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matteo

Cryptocurrencies Have Failed, And Blockchain Still Has Yet To Be Proven Useful

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I post this here because it's the same Dr. Nouriel Roubini that say xrp is a security.

 

Quote

Dr. Nouriel Roubini of New York University Stern School of Business testifies during a Senate Banking Committee hearing titled "Exploring the Cryptocurrency and Blockchain Ecosystem," in Dirksen Building on Oct. 11, 2018.

In fact, as Nouriel Roubini, economist at New York University, has argued in his testimony to the U.S. Senate, the ownership and trading patterns of cryptocurrencies are highly concentrated in the hands of a small group of owners and companies, with over 99% of all transactions taking place in centralized exchanges. Roubini also pointed out that wealth is incredibly highly concentrated in the cryptocurrency universe.

https://www.forbes.com/sites/yuwahedrickwong/2018/11/11/cryptocurrencies-have-failed-and-blockchain-still-has-yet-to-find-its-use

https://twitter.com/Nouriel/status/1055468683542163456 )

Edited by matteo

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18 minutes ago, matteo said:

I agree that BTC has probably failed its purpose. Doesnt Change anything about xrp. Fundamentals have never been better :)

Also BAKKT and Fidelity say hello

Edited by Zerp_Legend

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1 minute ago, Zerp_Legend said:

I agree that BTC has probably failed its purpose. Doesnt Change anything about xrp. Fundamentals have never been better :)

Yes - BTC does nothing well and is a tragic energy waster.  Roubini paints with too wide a brush (as his audience prefers).

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Roubini's criticisms of Bitcoin and Proof of Work are largely legitimate.  His stance on XRP is peculiar unless you consider the possibility that he is being paid by some entity.  He takes an almost angry and definitely hostile tone that's not at all consistent with an academic.  It seems personal.  His stance against XRP is all very easily debunked and when you actually look at the XRP ledger and its current make-up IF he was impartial he would have to concede just how decentralized and beautiful it's consensus is distributed currently.  He knows the difference between Ripple and the XRP ledger he's just making money on the fact that the general public still obfuscates them.  

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Just like "blockchain is the solution for everything" or "decentralization is the panacea for the globe's problems" or "technological advances are always good for humanity" so too are these comments a wee bit over the top.  Note how many well regarded economists join him in his crusader-like efforts to warn us of impending doom.  Surely there is some aspect in which he speaks which is a legitimate warning - for example Bitcoin or another crypto being more robust than existing fiat currencies- this is not known yet- but anyway a wee bit too on the fringe.  The truth lies somewhere in the middle I am fairly sure.

 

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The child of Iranian Jews, he was born in Turkey and grew up in Italy. After receiving a BA in political economics at Bocconi University, Milan and a doctorate in international economics at Harvard University, he became an academic at Yale and a visiting researcher/advisor at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel. Much of his early research focused on emerging markets. During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who in 2009 became Treasury Secretary.

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

Edited by titi2018

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1 hour ago, titi2018 said:

maybe, but when? if it's mid 2017 or 2018 he is not wrong considering the plunge.

 

Also people can think what they want but:

The child of Iranian Jews, he was born in Turkey and grew up in Italy. After receiving a BA in political economics at Bocconi University, Milan and a doctorate in international economics at Harvard University, he became an academic at Yale and a visiting researcher/advisor at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel. Much of his early research focused on emerging markets. During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who in 2009 became Treasury Secretary.

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

He laughed at bitcoin when it was 58$

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2 hours ago, Alluvial said:

As an academic, his position should be neutral, but it's not - it's full of all kinds of emotion.  Embarrassing and unprofessional.      

Academics are never neutral. They have a Goal. Like almost any other living person on this Planet.
His goal is to protect his Intellectual property, at any price.
One can fight him.
One can try to met him on his own play ground.
Neither leads anywhere.
He cannot prove anything, neither can you.

Just leave him there, where he is.
I had some fair fights with professors in Medical matters from a leyman perspective.
Useless.

Use you energy for the Good of things instead.

Edited by zenkert

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13 minutes ago, Phintech said:

Sad thing is, his shenanigans are working. We’re all talking about him.  Let him fade back into irrelevance.

shenanigans idk, the guy had a Testimony for the Hearing of the US Senate Committee on Banking, Housing and Community Affairs, just this week. Clearly there is no certainty to what will happen, even supporters of xrp I try to follow on twitter and who are familiar with law admit it

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