Bitcoin basher and campaigner Nouriel Roubini and the founder of ETH have had a very heated debate. This happened at the blockchain event Deconomy. Dr. Doom, or Roubini is a New York economics professor. He called cryptocurrency a bubble, and he also went on to say that the whole thing is only useful to criminals. He also believes that tax invaders use it to try and evade some of the charges that they are going up against. Roubini then went on to say that he didn’t think that crypto payments are going to be the future. He doesn’t believe that they are anonymous, and he also thinks that eventually, the government will make sure that every single wallet is registered. Dr. Doom also went on to say that he has dealt with some manipulation claims and this includes pump and dump claims too. Roubini has debunked the idea that virtual currencies are eventually going to be a financial system. He called them inefficient and he also came out to say that the barrier will never overcome the trilemma that is decentralization. This includes scalability and even security too.
In response, Buterin countered Roubini. He stated that his claims regarding the anonymity of crypto helps to give cover for those who deal in criminal activities. He also believes that those who use currency as payment do so because it means that they can fund their own unconventional activities. This does bring out a strong level of real concern. He also chided in saying that the criticism doesn’t actually take into account the adoption of cryptocurrency. The ETH co-founder went on to point out that the convenience of making payments internationally or even as virtual currency is going to really help people. He also believes that they are going to be able to resist censorship too. Of course, when you look at the inefficiencies of technology, Buterin has highlighted the stream of advancements. They are continual and ongoing when you look at the blockchain space. Buterin then went on to say that there are some real concerns, but they are a sign of better things to come. They are paving the way for even better and bigger technology and they are also making it much easier for people to delve into a brand-new world. It is continually teaching, and the creators are continually learning too.
Of course, it is important to know that some of the criticism that comes from Roubini’s criticism stems from the fact that he does not understand the technology at all. People who are against Bitcoin and other technology are known as no-coiners and they are also known for dealing in shadowy constructs. This allows criminals to carry out any type of illegal activity with ease. The facts do not support this however. Japan’s own national police force have stated that 98.8% of recorded money cases do not involve crypto. This alone proves that this is not the case, and more needs to be done in order to teach the public about this. Of course, it is also important to know that intelligence agencies are still reporting that agencies are having a lot of trouble using currency to fund their own jihadist work. Meanwhile, when you look at banks such as Danske Bank, you will see that they are getting fined more and more because they are money laundering. This is a shocking statistic to say the least and it has been proven time and time again that crypto is not being used to fund any illicit activities. Warren Buffet is also a Bitcoin basher. He has continually called out some of the top-ranking currencies and he has even referred to them as being rat poison from time to time. This is shocking to say the least and it is safe to say that people should be focusing more on the benefits rather than trying to pick fights with flaws that just are not there at all.