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
99% of crypto land is one shitcoin traded for another shitcoin. And the average shitcoin lost 90% or more of its value in the last year. So Crypto Land is Crap Land, a cesspool of lunatics with severe Freudian scatological obsessions that swim 24/7 in their own stinking shit.
— Nouriel Roubini (@Nouriel) October 11, 2018
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”
Go back home Nouriel, you’re drunk
— Joseph Young (@iamjosephyoung) October 12, 2018
Erik Voorhees to reverted saying Fiat is the scam
Fiat is the scam, Nouriel. Some of us are tired of it, so we’re building an alternative. You’re under no obligation to use it. https://t.co/3S6PJTN1QC
— Erik Voorhees (@ErikVoorhees) October 10, 2018
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
- Bitcoin fee is USD 0.06 on blockchain and not USD 55 as Roubini puts in his speech
- 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
- Roubini also termed Crypto is printed out of nowhere, whereas Joseph clarifies that cryptos exist because of proof of work (POW)
Nouriel Roubini’s incorrect claims about crypto in the past 72 hours:
1. Bitcoin fee is $55 ($0.06 on @blockchain)
2. Buterin is a billionaire (never held more than 0.9% of Ethereum)
3. Crypto printed out of nowhere (PoW)
If you attack an industry, at least have the facts.
— Joseph Young (@iamjosephyoung) October 13, 2018
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.