Rebuttal to Nouriel Roubini aka Dr. Doom’s Negative Bitcoin and Blockchain Statements
A Rebuttal to Dr. Doom’s Negative Statements
Since cryptocurrencies became popular, a few skeptics have made it a point of duty to consistently denigrate and belittle the technology, spreading irrational fear and doubt in the process.
Every once in a while, these critics come out to denounce the viability and validity of cryptos and even blockchain in spite of the tech’s growing popularity, mass adoption and valid widespread use cases.
One of the more outspoken skeptic is Nouriel Roubini aka Dr. Doom. His negative criticisms and skeptical utterances tend to be taken seriously by people who don’t know any better. Maybe it’s partly because he’s a somewhat popular economist and professor.
In keeping with his occasional outbursts, he recently released an assortment of negative pronouncements about cryptocurrencies and blockchain as a whole… again. Obviously, this was done with the intent to weaken blockchain’s growing popularity and acceptance all over the world.
In his article, he said that blockchain was “the most over-hyped — and least useful — technology in human history.” among other things.
Therefore, to refute this, we have written this rebuttal to prove that his statements are nothing but hot air, likened to a desperate clutching of straws.
Flagrant Condemnation Of Blockchain And Its Unapologetic Rise
Dr. Doom apparently delights in making inflammatory and illogical remarks targeted at blockchain technology. Yet, if the tech’s massive adoption has proved anything, it’s that people and institutions are realizing its huge potential and piling on with the intent of exploring the tech’s dynamic uses.
Blockchain as we know it, is gradually being explored by organizations looking to see how it can increase their workplace efficiency, further accelerate streamlined processes and improve business activities.
However, as with all new revolutionary technologies, growth is often in bursts of sprints and periodical as against, a smooth sustained marathon-like progress. There’s usually a period of feverish breakthroughs, followed by spans of lulls that help explore and fine tune the newly discovered tech, before the cycle repeats itself.
This is something that Nouriel Roubini has failed to grasp while he points to the current state of the cryptocurrency market, completely ignoring the fact that the market is currently going through a series of “weeding protocols” where viable and solid projects are making more progress, and scam/shit coins are fast disappearing.
His Impression That Blockchain Is A Myth
He also says that blockchain is essentially a “glorified spreadsheet” ardently promoted by individuals looking to gain from their popularity –he calls crypto founders pseudo-billionaires”. Not only is this a simplistic and misleading description of blockchain, it shows that he clearly has a poor grasp of what this technology can do.
Characteristics like decentralization, immutability, and transparency define blockchain. These are just some of the features that have heralded a new era and given people hope for a better future that puts power back in the hands of the people.
The appeal of this powerful technology has caught the attention of developers, accomplished academics, seasoned executives and even governments who are exploring it for various purposes. While there are clearly a few projects that bear all thee marks of the founder’s greed, there are many that have noble intentions behind them.
This new technology has birthed a movement among individuals who are seeking to change the world for the better. Not only is Roubini’s sweeping statements about the authenticity of blockchain false, it is outrightly demeaning.
He Still Refuses To Have A Public Conversation With Worthy Opponents
Mr. Roubini has been challenged multiple times to engage in a debate with Vitalik Buterin, Ethereum’s co-founder. Yet, he hasn’t agreed to a public debate for whatever reason.
One would think that someone who truly knows what he’s talking about would be willing to argue his stance with a worthy opponent in public. Often times, one of the best ways to prove that a technology is flawed, useless or overhyped is to debate an influential leader, and floor him in the process.
Yet, he hasn’t risen to the challenge. We’re quite frankly, very surprised at this, considering his pedigree as a senior adviser to the White House council of economic advisers and the U.S. Treasury.
All he’s been doing is casting aspersions on the technology. In fact, early this year, he opined that traditional institutions don’t believe in the viability of blockchain, further stating that the tech had “become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed.”
Not only were these opinions baseless, we have seen significant growing interest among those same traditional institutions looking to explore blockchain’s viability. Many of the companies he wrongly called “enemies of the blockchain movement” have started exploring and adopting the technology, indirectly influencing its further integrations and acceptance in mainstream society.
Consistent Growth in The Face of Roubini’s Opposition
An example of this is the European Commission’s stance that blockchain just might play a significant role in technological innovation and the increased growth of Europe’s economy. To that effect, we’ve seen the coalition of 22 EU countries forming the European Blockchain Partnership.
This was created to help promote and foster the use of blockchain apps as well as establishing the European Blockchain Services Infrastructure.
Another significant win for blockchain is apparent in the considerable number of traditional professionals who are making a career change towards blockchain related areas. Some prominent examples include former White House Economic Advisor Gary Cohn who joined blockchain start-up Spring Labs and Blythe Masters, former Head of Commodities at JP Morgan, who is currently the CEO of a blockchain firm Digital Asset Holdings.
These sudden career shifts among many professionals have further proved that Roubini’s stance on the industry being a fluke is hogwash. On a related note, we have seen reports indicating a huge demand for blockchain related skills on various platforms including Upwork.
The company’s recent quarterly report shows that the demand for blockchain related skills has grown by 6000 percent in a year. This combined with blockchain’s inclusion in school curriculums has proven that it’s here to stay. In fact, Stanford currently offers 10 blockchain courses as part of its curriculum, while NYU offers it as a major.
All these trends and events have shown that Roubini just might be part of the minority when it comes to blockchain tech. With companies, schools, seasoned professionals and traditional institutions investing in and paying attention to blockchain, it’s only a matter of time before the Roubinis of this industry get with the program or become relegated to the annals of forgotten history.