Nouriel Roubini Gets Behind the Anti-Ethereum Lashings
- Nouriel Roubini’s negative stance on irrational economic movement has led him to be referred to as “Dr. Doom.”
- Ethereum has gained just under 0.5% in the last 24 hours.
Nouriel Roubini is better known by his persona of Dr. Doom, and he’s known for his constant negativity towards irrational bubbles in the economy. He finds cryptocurrency assets unnecessary, stating that they don’t have any value, but his recent comments have seemed to target Ethereum specifically. As Dr. Roubini sees it, Ethereum lacks intrinsic value.
Crypto-Apocalypse: Ethereum down 90% from the peak, in free fall and now close to the 2018 low. Still a long way from zero that is its fundamental value. Actually it is worth negative given all the toxic externalities of energy waste and pollution that its mining generates
— Nouriel Roubini (@Nouriel) November 27, 2019
This is one of the few instances that Roubini has chosen to shift his attention away from Bitcoin specifically, though an older tweet includes remarks that Bitcoin is still down significantly from its all-time high. (Bitcoin, at the time of writing, is priced at $7,758.07, rising by over 1% in the last 24 hours.) He also mentioned that altcoins are nothing more than a disaster, and some crypto community members happen to agree.
Ethereum has gotten a lot of criticism for quite a while. Many of the opponents are frustrated with the lack of scaling, as well as how complex it is to use the low-capacity network.
Crypto-Carnage: BTC down 65% from peak; other top 10 crypto-currencies down 80% from peak. 1000s of other shitcoins down 95% to 99% from peak. Total crypto-apocalypse!
— Nouriel Roubini (@Nouriel) November 26, 2019
Even with all of the naysaying, the cryptocurrency market appears to be in better shape than it normally is. After the massive rally recorded at the end of 2017, the hashrate of Bitcoin reached about 20 times higher than it had ever been. Trading volumes are starting to increase again, and the altcoins ranking at the top of the market are seemingly turning out more liquidity.
There’s been many failed projects to reach the market, and there’s even assets that have lost nearly 99% of their value multiple times, valued at almost nothing now. Even in the earliest days of being able to trade cryptocurrency, failed coins have managed to accrued.
Despite many setbacks, the market has seen more volume collectively recently. New products and derivatives markets are boosted by liquid coins and tokens. The significance of Ethereum has been rising again as well, after being chosen to run Tether with an ERC-20 version of the token.
The cryptocurrency market has been dealt many blows in its short lifetime, but the current market is more resilient and less likely to break from negative news. Even losses from big exchanges, like the losses faced by Upbit and IDAX, were taken without much attention, and the gloomy statements over the market don’t seem to stick to the optimism at all.
There are extreme predictions of where Bitcoin is going now, and some analysts are proposing levels as low as $1,000, using long-term chart patterns to come to that conclusion. However, Bitcoin seems to be bouncing right now, and there are many traders around to push it to better price levels.
As the thief from Upbit attempts to cash out some of the stolen cryptocurrency from the hack, there’s some fear surrounding the price beating that Ethereum might take during the sale. However, the coin is maintaining some consistency in its stability, as more ETH is moved into collateralized lending and DeFi schemes.
At the time of writing, Ethereum was worth $154.58, increasing by just under half a percent in the last 24 hours.