocurrency.
A world-renowned economist, Nouriel Roubini who is popularly known as Dr. Doom, the name he entitles after his prediction about the 2008 crisis. At the time prior to 2008, US real estate was in a bubble causing the economy to crash leading to high rates of unemployment and bankruptcy of many popular banks at the time.
Nouriel Roubini said:
“All this talk of decentralization is just bullshit!”
As expected the comment received an outpouring response from the other panelists who not only questioned the argument but were seen personally attack Nouriel.
Alex Mashinsky shot back:
“Everything you just said is irrelevant”
Alex Mashinsky is a blockchain entrepreneur who was an early developer of the Voice over Internet Protocol standard.
Bill Barhydt responded to Nouriel:
“I don’t even know where to begin”
Notably, Bill Barhydt worked on cryptography for the CIA.
Billed as a sober discussion to a ballroom where every seat was filled, the panel meandered into shouting and crosstalk. Passions are running high nearly everywhere in crypto. Many predict the likes of Bitcoin and Ethereum will change the world. Others see failure looming.
Among skeptics, few match New York University’s Roubini. Digital coins aren’t currencies because they aren’t a store of value, he argued. And they’re worthless for payments because Bitcoin and Ethereum’s blockchain technology can’t handle nearly the same volume of transactions as Visa Inc., he added.
Mashinsky argued that crypto assets will let people bypass banks.
“You’re just making stuff up”
Mashinsky’s company, Celsius Network, lets users lend and borrow cryptocurrencies. He questioned how Roubini knows anything.
“Why don’t you buy one coin, then you can tell us how it works”
McIntosh might’ve summed up the situation better than anyone:
“Where this all goes, I don’t think anyone knows. The people who’d just witnessed the fireworks can be forgiven for agreeing.”
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