Nouriel Roubini’s Testimony to the US Senate has Incorrect Facts says Crypto Enthusiasts

Nouriel Roubini’s Testimony to the US Senate has Incorrect Facts says Crypto Enthusiasts

Its been just 72 hours since Dr. Nouriel Roubini submitted his testimony to the US Senate where he called “Crypto is the Mother of All Scams” and since then the crypto community has been negatively abuzz with this speech. These words were definitely not going to go down well with crypto industry and now they have started pointing out the discrepancy in the testimony.

Dr. Nouriel Roubini needs to get his facts right says, Joseph Young,

The Committee on Banking, Housing, and Urban Affairs met in an open session to discuss the current state and future of Cryptocurrency and Blockchain Ecosystem on October 11, 2018. As part of the hearing, the Senate listened to the skeptic perspective of Nouriel Roubini, Professor of Economics and International Business New York University Stern School of Business. In his 37 page testimony. Dr. Nouriel Roubini called the cryptocurrency space the “mother of all scams”. He further claimed that cryptocurrencies aren’t scalable, are full of scams, and aren’t being used by anyone but criminals. He also went ahead and called blockchain technology is no more than “overhyped technology” and a “glorified spreadsheet or database.” He said the same views on Twitter


Well, this did not go well with the crypto community as they took on the twitter to boo him down. Joseph Young immediately replied to him saying “Go back home Nouriel, you’re drunk”


Erik Voorhees to reverted saying Fiat is the scam


But now after 72 hours, Joseph has come back with a tweet saying that there was a lot of misinformation presented in the testimony and has called Roubini to know his facts correct before he attacks any industry

Picking up finer points from the testimony Young said

  1. Bitcoin fee is USD 0.06 on blockchain and not USD 55 as Roubini puts in his speech
  2. Roubini claimed Buterin is a billionaire and named him as “benevolent dictator for life”. According to Joseph, this is not true as Vitalik never owned more than 0.9% of Ethereum
  3. Roubini also termed Crypto is printed out of nowhere, whereas Joseph clarifies that cryptos exist because of proof of work (POW)  


While the inconsistencies have emerged in the testimony, one will have to wait and see what does Roubini comes up with as his explanation.

Will Roubini prove his points again or will he accept defeat? Do let us know your views on the same.

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Nouriel Roubini’s Testimony to the US Senate has Incorrect Facts says Crypto Enthusiasts
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Nouriel Roubini’s Testimony to the US Senate has Incorrect Facts says Crypto Enthusiasts
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Its been just 72 hours since Dr. Nouriel Roubini submitted his testimony to the US Senate where he called “Crypto is the Mother of All Scams” and since then the crypto community has been negatively abuzz with this speech. These words were definitely not going to go down well with crypto industry and now they have started pointing out the discrepancy in the testimony.
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Nilesh Maurya 416 Articles

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Reach out to him at Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Reach out to him at [email protected]

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