Dr. Doom's damning speech on crypto

11 Oct, 2018
by Will Heasman
Dr. Doom's damning speech on crypto

Professor Nouriel Roubini colloquially, (and unaffectionately) known as Dr. Doom is all set to spout his vitriolic views on crypto to the US Senate banking committee hearing today.

The crypto critic has been maligned by the space due mainly to the fact he hasn’t been one to keep his bearish sentiment to himself.

Roubini gained recognition for calling the 2008 financial crisis, starting in 2006 presenting multiple articles and talks warning of the, then imminent crash; gaining him the title of ‘Dr. Doom’.  

Since then, he’s gathered notoriety within the crypto space for his provocative views, most of which saw him call crypto “more centralized than North Korea".

Today Dr. Doom testifies in front of the Senate Committee on Banking, Housing, and Urban Affairs. The event is to be live-streamed, but, luckily, for those who just can’t wait what he has to say, Mr. Roubini prepared his speech in advance…

The subtitle for his testimony gives a subtle (if somewhat bitter) taste of what’s to come:

“Crypto is the Mother of All Scams and (Now Busted) Bubbles While Blockchain Is The Most Over-Hyped Technology Ever, No Better than a Spreadsheet/Database”

The next 37 pages do little to better that taste but worst of all they seem to be littered with non-sequiturs. Assertions such as: “Very few women or minorities are allowed in the blockchain space” and that “The energy consumption of crypto is an environmental disaster” accompany a plethora of other half-truths within the testimony. 

Roubini also turned his attention to scalability, citing the issue without any mention of the solutions being produced, such as the efforts of sharding or the Lightning network.

Eric Voorhees, CEO of Shapeshift responded to Roubini's testimony, equating Fiat money to the "scams" Roubini is so fond of calling out:

Catch the live stream of the hearing here!

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