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Why Dr. Doom, Nouriel Roubini Can’t Stand Cryptocurrency and Blockchain

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Cryptocurrencies and blockchain are radically changing the way we see and operate in the world.  While the technology has many fans, some aren’t so enthused at all.  In fact, some consider it an insecurity that could damage the world economy. For example, among many naysayers of blockchain, Dr. Doom, or New York University Professor Nouriel Roubini.

U.S. Senate Committee Meeting on Blockchain and Cryptocurrency

On October 11, 2018, a U.S. Senate committee hearing entitled “Exploring the Cryptocurrency and Blockchain Ecosystem” will be held.  Debating at the hearing with be Coin Center Director of Research Peter Van Valkenburgh, and New York University Professor Nouriel Roubini, or Dr. Doom.

Most of us familiar with Dr. Doom are well aware of his gloomy economic forecasts.  He’s also well known for his negative view of blockchain and cryptocurrency.  In fact, in May 2018, he mentioned, “there is no decentralization, it’s just bulls***” at a Milken Institute conference.

He also launched into an assault on blockchain technology, for example.  In fact, he referred to it as a “glorified Excel spreadsheet.”

In addition, in June 2018, he even tweeted, “‘Smart Contracts’ are neither smart nor contracts: they are extremely buggy -100 bugs per 1000 lines of code – & they are not contracts as no court can enforce them. The only courts in crypto land are the crypto developers’ kangaroo courts who randomly decide when to fork or not.”

Sticks and Stones: Blockchain is Here to Stay

While Dr. Doom may resort to name calling along the way, he’s missing the point that blockchain is here to stay.  It’s changing just about everything from video games, to business, to tracking food.

For example, IBM just launched its blockchain-based ledger that will track food supply chains.  Known as IBM’s Food Trust Ledger, it will allow food retailers, suppliers and growers to see the supply chain in real-time.  This will create better transparency and a way to trace food origin and safety of food. The last thing we need is unsafe lettuce again.

With regards to cryptocurrencies, government officials think they’re here to stay

Chis Giancaro, the chair of the CFTC says, “I think that cryptocurrencies are here to stay. I think that there is a future for them. [But] I am not sure if they will ever come to rival the dollar or other hard currencies, but there is a whole section of the world that is hungry for functioning currencies, [like Bitcoin].”

Even CFTC Commissioner Rostin Benham has said cryptocurrencies are here to stay.

“Virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away, and they will proliferate to every economy and every part of the planet. We are witnessing a technological revolution; perhaps we are witnessing a modern miracle.”

 

 

 

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