Speaking to us congressmen at the hearing of the U.S. Senate Committee on banking, housing and urban Affairs, expert on global Economics Nouriel Roubini (Nouriel Roubini) said that bitcoin is the mother of all Scam and all the “bubbles”, and the technology of the blockchain is overly hyped, although no better than a spreadsheet or database. The economist it took 37 pages of text.
For example, Roubini compared the bitcoin fever 2017 with a known history of “bubbles” and saw that the growth of the stock market exceeded their performance by 2-3 times, promising the rapid collapse and incredibly fast and deep drop. Reducing bitcoin exchange rate on 70% from December of last year, the economist described as “good” on the fall of altcoins 90-99%.
“In fact, to call this useless junk setkeyname – so seriously hurt the manure, which is the most useful, valuable and effective fertilizer in agriculture,” said Roubini.
Professor of Economics at new York University, cited data from a study on the ICO results: 81% of them were scammy, 11% imploded and only 8% cited the new cryptocurrency in the exchange lists. And of that 8% top ten cryptocurrency, after bitcoin lost 83-95%.
“This is a real Crypto-Apocalypse”, – the economist concluded.
In his speech, Roubini said that cryptocurrencies were not a viable unit of calculation or by means of accumulation, people do not pay a Commission of $55 for the coffee price to $2, but bitcoin in reality is only used to support illegal activities. Protecting the traditional financial system, the economist said that Fitna currency and Central banks reduce symptoms of the financial crisis.
However, he was sure that now that the “cryptocurrency myasorubka became apparent cryptocurrency wretches have found refuge in blockchain technology”, although in reality the value is not she, but FINTECH, which has already demonstrated success through the work of PayPal, Venmo, Square, Alypay, WeChat Pay, M-Pesa, etc. He also supported the view Vitalik Buterin on three fundamental blockchain incompatibilities: scalability, decentralization and security, which cannot be implemented together.
Recall now the media has learned that at least five major US universities have invested in the cryptocurrency funds. We are talking about Harvard and Stanford universities, Massachusetts Institute of technology (MIT), Dartmouth College and the University of North Carolina. The total investment is expected to last for tens of millions of dollars. Earlier it was reported that Yale College has invested part of its assets in two cryptocurrency Fund managed by Andreessen Horowitz and Paradigm.