Crypto Hater Nouriel Roubini And Bitcoin Trader Tone Vays Continue Digital Duel Over Latest Action
On November 16, Nouriel Roubini, the NYU professor tweeted that he could gloat about BTC collapsing 10% in a day. However, that was still some way to go before it hit zero. The professor has been a perpetual critic of crypto. He even told the US Senate that BTC was the biggest scam and bubble in the history of man.
As BTC prices continued to plummet on Monday, Roubini was not letting up. He went to Twitter as a response to a tweet by Vays. In the tweet, Vays was urging BTC investors to hold on. Roubini responded, and it was not to support Vays. He admonished Vays and other HODLers and went as far as to call them masochists. He went further to given his own gloomy projections.
Vays Fires Back
Vays, not to be outdone, fired back with a tweet. He gave his own experience of HODLing during the tough times. He said that Roubini’s assumptions on how BTC works were wrong. He said that unlike what Roubini thought, BTC was not a stock but it was a tangible asset.
Vays gave an example of the housing crisis. During that time, Vays held on to his apartment and it eventually turned out fine. For him, those who see BTC as a tradable stock to make money might leave. However, he said that there was just too much risk for him to consider exiting in the midterm or short term.
A Continuing Standoff
On September 2, it was reported that Vays and Roubini had squared off. This occurred at the BlockShow event of 2018. There was even a video, which showed how much Vays and Roubini disagree with each other.
At a panel that was moderated by David Drake, the founder of LDJ Capital, some points of disagreement between the two were reached. For instance, Roubini said that BTC is useless, scammy, and fraud.
Vays was on the other side of the spectrum. He was quite optimistic despite the current price drop of BTC. For instance, he gave the example of how BTC is able to match the capability of current fiat currency. This is in contrast to Roubini who has a different view of the issue.
Vays Is Cautious
Vays does not have blind optimism like other players in the crypto world. He views crypto like nuclear waste. If not properly stored, it could be dangerous. Just like those who support nuclear power, Vays support crypto although there are inherent risks involved.
As the talking head start to make appearances on various shows starting from Tuesday and for much of this month and December, one thing is clear; Vays and Roubini will not find a middle ground soon.
For those who believe in crypto, this downturn in the crypto world will be a real test for them. However, it could also help to make the industry less appealing to scammers, who were attracted to it by the skyrocketing prices.