99 Percent of Cryptocurrencies are Worth Zero? What the hell?

[phipham123]

This is the exact text of the interview Dr. Doom. He became famous by predicting precisely the world economic crisis in 2009, but I feel he does not seem to like cryptocurrency and blockchain. I think cryptocurrency and blockchain is still very new. This market still has many fraudulent acts. But we can not deny the potential and value that blockchain will bring. Tell me your opinion about Blockchain, is this technology really useful or is it overblown as Dr.Doom says.

“I'm not against [it], I'm open to any type of innovation, but I'm an expert on financial crises and asset bubbles. And I became famous [by] predicting the global financial crisis  — the burst of that bubble.

I can see a bubble when there is one — and to me, this entire space has been the mother and the father of all financial bubbles and now it’s [going to] burst

Last year, almost everybody I knew was asking me every other day, “Should I buy Bitcoin?”
And the price of Bitcoin doubled, tripled, quadrupled, and went to $20,000. And when that bubble burst, it collapsed — collapsed from $20,000 down to $6,000 today (at the time of the interview).

If you bought it at the peak, you lost 70 percent of your value. And it's typical of all these financial bubbles: They go up until they collapse. And Bitcoin is actually the best [example], because the average cryptocurrency has lost, in the last nine months, more than 90 percent of their value.

I spoke about the bubble existing and this bubble going bust. And guess what? In the last year, [it] has gone bust. So I think I've been vindicated and proven right.

Bitcoin could go to the moon or zero, I'm not going to make a penny either way because I'm neither short or long.

And I'm just an academic that speaks his mind. And I saw a big bubble, and I think that it's fair as an intellectual to discuss these things and then figure out what's going wrong.”

"The technology behind coding is seen as a remedy for all problems in the world, including poverty, famine and even illness. Blockchain is the most infamous and least useful technology in human history. In fact, it is nothing more than a spreadsheet or database to be honored"

See more: https://cointelegraph.com/news/nouriel-dr-doom-roubini-99-percent-of-cryptocurrencies-are-worth-zero

[bitfocus]

Doom just needs some attention, if you read about his latest stunt, in detail, (available on any popular coin blog), you would see how silly he is. just ignore him, please.

[karman383]

Bitcoin has skyrocketed at the price of $ 20,000 at the end of last year or the beginning of January. And until now there have been no signs of returning to the moon. A question that has to do with the story you shared should arise, and the question is when will bitcoin return to the price of $ 20,000? Can it happen and recur at the end of this year.

[DooMAD]

Roubini has been saying the same thing for years.  He's in dire need of some new material.  Many cryptocurrencies are worthless, but that doesn't mean they all are.  Just be careful to choose the right ones.

This is the exact text of the interview Dr. Doom.

If it's the "exact text", then you need to credit the source, which I assume is this article.  People get banned from the forum daily for not crediting the source.  Don't be one of them.

[rumexx]

I agree with the Dr  in his argument that bitcoin is a burble which has burst around February this year when it wend down from the high of $20k to the present price of $6k. But where i am not comfortable with his argument is labeling blockchain as an infamous and  nothing more than spread sheet which deserve nothing near the praise given to blockchain. Blockchain is not only for financial purposes but it is an  innovation for so many functions in human nature. Blockchain can be employed in hospital management , pharmaceuticals and elections.

[mk4]

Though I hugely disagree with most of what Roubini is saying, I sort of agree about 99 percent of Cryptocurrencies being useless, though probably 95% would probably be a better number. It's just a combination of scams and legitimate projects that really just doesn't need decentralization and tokenization, that are most likely bound to fail.

A huge problem on these "skeptics" is that they're always focused on the present state of cryptocurrencies. Bitcoin and cryptocurrencies are a new technology. Technology tends to be quite inefficient in it's infancy. But then again, it's new technology. Technology improves over time as people see the problems and propose solutions. This is something most of them fail to realize and it's irritating.

[jerrison]

the percentage of the cryptocurrency that are worth zero have reasons or certain factors why they are the way they are and what it is to be achieved with its current price value. it may be worth zero for now but in the near future, it will be worth a fortune. you can consider the ripple coin and understand it better.

[Hivalley]

99% of cryptocurrencies are useless,i kinda think that's what's giving the network a bad name to the outside world,many cryptocurrencies crumble right before they even start, so many users/investors lose their money in the process, such losses are usually attributed to the bitcoin, as its the father of all cryptocurrencies,so when a cryptocurrency fails, people are of the view that "Bitcoin is a scam",even when it ain't directly the bitcoin


As of last year, Bitcoin rose to over 20,000USD, and the price at the moment is about 6400+, that definitely doesn't make the network a bubble,i think someone should educate doom on the volatility and unpredictability of the market

[mistercashking]

 Dr. Doom is hilarious the guy saw bitcoin under $100 mocked it didn't buy and watched it go all the way up. I'd be butthurt too tbh.

[Faeton]

Bitcoin has skyrocketed at the price of $ 20,000 at the end of last year or the beginning of January. And until now there have been no signs of returning to the moon. A question that has to do with the story you shared should arise, and the question is when will bitcoin return to the price of $ 20,000? Can it happen and recur at the end of this year.

