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Senate hearing: Roubini reg. crypto and blockchain


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2 hours ago, Benchmark said:

Everyone will die. 

 

OMG I just made a correct prediction about EVERY HUMAN THAT EVER LIVED. Kneel before me, peasants.  

I've seen coins you people wouldn't believe. Sybil attacks on fire off the shoulders of OGs. I watched traders glitter in the dark near the MtGox. All those moments will be lost in time, like tears in rain. Time to die.

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Find one - just one - investment (it can't be cash) that "Permabear" Roubini likes.  It can be anything.  Gold, silver, stocks, bonds, real estate.  Then we'll talk.  Any person who constant

Video: https://www.pscp.tv/w/1yNGaXZkyXrKj First 5 minute "transcript": In case you do not know Nouriel Roubini, read the wiki article.

Everyone will die.    OMG I just made a correct prediction about EVERY HUMAN THAT EVER LIVED. Kneel before me, peasants. 

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5 hours ago, Trickery said:

His speech is starting to appear in mainstream news media where it is presented as a "he said it so it must be true" story.

In the US, all you have to do now is put 'Doctor' in front of your name and some kind of academic affiliation (best if Ivy League)  and you become

an instant 'expert'     Of course, there is no PhD to be had in crypto, it is too new.

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Never heard of this guy before but it is obvious from one reading of this text that he is a really clever communicator and really dangerous. 

He is very famous and respected

He has an agenda and succinctly mixes his message with the the truth, lies and scandals

He knows which buttons to push and works with his audience's emotions

I am not an expert; which of his bullet points are true or part true and which are outright lies?  Interesting topics for debate?

Perhaps people can help me work out which are half truths, which are lies and which are truths?
 

Quote

 

Crypto is Father and Mother of scams and bubbles  I think Bitcoin is a bubble, others may disagree

81 % of all ICOs are scams, bubble is bursting a lot of ICOs are scams not sure if it is 81%

2. Blockchain is most overhyped technology ever Bitcoin has been overhyped, a mixture of a complete lie and some truth

3. Cryptos are not currencies debatable? Is Bitcoin usable as a currency?

not an unit of account

not a means of payment 

not a stable store of value Bitcoin has not been a good store of value

nobody uses Bitcoins for transaction except criminals and terrorists a lie but it is true there is a community of criminals (and terrorists?) who are using Bitcoin

mining is an environmental disaster a huge waste of resources

4. the revolutionary FinTec does include

... AI True

... BigData What is bigdata?

... IoT True

... but no blockchain a Lie

5. libertarian dream of full decentralisation of transactions

no governments

no central banks

no banks  true - The Bitcoin max dream but not all promoters of blockchain are libertarians

no corporations, etc.

... is utter nonsense The Bitcoin max dream is utter nonsense

6. instead more centralisation:

mining is centralised and controlled by oligopolies in authoritarian countries (China and Russia)  Largely True

trading is centralised (99 % of all transactions are done on centralised exchanges)

development is centralised (developers are simultaneously police, procecutor and judge) Interesting line of attack

wealth distribution is centralised and for Bitcoin worse than in North Korea Largely True

7. massive price manipulation in Cryptoland

wide spread pump & dump schemes True

spoofing True

wash trading True

insider trading

Tether created by fiat to manipulate upward prices I have my suspicions

8. "security token ICOs" break all security laws and are scams

9. utility tokens means a return to the stoneage of barter 

10. enterprised DLT are glorified data bases and have nothing to do with blockchain

private rather than public

permissioned rather than permissionless

thrusted authorities are verifying transactions rather than being thrustless

run on a few selected controlled ledgers of data bases rather than being distributed on millions of computers

use thrusted permissioned authorities rather than cryptographic schemes to prevent identical transactions

90 % of enterprise DLT experiments concluded that they are not better than traditional data bases

 

Personally, I am 100% XRP because I do not trust Bitcoin or the other Alt coins.  Look at Jed and what he has been up to, yet he is working with IBM and highly respected by big sections of the crypto community.  I do not want to get burnt by these guys.

I think the structural development of Ripple/XRP is now so far advanced and useful to Fintech that it is now unstoppable, but there has been a race to set it up against a backdrop of Bitcoin corruption.  This long bear market has happened because millions of small investors got burnt last Jan and came out of the market feeling they had had their money stolen by whales and exchanges controlled by whales.

What I like about Ripple is that they are being practical and working inside regulatory frameworks. 

Edited by Julian_Williams
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42 minutes ago, Julian_Williams said:

3. Cryptos are not currencies debatable? Is Bitcoin usable as a currency?

Define "currency" first.

42 minutes ago, Julian_Williams said:

... BigData What is bigdata?

https://en.wikipedia.org/wiki/Big_data

43 minutes ago, Julian_Williams said:

... is utter nonsense The Bitcoin max dream is utter nonsense

The libertarian dream is utter nonsense.

Imho, most of the points are correct and for Bitcoin it becomes more and more obvious that they try to copy the traditional banking system as they do not progress with their liberal approach:

The XRP Ledger has more in common with a distributed data base with permissioned authorities (validators) than with a permissionless cryptographic blockchain. The overlap is the approach of a high decentralisation of the validators but this does not mean it is a trustless blockchain system.

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2 minutes ago, tar said:

Define "currency" first.

https://en.wikipedia.org/wiki/Big_data

The libertarian dream is utter nonsense.

Imho, most of the points are correct and for Bitcoin it becomes more and more obvious that they try to copy the traditional banking system as they do not progress with their liberal approach:

The XRP Ledger has more in common with a distributed data base with permissioned authorities (validators) than with a permissionless cryptographic blockchain. The overlap is the approach of a high decentralisation of the validators but this does not mean it is a trustless blockchain system.

I think I agree 100% with your summary

I also think this man is more than just a loose cannon, he has a potential to smear XRP with Bitcoin and that could be very damaging (although I also think his pitch is too late)

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9 hours ago, Julian_Williams said:

10. enterprised DLT are glorified data bases and have nothing to do with blockchain

private rather than public

permissioned rather than permissionless

thrusted authorities are verifying transactions rather than being thrustless

run on a few selected controlled ledgers of data bases rather than being distributed on millions of computers

use thrusted permissioned authorities rather than cryptographic schemes to prevent identical transactions

90 % of enterprise DLT experiments concluded that they are not better than traditional data bases

Completely true.  Infosec guys get nervous when the company data is out in the wild and thus force everything into a walled garden.  By doing so they negate the core advantages of blockchain (public, permissionless, trustless, distributed) while keeping all of the overhead.  The resulting solution thus performs no better than a traditional hub-and-spoke database-centric model.

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