BitMEX CEO Arthur Hayes & Economist ‘Dr Doom’ Nouriel Roubini “Tangle in Taipei”
- Scam, fake, sick, and zero are the words Dr. Doom Nouriel Roubini threw in
- Bitcoin represents a choice, the only real free market left in the world that will be a trillion-dollar plus asset class, countered Arthur Hayes
A face-off between BitMEX CEO Arthur Hayes and economist and crypto skeptic Nouriel Roubini aka Dr. Doom took place in Taipei Tuesday. The sparks flew on the stage at the 2019 Asia Blockchain Summit when both the parties debated on whether cryptocurrencies are the future or scam.
Roubini a known crypto hater said “shitty behavior” occurs in the cryptocurrency industry which is running with criminal and scammers.
Hayes acknowledged this but maintained that cryptos provide a valuable service to those who want to avoid govt. surveillance and regulation.
“People love to speculate,” Hayes said.
“We’re just trying to give them an opportunity to do it in a safe manner.”
Is Arthur Hayes a Crook?
Roubini said BitMEX is just the example of “everything that is sick and wrong in the industry,” which allows “degenerate gamblers and suckers” to leverage 100x.
On the question of, is Arthur a crook? Roubini said, “He makes money off of sucker,” and that students in the US have used their student loan money on cryptocurrency.
“There are laws but they are not in all jurisdictions and retail suckers are being rekt by whales. There are reasons why there are laws and these people don’t give a shit,”
On the regulation part, Hayes said they are regulated in Seychelles and NYAG and NYDFS isn’t the only game and that not everyone “needs to follow the US.”
Bitcoin Represents a Choice
“Bitcoin is slow. There is a revolution and it’s called fintech.”
The CEO countered that it takes decades to scale just like traditional banking took and a decade of Bitcoin’s progress is nothing but “impressive.”
Bitcoin’s market capitalization of $200 billion is “a huge bug bounty” pointed out Hayes and that still it has “never successfully been hacked.”
“Don’t store your f*cking bitcoin on an exchange. Hold your own keys.”
Though crypto is less popular today with less than 1 percent of the world’s population owning it, it is “worth more than zero” and people value financial privacy.
“bitcoin won’t be a niche market.”
Physical cash is the most anonymous but it will be stripped away and things will be monitored by governments and large companies.
“Bitcoin represents a choice to be governed in a different way.”
What About its Price Tanking 30% in a Week?
Roubini was quick to repeat this and that there is no scalability, security, or decentralization.
“This will all go to zero” and would become a “museum of failed coins” where people will collect bitcoin and other cryptocurrencies.
But then why does Bitcoin recover? Tether, whales and fake transactions are the words Dr. Doom threw in.
“Bitcoin and crypto markets are the only real free market left in the world,” and in the next five years, crypto will be “a trillion-dollar plus asset class, which is still very tiny,” argued Hayes.