I do not think that this could happen at the end of this year. Re-growth of Bitcoin to $ 20,000 may possibly take more than one year. Although the cryptocurrency is not predictable in its price and its growth may be up to the previous record, even earlier. We see that it will be better if Bitcoin and another cryptocurrency grows slowly, so it will quickly reach high values in price.

[rajsimran]

If you invested shitcoin or invested in scam ICO then this is your fault buddy. This is not cryptocurrencies fault. Because you have to choose the right currency by seeing their development, roadmap their product. And if you invested in the cryptocurrency only to make a profit then you are wrong. So don't call  Cryptocurrencies are Worth Zero...

[NoSkyLimit]

Well a lot of altcoins right now are in a bad situation due to the fact that they gather few funds and they decided to launch in full bitcoin bull run and this affect the coin developement and in many cases some of them will extinct...myself I stay away from buying coins and I think that from spring I can start to hook up some good altcoins.

[MAJICOIN]

IN this market we have many number of coins but some price is very high while other too low so for every coin there is a time and value and use when they become use in demand the price rise for that and they have potential coins also they grow more when they become used by the users for different reasons and not only a single but hundreds of new coins for separate projects are used on daily basis, it is time to buy bitcoin and other crypto because the market is good.

[cetald]

This is the exact text of the interview Dr. Doom. He became famous by predicting precisely the world economic crisis in 2009, but I feel he does not seem to like cryptocurrency and blockchain. I think cryptocurrency and blockchain is still very new. This market still has many fraudulent acts. But we can not deny the potential and value that blockchain will bring. Tell me your opinion about Blockchain, is this technology really useful or is it overblown as Dr.Doom says.

“I'm not against [it], I'm open to any type of innovation, but I'm an expert on financial crises and asset bubbles. And I became famous [by] predicting the global financial crisis  — the burst of that bubble.

I can see a bubble when there is one — and to me, this entire space has been the mother and the father of all financial bubbles and now it’s [going to] burst

Last year, almost everybody I knew was asking me every other day, “Should I buy Bitcoin?”
And the price of Bitcoin doubled, tripled, quadrupled, and went to $20,000. And when that bubble burst, it collapsed — collapsed from $20,000 down to $6,000 today (at the time of the interview).

If you bought it at the peak, you lost 70 percent of your value. And it's typical of all these financial bubbles: They go up until they collapse. And Bitcoin is actually the best [example], because the average cryptocurrency has lost, in the last nine months, more than 90 percent of their value.

I spoke about the bubble existing and this bubble going bust. And guess what? In the last year, [it] has gone bust. So I think I've been vindicated and proven right.

Bitcoin could go to the moon or zero, I'm not going to make a penny either way because I'm neither short or long.

And I'm just an academic that speaks his mind. And I saw a big bubble, and I think that it's fair as an intellectual to discuss these things and then figure out what's going wrong.”

"The technology behind coding is seen as a remedy for all problems in the world, including poverty, famine and even illness. Blockchain is the most infamous and least useful technology in human history. In fact, it is nothing more than a spreadsheet or database to be honored"

How can this person talk about a bubble? A year ago, the price of bitcoin was lower than now. The one who understands investments has already earned and more than once. It is strange to hear such words from a person who understands finance.

[Willitivity]

The whole crypto market is in a messy situation right now.  If you compare some altcoins with what they were last year, you'll notice a very huge decline in most of them. So many things are happening right now, we are only hoping for the best and pray that price changes for the better soon.

[Nolimitz84]

Why does everyone start from $ 20,000 when Bitcoin was at its peak. Now the price for 1 Bitcoin is $ 6500. But no one remembers that exactly 1 year ago its price was about $ 4000. So where is the bubble?The blockchain technology is indeed a very necessary technology in all spheres of life. And its benefits are obvious.

[phipham123]

Roubini has been saying the same thing for years.  He's in dire need of some new material.  Many cryptocurrencies are worthless, but that doesn't mean they all are.  Just be careful to choose the right ones.

This is the exact text of the interview Dr. Doom.

If it's the "exact text", then you need to credit the source, which I assume is this article.  People get banned from the forum daily for not crediting the source.  Don't be one of them.

Thanks for mentioning that, I added the original source to the article

[Devawnm367]

For the most part this is true. I look for campaigns where the managers have ran ICO's before. I also look for Projects that already have an open business. This helps. Find a great project with a great community backing it. One that  does not have an unreachable goal. You may make some great money. Really research a project before you invest and make sure to follow on all social medias. Buy the news. Sell the Launch

[agatha90]

Sometimes the prediction is right and wrong, this is only the game of the popes, the market is down 70%. We wait and see bitcoin for the future. Hopefully bitcoin can reach more than $ 20,000

[Herbert2020]

have you ever checked the shitshow known as altcoins? if you haven't then go ahead and do it. and i mean checking the projects themselves not just looking at social media and what the shills are saying. if you do that you can see that a great number of them (maybe above 80%) are pure copycoins. this means they simply copy the open source code from another project and only change the name and possibly some small arbitrary changes. such projects don't have any value.

the rest (the 10% for example) are still copy coins which made bigger changes (like the bitcoin forks that changed block size, block time, algorithm,...) but they introduced flaws and reduced the security of the project. .... meaning 0 value.

the remaining coins (10% if i am generous) have some original ideas and designs but they are still not good enough to be used on a large scale.

so with a quick search you can see that 99% is not really that unrealistic since the situation with altcoins is really terrible.