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U.S. Senate Committee Hearing: Exploring the Cryptocurrency and Blockchain Ecosystem


ICookinBrine
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U.S. Senate Banking Committee Hearing live right now:

https://www.banking.senate.gov/hearings/exploring-the-cryptocurrency-and-blockchain-ecosystem 

Dr. Nouriel Roubini, Professor Of Economics And International Business, New York University Stern School of Business

Mr. Peter Van Valkenburgh, Director Of Research, Coin Center

Opening remarks for each available at link.

Edited by ICookinBrine
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10 minutes ago, Chris_Reeves said:

Currently, Dr. Roubini is bashing blockchain. Peter Valkenburgh is speaking well to the regulatory discomforts.

A lot of scaremongering from Dr. Roubini. It's interesting that his central critique is something the XRP ledger solves to some degree though -- a trust-based system.

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1 hour ago, Chris_Reeves said:

Dr. Roubini calls Bitcoin centralized due to China mining group. Disagrees with permissionless blockchain POW solutions like Bitcoin, Litecoin. He believes in permissioned systems.

His line about how no US businesses or government entities are going to rely on miners in China and Russia to verify transactions strikes me as the plain truth. It certainly sounds to me like Roubini is implicitly saying solutions like XRP are inherently superior to Bitcoin.

Edited by HenrySeldom
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1 hour ago, ICookinBrine said:

A lot of scaremongering from Dr. Roubini. It's interesting that his central critique is something the XRP ledger solves to some degree though -- a trust-based system.

It's only scaremongering if you don't understand the profound differences between BTC and XRP. His critique of the BTC blockchain strikes me as unimpeachable. 

Edited by HenrySeldom
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18 minutes ago, Chris_Reeves said:

His main focus is around the inadequacies of PoW coins so XRP isn't even a part of that ecosystem.

Well said. Many of Roubini's criticisms do not apply to the XRP ledger, which has some component of trust built in as part of Unique Node Lists ("They are the lists of transaction validators a given participant believes will not conspire to defraud them. ... Since anybody can run a validator, the burden is on the network participants to choose a reliable set."  https://ripple.com/technical-faq-xrp-ledger/)

As for the balance of Roubini's criticisms, I thought Van Valkenburgh did a good job dispelling the idea that virtual currencies pose unique or unprecedented criminal concerns.  

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Nouriel Roubini is a short sighted moron. So cryptos have lost over 80% of their value since January and therefore, they are a bubble.

Amazon in 1999  lost over 90% of its stock value and it took several years until 2007 before they could claw back to anywhere close to their All time high. I wonder if Roubini considers Amazon a scam or would he have considered it a Scam back then.

A stock that lost so much and moved sideways for nearly 8 years and now the company is valued at over a trillion. I wonder what his opinion is or was at the time. 

 

https://www.google.co.uk/search?rlz=1C1CHBD_en-GBGB724GB724&ei=tpC_W7ucLNCCgQbs9Y2wDA&q=amazon+stock+historical&oq=amazon+stock+historical&gs_l=psy-ab.3..0l4j0i22i30k1l4.20678.24949.0.25140.22.17.1.3.3.0.205.1660.3j9j1.13.0....0...1c.1.64.psy-ab..5.17.1692...35i39k1j0i131k1j0i131i20i263k1j0i20i263k1j33i160k1j0i10k1.0.eq2gI6Khg7Q

 

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Ripple today published one of its Insights articles titled "Crypto Regulation Around the World." It covers the information previously gleaned from the Swell panel on the regulatory environment: 

https://ripple.com/insights/crypto-regulation-around-the-world/

Its timing and title underscore a point raised by Van Valkenburgh--the U.S. can be a global leader and foster this tech as was the case with the Internet, but it could get left in the dust if it takes action in a manner that stifles innovation.  

Feel free to repost if anyone thinks this deserves a separate thread--I think this section has a lot of untapped value, but I'm sick of spamming it.

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4 hours ago, Blubber said:

Roubini is a bought-and-paid-for shill who is regularly trotted out by big money scared of the blockchain

revolution.  His remarks on BTC are spot on, though.  Even a broken clock is right twice a day.

Doctor Doom, always drowning in a glass half-full ;)

image.png.d6a37ecb2e92fcb58d4cff7cb6a1ed4a.png

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