Bitcoin’s famous critic, Nouriel Roubini, has said quite a few things against Bitcoin, with the real fireworks going off at the ‘Tangle in Taipei,’ with Arthur Hayes.
The debate started off like any other debate, with one speaking over the other and not making any sense, until the moderator stepped in. Arthur Hayes made valid points when he said that Bitcoin was a choice to the people who were trying to get away from the fiat system, a system where each person is constantly being monitored by a central controlling authority.
“Bitcoin represents an opportunity instead of using courts laws and violence to govern how money is transferred between individuals and parties we use open source software cryptography and math now which one successful I don’t know but as a society we definitely need a choice and that is what bitcoin represents a choice for a different way to govern financial transactions.”
Roubini refuted this by comparing Bitcoin’s per second transaction limit with Visa’s, concluding that Bitcoin cannot scale. He also added that revolution in payments has nothing to do with crypto or blockchain, but had to do with AI, Big Data, and IoT.
“In payment system, everything is already digital. It is not the question about being analog or digital, there are payment system being used by billions of transaction by billions of people and not five transactions per second, like AliPay in China, UPI systems in India…”
Adding more points to the above, Roubini said that revolution surrounding payments is already happening via these previously mentioned technologies. Unlike these technologies, the cryptocurrency market is very volatile and “not even this conference allows you to use Bitcoin to pay for it because the price has fallen more than 30% in a week,” the economist said in a stinging attack.
Roubini, who was on roll, made a point as to how “one shitcoin is being traded for another shitcoin,” while middlemen like Arthur Hayes were benefiting from these by providing 100x leverage to the people to lose more money.
“They make money, they don’t give a shit whether the price goes up or down, as long as there is volume, he makes it back via commission”