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Senate Banking Committee Hearing Offers Two Opposing Views on Crypto

https://dcebrief.com/senate-banking-committee-hearing-offers-two-opposing-views-on-crypto/

Actually, one view and one idiotic rant from someone who should not be speaking in public on ANY subject.

You're not wrong. As a rule, we should all be skeptical of anyone whose first response to technological innovation is to cast shade and call it a scam or a worthless idea with no real potential. I'm old enough to remember when people I knew and respected confidently predicted that personal computers would never catch on. Many of those same people later laughed at the idea that the internet would ever amount to anything more than a curiosity.

The more things change, the more some things - and people - remain the same.

In this instance it appears that both are somewhat correct, but Roubini - having a rather critical view and potential set of entrenched interests to pursue by keeping cryptocurrency at bay - is hammering home just what he sees before him, and focusing more on how people are using a new technology, rather than the technology itself. Sometimes, even though there is a ton of crap in our industry that needs to be resolved (like all new things), it takes a while until people really learn how technology will end up being used in a practical sense. This is one of the things that DNotes and DNotes Global Inc. has been intensely focusing on.

Technologies always evolve and never started out perfect. Together, we make it near perfect over a long period of time. We have seen it in personal computers, wireless communication, the Internet, and more.

We are witnessing the greatest technology revolution since the internet. But this is significantly bigger and more widespread allowing for true global participation of up to 90% of the global population by 2027 with full implementation of the next generation of cell phone – G5.

Since the wealthiest 3% own a larger amount than the remaining 97% global wealth, digital currency with its underpinning block technology has positive world-changing implications. Direct payment between two parties without the participation of a third party makes it possible for the first time in human history to have a technology that provides equal opportunity and participation globally in micro payment, micro investment and other funding programs.

I am concerned about the ruthless culture and rampant bad behavior in our industry. Light-touch regulations are highly appropriate. Our law makers should seek to encourage but not stifle innovations that can help change the world for the better. Equal opportunity to participate irrespective of wealth, status, or locale is world-changing. Let’s work together to change the culture – fairer and more trustworthy.

Roubini's attitude is juvenile, offensive and combative. No different than the early Internet really. There will always be those who speak from a position of knowledge and those that speak from a position of fear and hatred of anything new that threatens their narrow, focused idea of what is good and what is bad. Roubini also speaks from a position of fear and an obvious bias against that which may threaten the only system he knows. He is not the "expert" everyone thinks he is. He got lucky in 2008 like many others that made the same prediction. He, however, stands out because he is an arrogant ass that shouts above the noise in his need to be recognised. I said he was an ass then and I will continue to support that position. Nothing has changed in that regard. Hopefully, Congress is smarter than him.

"Equal opportunity to participate irrespective of wealth" Well said Alan, that is what crypto is all about and we must work to preserve that.

Roubini is a joke. Great Mic Drop tweet from Willywoo earlier today

Original tweet: "@Nouriel is an extraordinary talented propagandist! Notice that everything he says about the general scam industry (#blockchain/#crypto) is true, while everything he says about #Bitcoin is a lie. The conflating of the two is not by accident."

Roubini's Reply: "In which way I am 99% right on all my arguments but Bitcoin? Bitcoin is worthless like all other shit-coins. And it is not a currency: not a unit of account, not a means of payment, not a stable store of value (lost 70& of value in 2018), used by no one. It is same garbage."

@woonomic's pwnage: "The 20m people who have bought bitcoin with fiat would disagree that Bitcoin is worthless. Of course a Keysian professor of economics will say a nascent Austrian school currency will be worthless in the face of an adoption curve that continues to double every year."

Roubini at this point is just a walking, talking embodiment of outmoded and failed 20th Century economics. And with the way he tweets and the volume at which he shouts, he's petty. A petty, loud ideologue who is out of his depth and wrong AF. So annoying. I'm permamuted him from my brain for the most part.

It's quite funny to watch the most rudimentary free-market argument - one that boils down to 'it's a market, and the participants of that market disagree with you, and we should let the market decide' - be used as such an effective against a supposed 'economist' (to be fair, keynesians can only very loosely be considered students of economics). It would be a relatively effortless process for most people in more 'based' economic circles (those not paid incomes to promote the status quo) to disarm his arguments - which seems to be covered by a ton of amateur economists demolishing him in debate as it is. I feel sorry for his students in NY.

I've had a look at Roubini's aneurysmic outbursts on twitter, and they mostly constitute gross ignorance, and straw-manning of opponents views. Cryptocurrency has long been theorized to be an alternative solution in a financial collapse -- the very basic assertion that in a banking / financial collapse, cryptocurrency payments can still function. Pretty simple right? Well no! Roubini attacks people with that view by asserting that the argument is that Bitcoin is a 'hedge' for traditional financial market volatility, despite how very few people have claimed this... except for JP Morgan showing that it historically may have been the case. In Roubini land however, you'd be proven wrong if you claimed a six-sided die had a 5/6 chance of NOT being a six, after he rolled a six.

Roubini's continual emotional online tantrums claiming Bitcoin is software of right-wing extremism shows his opposition to decentralized systems is an ideological one at best, and a tyrannical desire to retain power in the status quo at worst.