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By CCN.com: Bitcoins and crypto-currencies are the father and father of all bubbles, and the blockchain is nothing more than a "sophisticated database". Swiss.
Speaking in front of a panel composed of only one person (perhaps so that no one could challenge his anti-crypto FUD?), Roubini was jubilant on the current bear market. He insists that it has been proven that he was right in his longstanding opposition to bitcoin.
Blockchain is overhyped, 'Fancy Database'
In addition, Roubini claims that crypto and blockchain have no place in the upcoming Fintech revolution, as they are just flashes.
"I think that there will be a revolution in financial services. This revolution is called fintech, "said Roubini. "But my reading of fintech is that it has nothing to do with blockchain, nor with crypto."
While Roubini's anti-bitcoin position is not new, his mbadive blockchain removal sets him apart from other clbadic cryptographic critics.
Even bitcoin-critical figures like billionaire Bill Gates, founder of Microsoft, described blockchain as a breakthrough innovation that could revolutionize banking, supply chain management, and healthcare.
But Roubini is still not convinced of his merits. "What we're seeing with the blockchain has already been done in the private sector, with IBMs around the world," he said.
In addition, blockchain is an oversized "sophisticated database" that "is no better than an Excel spreadsheet," he said.
Bill Gates would like to make a short film with Bitcoin, so why did not he? https://t.co/CQnVG2UHbo
– Crypto in real time (@RealTimeCrypto) May 7, 2018
Nouriel Roubini: Crypto does not have a future
Roubini also said that a cryptocurrency-based payment system would never succeed because it is inefficient and slow. "Any encrypted payment system is a problem," he said.
In addition, most cryptocurrencies are not currencies, he insisted.
This is not a unit of account. They are not a means of payment and do not constitute a stable store of value. You can not have something that is scalable, decentralized and secure.
In the case of bitcoin, you can only make 5 transactions per second. Visa allows you to make 25,000 transactions per second.
The currency of the central bank will dominate crypto
Roubini has also made fun of crypto news websites for excitement whenever they hear rumors of a central bank launching a digital currency.
"These things are never going to have anything to do with crypto-currencies or blockchain," he insists.
In addition, if and when a central bank decides to launch its own digital currency, it will dominate all crypto-currencies and render them obsolete, says Roubini. "It will also dominate the current models of digital payment systems," he says.
Indeed, what is it? [a central bank digital currency] mean? Is it a cryptocurrency? Is it based on the blockchain? It's like the current system: it's a centralized big book. It's totally monitored by the central bank.
Roubini therefore believes that the cryptography industry should not expect a digital currency protected by a central bank, because it would sound the end of all crypto-currencies and sound the death knell of the current digital payment systems such as PayPal.
"Why would you want to use these and pay even a small fee, while you could do it for free with a central bank?" He asked.
Circle CEO: Humanity can not survive the digital age without crypto
Naturally, the cryptographic entrepreneurs whose name is "skin" do not take into account the rejection of Nouriel Roubini of the entire sector.
As reported by CCN, Jeremy Allaire – the CEO of crypto unicorn Circle – says that humanity can not survive the digital era without crypto.
"Cryptography is at the base of the protection of modern society, of the privacy of people," said Allaire (video above). "It's a fundamental tool of our cyber defense. It is a fundamental tool of every company. "
Allaire noted that modern society relies on digital infrastructure. As a result, humanity will not be able to survive the digital age without digital currencies.
Crypto is fundamental for the future. We need impbadable, resilient and resilient infrastructure if we want society to survive the digital era. We see this as much more transformative than the Web.
Humanity can not survive the digital age without crypto: Circle CEO Jeremy Allaire https://t.co/A9ImFDflVu
– CCN.com (@CryptoCoinsNews) January 24, 2019
Disclaimer: The opinions expressed in the article only commit the author and in no way represent those of NCC.
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