Bitcoin Forum

Nouriel Roubini describes cryptocurrencies as "the mother or father of all scams and bubbles." Also, he thinks that blockchain is a simple thing and blockchain is nothing more than a sheet in "Excel"!

https://www.consultancy.uk/news/31267/most-consumers-do-not-trust-cryptocurrencies

Like WT*  :-X
I have always seen detractors of Bitcoin and cryptocurrencies. But this one, it's hilarious.
In my opinion, these are the words of someone who has no knowledge about cryptocurrencies and blockchain. Also, I think that his only reason for saying such things is to become a little more famous and we hear his name on social media.

Exploring more about cryptocurrencies, it is possible to see even worse statement on bitcoin. This is nothing new, and if you take those as mere words then they're words. People who are in a dilemma whether cryptocurrency is good or bad will dig deep. What is more required than stating a technology based product dead, just because the market drops.

Since the inception of bitcoin, we have seen multiple attacks and detractors from known or little known personalities. I still remember when Jemie Dimon attacked bitcoin, how badly the market reacted. But now we are immune to such attacks and it doesn't matter anymore who says what about cryptocurrency and blockchain.

But such statement can only come from ignorance and lack of knowledge. Let people speak what they want while we will contine to enjoy a path braking innovation like bitcoin for our benefit.

Scams including cyber-scams existed long before cryptocurrency became a thing, so I don't agree with his description of cryptocurrency as the mother/father of all scams and bubbles.

Not exactly that he has no knowledge about cryptocurrency and blockchain but rather he has wrong knowledge about it. That is, he knows about crypto, but he is largely misinformed.

News flash: boomer doesn't understand technology. Obviously I'm not saying that all older people can't understand tech, but a huge majority of them are simply incapable.

As for Nouriel — yea, I watched his Bitcoin-related debates and interviews religiously in the past when he was at peak publicity, and I can say with confidence that his arguments against Bitcoin are BS.

As for crypto in general being a bubble though, there's a lot of truth in it. So much overpriced garbage in the markets. While we've already had a huge market cleansing months ago, it's still not enough for the amount of trash in this industry.

As for crypto in general having a lot of scams, surprise? You give the people the authority to create whatever project they want; a huge amount of scams is expected.

Financial scams and price bubbles exist since the beginning of the human civilization.
Cryptocurrencies exist since 2009. How come crypto can be a "mother and father of scams and bubbles"? Roubini is simply talking BS here.
Saying that Bitcoin is an Excel sheet is like saying that paper cash is a useless piece of paper and gold is a useless metal.
So far I've never seen anyone using paper cash money as toilet paper. Isn't paper cash useless? ;D
If creating a cryptocurrencies was as easy as creating an Excel sheet, why there aren't any good competitors of Bitcoin? Anyone can create a Google spreadsheet or Excel sheet, right?
I guess that Nouriel Roubini doesn't know what "double spending" actually means.

Maybe in Venezuela  ;D

https://i.postimg.cc/sfHmPbqs/09510292-c950-4db5-8589-c3e4ff768924.jpg

I'm afraid that the description is all about traffic

I'm glad they make such statements because they are disqualifying themselves by making such idiotic statements that is easily false.

Well, if you really think that then you just helped his name be heard considering you are reviving a news from 3 months ago. ;)

3 months ago? So why did I just see it on Instagram? :'( Wow, Maybe I'm Roubini  ::)

Because a) Instagram's algorithm is ridiculous and rehashes stuff that were posted weeks ago or b) some account that you happen to follow made a post of it just now.

His claim to fame are the fact that he was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.  ::)  Something that everyone of us are capable of doing, if you just look at the data every day..or rather if you had access to the data.  ::)

He is still teaching at a New York University .....and making his money from teaching people old school FIAT business strategies. People like him at 64 ....will not accept disruptive technologies like Bitcoin that are challenging their old school teachings.  ::) ::)

Well, we have see issues like this in the community which is no longer a new thing to cryptocurrency users in the world, because it's only those who don't have ideas on cryptocurrency can made sure statement about cryptocurrency. I don't think cryptocurrency is a scam and it will never be a scam to the users because many users have seen a good results that made them to believe that cryptocurrency can never be a father or mother of all scams in the world.

