Bitcoin Maximalist Tone Hays Debates Nouriel Roubini: Crypto For The Win?
The discussion between Nouriel Roubini and Tone Hays, which was moderated by David Drake, founder of LDJ Capital, opened crypto lovers to many a number of things.
During the discourse, Drake pointed to Roubini’s prediction of the 2008 economic woes. While talking, Roubini made it clear that his know how in blockchain is a result of his ability to see bubbles when it exists and as quickly as possible.
In his word, former trader Vays, who is now a prominent YouTuber airs that he is not at par with Nouriel on the dysfunction of the crypto market, saying anything aside from Bitcoin $7238.80 +0.2% should be painted ‘useless,’ and ‘anything else is scammy or fraudulent.’ However, Roubini emphasized on the disunity between institutions and regulations.
Highlights of my head to head w/ @Nouriel at #BlockShow @BlockShowcom #Vegas event. I agree w/ him on everything being a #Scam except #Bitcoin which competes w/ $USD & $Gold on:
2. Moneytary Policy
3. Censorship Resistance Paymentshttps://t.co/ejUemYZBOu
— Tone Vays [Bali – Financial Summit] (@ToneVays) August 31, 2018
Speaking, Vays likened Bitcoin to nuclear waste, saying if not properly stored, there may be disaster afterward. Meanwhile, Vays is still an adherent despite numerous pitfalls.
Roubini in his statement is doubtful of cryptocurrency, pointing at many pump-and-dump issues and also strangers trading “shitcoins day in and day out.”
Roubini is of the opinion that 99.9% of digital currencies will fail, asserting that Bitcoin is the only cryptocurrency that will remain in case everything destroys.
Tone, in his own word, noted the ‘unconfiscatable’ characteristics of Bitcoin, especially if stored appropriately out of the reach of hackers.
To against his claim, Roubini hastily said that ‘it is not true they cannot be confiscated,” citing from economists among which are U.S. Secretary of Treasury Steve Mnuchin, who claimed that digital currencies may become the next ‘Swiss bank account.’
Roubini was doubtful that government could accept the anonymity characteristic of crypto, especially the Trump administration.
He, however, dabbed into the centralization of mining, saying it is hypocritical of a system like crypto that claims decentralization. The two parties made lots of senses while discussing the centralization nature of mining.
Cryptocurrency discussion has been the order of the day, for sometimes now, especially the moment government decided to delve into the situation to introduce claimed sanity into the unregulated system.