Yet another time. Nouriel Roubini is in the top bulletin. The man has recently appeared at the blockchain conference wherein he publicly made harsh statements on Bitcoin, cryptocurrencies and the founder of BitMEX exchange.
Dr. Doom’s Remarks on Bitcoin & Cryptocurrency
Nouriel Roubini, aka Dr.Doom, is a professor at NYU’s Stern School of Business and CEO of Roubini Macro Associates. Besides this, the man is famously known as anti-cryptocurrency economist for his fiery tirade against cryptocurrencies. Yesterday, on July 06, 2019, Mr.Doom shared a video clip on Twitter, calling BitMEX carrying drug pushing business model without any censorship.
My remarks at the blockchain conference in Aix today are in the you tube link below. My remarks start at the time 2:30:00 on that video link.
Watch me destroy @CryptoHayes
and @BitMEXdotcom "drug pushing" biz model without any censorship: https://t.co/0jIOvN6Brl
— Nouriel Roubini (@Nouriel) July 6, 2019
During a recent conference, Roubini headed over and began his speech by calling cryptocurrency as the mother and the father of all the bubbles. He referred to the $20K figure of Bitcoin which excited the whole crypto market in late 2017, and the drastic decline during 2018.
Although, he quickly added that the Bitcoin has managed to recover a bit in the year 2019 – he believes that Bitcoin, as well as other cryptocurrencies, are nothing but nonsense. In his words;
It’s clear there was a bubble in cryptocurrency in 2017 when Bitcoin was up to nearby $20000 in December and in last year, 2018 it collapsed by 85%, Roubini Said. Thousands of other shitcoins lost their 99 percent of the value during the last year…There was a recovery of Bitcoin and other cryptocurrencies but even today, it is still 50% below from the peak.
In a continuous conversation, Nouriel Roubini added;
Ethereum is the second largest crypto and is still about 80% below peak. All of these currencies are still way down.
Moreover, he pointed out that there is a 5000 pump and dump scheme. Spoofing, market manipulation, wash trading, and other such activities in the financial market today – and counted crypto in the same list. Earlier, he called Binance CEO as the snake oil peddler who is always talking his book 24/7. During this time also, Roubini told that;
This is the space full of scammers, literal criminals, insiders, snake oil peddlers and people talking their book 24/7 and manipulators.
Roubini Shouts at BitMEX and Arthur Hayes, Again
While in a continuous talk, Roubini spoke about his latest debate with BitMEX’s head “Arthur Hayes” and what he thinks BitMEX exactly is. He says,
“Hayes calls a bunch of people like his clients who are actually gamblers who involve in leveraging the money up 100 times,”
Dr. Doom added,
And they make money essentially not by having a commission on these trading but when they liquidate you and then there is a whole website on Twitter and then it is called BitMEX Wrecked and 1000s of people have been wrecked this way.
He then continued; they make money not only through commission, but when they liquidate you, you go bankrupt, and then they take some of that money and then put into this so-called liquidation fund, and that’s the half of their revenue.
So these people are the criminals, there are worse than the rat blushers and this (BitMEX) is that the biggest exchanges in the world that first addict you then they destroy you and then they liquidate you and then they make a profit out of you. This is what happens throughout the world, he said.
Concerning the definition of cryptocurrency, he said, it is just nonsense. To be a currency, it has to have a unit of account; means of payment and a stable store of value against goods/wealth.
Roubini’s harsh comment on Arthur isn’t the first time either – during the earlier event “Asia Blockchain Summit’ held on July 2nd and 3rd, Roubini debated with Hayes on the stage – however, the clip of the debate isn’t publicly available yet, but Roubini publicly demanded to release the Tape.
Besides, he reportedly states that you ask everyone who watched the debate there – people there told me and told others that “I was the clear winner.”
In another publication, it was highlighted that the Roubini concluded;
“The guy is a total idiot who does not know how to debate; he was pathetic, rehashing old, stale arguments that made no sense.”
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