Apart from that we can indeed see a lot of scams here, but is it the wrong Crypto? no it's just a bunch of irresponsible people with it that makes it seem like crypto is a bad place. But there is one thing that looks even worse.
Those who criticize in the name of this are as if everything in Crypto is all the same.
Actually I'm not too affected by things like this. My first reason is maybe I really don't know the person the OP mentioned and it's the first time I've heard of this and it's the first time I've searched for this person on the search media :D
My second reason is that there are even more serious arguments than this from people who don't like crypto and the fact is that instead of fading away with the Hatters the popularity of crypto has actually increased.

See, you find it hilarious because it is not true and you know that Nouriel Roubini is anti crypto so everything that spew out of his mouth is nothing but lies and he really sounds stupid.

Specially with his arguments, Lol, it's very flaw in the beginning and the thing is that kind of personalities only shows up when we are in a bear market.They just try to rub it in, but we all know that sooner or later we will have another bubble (according to him), and it will be in the 6 digits minimum.  ;D

I am no longer surprised at all by people's obsession with some characters whose popularity is partially built on the fact that they constantly attack Bitcoin. It doesn't matter anymore whether they are saying that Bitcoin is used for money laundering, financing terrorism, or that the world will remain in the dark because mining consumes even 0.1% of the world's energy.

For those who don't know, Roubini is known as Dr. Doom and that nickname suits him perfectly, because he is one of those eternal pessimists and people who obviously enjoy predicting when something bad will happen, and enjoy it even more when something bad happens.

His explanation of the blockchain best describes how much of an expert he really is, because what he calls a "sheet in excel" is something that even some of Bitcoin's biggest opponents accept as a genius invention that can serve in various segments of society to make it more transparent and honest.

They've been telling that a long time ago, let them be. Nothing's gonna happen if we're going to notice all they say. All the words they say are just the same. Roubini is part of the anti-bitcoin/crypto organization that has nothing to say but is always against cryptocurrencies. If someone famous would tell the same thing to their investments, I wonder what's going to be his reaction about it. But anyway, pro-bitcoin aren't the type of people that they are portraying.

Listen mate each coin has two faces.
If we blame something for it’s disadvantages then it’s not fair to be honest.
I mean there are also many advantages of cryptocurrencies. Why aren’t you guys highlighting those?
It depends on a user to how to use the features.
So we can conclude that cryptos need not to be blamed for the scams that has been happening here. Rather the users are the main culprit.

Never heard of this dude before, but I have now thanks to you op which implies that he has succeeded in attracting attention regardless of whether it's positive or negative. You didn't need to share this stuff at all to be honest.

Ignoring such silly fools is the best solution since debating with them about the pros and cons related to cryptocurrencies is pretty much pointless.

We must be aware that in this case we have 2 groups that will always be there, namely the pros and cons there.
We cannot rule out the pros and cons of this. When we see one person who comments against crypto why should we bother with it. after all in the end this will only be the same as before which was considered the wind and then disappeared. I'm not bothered by this.

That's a stretch. Scams and bubbles existed even before cryptocurrency was a concept. Roubini at this point is just trying to make waves across the space to gain some attention, and sure enough he did. Describing blockchain as "nothing more than a sheet in Excel" is overly simplifying the concept of an cleverly-crafted ledger built through cryptographic means. Either this dude has been burned by crypto and is now on a rampage to tarnish its reputation or he didn't come in early at the space and is looking to bring the price down to buy in ;D

The time you will think that anything he said against blockchain or crypto is useless and all biased when you see/read this kind of comparison.
I dont know that guy is but look like he's more stupid than i could imagine.
Is there anyone who will be anti-bitcoin/blockchain that has more sense than this guy?

These accusations against bitcoin, similar to Nouriel Roubini's words in sound and content, will continue, if not forever, then definitely for a very long time. There will always be people-opponents of bitcoin, progress and the future, trying to show off their awareness and possession of unique knowledge available only to them. That's just for some reason, people like Roubini can't bother to try to study and understand the technology better and closer. If not in order to see the advantages and opportunities, but at least then to find weaknesses and weighty arguments for their criticism and accusations. All words like him for the bitcoin community look funny or only annoying, but for people who are far from bitcoin it can have a misleading and repulsive effect, which is undoubtedly bad.

