This Bitcoin-Bashing NYU Economist’s Senate Testimony confirms everything I said and goes way beyond in great details.
‘The mother of all scams’:
Nouriel Roubini rips apart cryptocurrency in Senate hearing
Below is a quick summary of Roubini’s Senate hearing held on October 2018, 11:
- Crypto is a Bubble that has and will burst again
- Crypto is not money, not scalable
- Supply of crypto is massive. Bitcoin is deflationary
- Unlike Bitcoin, central banks and fiat money provide financial stability
- FinTech is a more promising hype that do not rely on Crypto
- Crypto is not scalable
- Decentralization is a myth: massive centralization and concentration of oligopolistic power and cartels among miners, exchanges,developers, wealth holders
- Crypto is not secure
- Crypto is not the internet nor will ever be
- ICOs are not compliant securities when they aren’t outright scams
- Massive manipulation: pump n dump, spoofing, wash trading, front running, exchanges conflicts of interest, tether scam and Ponzi Schemes
- No Killer App in Crypto/Blockchain After A Decade: Only Ponzi Schemes
- Blockchain is most overhyped technology ever
- Enterprise DLT/Blockchain: All hype and no reality
- Crypto is corrupt eco-system full of charlatans, con-men, self-interested insiders and scammers
Roubini’s Crypto Dictionary
“Sh*tcoin” isn’t the only word that Roubini felt obligated to define for the committee members, most of whom are likely not familiar with the colloquialisms of Crypto Twitter.
Indeed, he provided a veritable pocket-size dictionary of Crypto terms, though his definitions are somewhat different than you might find in the official CT lexicon.
Here are some standouts:
- Crypto-land: “an eco-system of con artists, self-serving peddlers, scammers, carnival barkers, charlatans, and outright criminals.”
- HODLers: “suckers who have hold on their collapsing cryptocurrencies even after they lost 90% of their value”
- Lambos: “the crypto obsession with stealing investors’ money to buy luxury energy hogging cars”
- Whales: “large early crypto billionaires who are stuck with their fake wealth after the suckers of retails investors – who bought into the FOMO of the peak 2017 bubbles – lost 90% of their investments; those suckers are also called BagHolders”
If it’s not sufficient to help you decide by yourself, below is my cherry on the cake: Bitcoin Mining Hardware aka ASIC Is Another Scam.
Thanks for reading!