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Author Topic: Nouriel Roubini's crypto-criticism and Joe Lubin's attempt to defend us  (Read 107 times)
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May 12, 2018, 12:42:10 AM
Merited by jmigdlc99 (4)
 #1

Just yesterday i was able to watch and listen to Fluidity summit's debate on whether crypto will flourish or fail. Skip to the last part to go directly to the highlight debate.
Link: https://www.youtube.com/watch?v=w93wZOU89qQ

Participant's were Nouriel "Dr. Doom" Roubini and Joe Lubin (ConsenSys). I'll let you guys learn more about them on your own time but here are 2 summarized points against crypto that were not addressed:

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1. Roubini: There are so many tokens. If every company only accepts tokens for its goods or services, there will be no way for people to know how to compare prices. You're going into a world of 'The Flintstones' or barter. It's totally inefficient. It's never going to work.

My response: I recognize the problem with all these new coins popping out of nowhere, where most of which are probably ICO scams. However, one cannot simply assume that this is how crypto is going to work, because it's not. Those coins are called "shitcoins" for a reason. When crypto really starts maturing, we will see a world where only the few "real" coins exist. That is what will work. Wouldn't a world with a single currency sound so much more efficient? *let the audience imagine that for a second* This can be done easily and effectively through crypto.

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2. Roubini: What company would use crypto currencies when there is so much risk? They can accept a token today and it's value would increase by 50% tomorrow but also it could decrease by 50%! There is too much risk and it doesn't make sense for companies to accept crypto. Not to mention there are lots of steps involved in converting dollar to bitcoin, then bitcoin to ethereum, then ethereum to token, etc., etc..

My response: Haha. That is a very simplistic way of looking at things. One simple solution to your problem would be to simply convert crypto revenue to cash as soon as you receive them as payment. There are lots of new companies today that can automate the process of conversion for you at little cost. Next question please.

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Anyway these are just two (2) of many other arguments where i feel Joe could have easily defended us. Sad to say, I just feel like he wasn't able to do crypto justice.

Anyone else want to continue this debate? Smiley

 
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