It is normal to be in doubt about something you have no knowledge of, I believe it has happened to many people hearing about crypto for the first time but only those who have the willingness to explore and learn new things will come around eventually.
Nouriel is very ignorant of what btc is and the benefits associated with it. There is no need to take the word of an ignorant person too seriously. A bubble that has lasted for more than a decade and still going...... :-\

This is just one of those hundreds attacks for cryptocurrency, and clearly words from people who act as if they know everything, but in reality they are dumb and less knowledgeable individuals. And people like these should never be heard and should be ignored as newbies might easily believe in them and fall for them. However, if you have faith in crypto, you will never be bothered at all. Seems like people have everything to say, and the best thing to do is to never let them controlled our own thoughts and perceptions.

This position is nothing new.
In fact, we do not see such reactions from users in the field of crypto or ordinary people from specialists in the financial field, for example, or from specialists in electronic crimes or even money laundering.
These positions are always issued by government officials or bank owners who do not want technology to occupy their sphere of influence, so they attack it in every way.
The response to this situation is simple and clear ; If we compare crypto with fiat money, how many times has fiat money been used in successful scams and thefts, and how many times has it succeeded using crypto? Crypto is no more than 11 years old, while money as we know it has a long and uncountable history .

It is nonsense to say cryptocurrencies are the "father/mother of all bubbles" since that would imply bubbles had an origin within cryptocurrencies, when we know for a fact that bubbles were born before Bitcoin and other digital assets, actually bubbles are the result of a traditional economic model glued together with Trust.

Those who compare the Blockchain technology with a Excell Spreadsheet have no appreciation for decentralization and they do not care for others (and even themselves) to be the ones fully responsible for the management of their assets.

I have learnt to stop paying attention to negative things people say about bitcoin and crypto currencies in general, this is due to several reasons -
1. I've discovered that most of the negative things some individuals say about bitcoin comes with a hidden agenda of trying to bring the price of bitcoin down so they can buy it cheap ~ it a manipulation strategy.
2. I've also discovered that some individuals just want to become popular by all means,  and knowing that what ever negative things say about bitcoin will be picked up and announced withing the whole cryptocurrency community,  they use this means as a way of spreading their names.

So my advice is,  ignore all fud,  ignore every negative things being said about bitcoin and crypto currency,  this people know exactly what they are doing.

His brain is nothing more than a lump of carbon compounds.

Seems like he can't comprehend the concept of decentralization. He should attack the people(DoKwon,3AC,etc) instead of the technology.

He was born in a rich family with traditional wealth, Bitcoin feels like a threat to him for obvious reasons. People who are on the top, will try to deter changes which can topple the current status quo. No surprises here.

In as much as this isn't the first time we hear such clueless claim, we always should be ready to defend or enlighten people about what they allege of bitcoin.

First, bitcoin and cryptocurrency is barely a decade old, then before then, scam has been and we know the records in US, even the one that involve retirees  funds. So, bitcoin cannot just overtake and suddenly become a father and mother of what has been in existence before it was created.

If he says that blockchain is just a sheet, well may he should go and edit the chain and claim bitcoin without mining. Or does he need a password to access the excel sheet?

When I'm on the internet, I scroll pass most of these baseless articles because they were only relevant in bitcoin first 5years, they have lost relevance and we should stop making them more popular.

It is not a shock to see some people who still do not understand what bitcoin is all about. I mean it is clear to me that there will be "some" experts who will come out and say that bitcoin is bad because they are scared of what bitcoin could do and if they are wrong about it then they are going to be left hanging while everyone else is making money.

Imagine the situation where we are talking about how making money is so easy if you just hold bitcoin, and these people have jobs that is only about making money for everyone and yet they would fail to make money as much as we do. Isn't that a bit of a problem already? So, they hope that bitcoin sucks and it's bad, that is all there is to it.

There are already many haters of Bitcoin and crypto who made hilarious or strange statements. You shouldn't be so surprised about it. I don't think Roubini doesn't know crypto or blockchain, he just acted like he has no knowledge. Sure, one of his goals is to be popular or to attract people's attention. If we react to his statement excessively, he finally succeeds to achieve his goal. So, ignoring it is the best way to respond to it. In this way, he can't get anything, he wasted time only by making that controversial statement.

It's certain that a lot of scams are really happening in the crypto market, not because its a playground for scams, but because scammers find more  profit potentials in cryptocurrency than in fiat system. Where there are money and profits, there's always bubbles and scams. However, its not enough reason that we should stay away from this crypto market. There's a lot of opportunities here to increase your finance, as long as you are also willing to make the best of it and never be afraid in taking risks.

It have become a way to be popular through controversial statement. It is always a good choice to go with the trend. Right now the trend is with the cryptomarket, and so it Roubini have revealed statements of connected with cryptocurrency. When the market reacts, automatically these people turn to be influencers. Lets wait, soo this person will state bitcoin in a positive way.

The crypto market has been the playground of a lot of scammers because they can move here anonymously.
But it doesn't mean that this market is not good because of these scammers.
It is only one negative facet of crypto but you need to consider the positive side of this market.
If you will consider the positive side and learn more about the impact of this technology to various industries,
blockchain tech can indeed resolve a lot of bottleneck in the operations as well as address the transparency of managing the business.

Seeing a lot of multiple attacks for cryptocurrency does not bring negativity by all means. Its even for us to realize more that there is more in crypto that keeps triggering them, that is why we should keep it even more and continue to build profit opportunities. Scams are everywhere, and its even worst in fiat, the reason why we should never be bothered at all as these people have only nothing to say but to ruin the reputation of cryptocurrency, most particularly with bitcoin. Let them say what they want, as they will never be profitable doing that way.

There is no point arguing with someone that believes they are right when they are so wrong and they are proud of it, it is better to let people like them believe whatever they want as anyone that knows a little bit about bitcoin knows that what he is saying is completely false.

After all even if we know that there are in fact scams and bubbles in this market, the biggest bubble of all is the bubble of fiat currencies, and sooner or later it is going to explode and it will allow bitcoin to gain way more support as people will use it to protect themselves from the effects of that crisis.

Cryptocurrencies are always the scapegoats when it comes to fraud and bubbles in cryptocurrency. Whereas before the existence of crypto it was just a common and even frequent case. However, double standards are applied to cases when crypto is detected as a place for fraudsters to transact and as a place for money laundering. Whereas when they are criminals doing with fiat there is not the same assessment as crypto.

in modern times like today those who say the platform is a source of problems (cryptocurrency) then they become a society that does not follow developments, only seeing the negative side regardless of what benefits can be obtained.

They can say whatever they want and still, people will not accept their describes bitcoin and cryptocurrencies, I see many other people who believe in the same way and I always ask when if they leave there were no crimes and scams before cryptocurrencies and bitcoin they have nothing to say, bitcoin is a tool and it depends on you about how to use it. Due to being decentralized no governments and organization can monitor and take control ove,r it that's why these people are scared about it otherwise the scammers exist with or without cryptocurrencies and bitcoin.

In the end everyone only has their own interests here because indeed when people talk about this especially they are people who have names there not only for fun but for their personal gain because in essence even though this doesn't have much effect on crypto at least they have a name and popularity lol.
Don't be surprised when some statements change from his :D

Initially people talked negatively about Bitcoin and most of those people own Bitcoin today. It is just normal for people to criticise things that they do not understand.

I disagree that cryptocurrency are parents of scams and bubbles. Long before crypto there were a category of people who were so good at talking, persuading and taking investments from naive people. There were always people who scam others for money. For example take ancient doctors, who sell magical potions of youth or immortality. Cryptocurrency are only on of the instruments to scam people.

Granted, there is a lot of ridicule and bad news being spread by unscrupulous people about Bitcoin but it doesn't really affect the market much. People like this in my opinion are just idiots who don't have extensive knowledge of crypto and Blockchain, so what they say is like a weird joke that sounds like a child who doesn't know anything about this.