[2019-03-08]Dr. Roubini’s Take On Bitcoin In Recent Interview

[ppblockchain]

With the current happenings in the Cryptocurrency market, it has given the popular Bitcoin skeptic and economist;  Dr. Nouriel Roubini more power to attack the coin.

Sometimes, he is also addressed as Dr. Doom as a result of his constant pessimistic views about some of the Cryptocurrencies. He granted an interview to talk about his views about the ongoing downturn of the coins.

According to him, the overall Cryptocurrency space is just one of many assets that are not real cash.

He had so many things to say to back up his viewpoint. Dr. Roubini’s bashed digital currencies totally by saying that they cannot be classified as currencies or viable means of exchange and neither can they be an adequate store of worth.

Read more : https://paperblockchain.com/dr-roubinis-take-on-bitcoin-in-recent-interview/

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[d5000]

The original interview is here: https://blogs.cfainstitute.org/investor/2019/03/06/nouriel-roubini-on-shitcoin-the-mother-and-father-of-all-bubbles/

Well, I can agree a little bit with the only sentence where he specifically mentions why he's so vocal against Bitcoin:

But to me, the whole crypto space is one of assets that are not really money. They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.

I agree somewhat with the point that scalability and volatility are the two main problems that Bitcoin currently has. And I think if they're not solved in the next years, then he will be right with his stance that Bitcoin can go to (almost) zero.

Fortunately, scalability solutions are already tested and in my opinion Ligthning will make BTC scale to an user base big enough to make BTC usable as a real "currency" for smaller online payments. Other scalability techniques are been tested, too. I'm pretty optimistic here.

For volatility, this is not the case, however. Bull runs and crashes still look as there was no limit, and volatility in the last two bubbles was very similar, contrary to my expectations. We need a breakthrough here to convert Bitcoin into a store of value. I think for this to happen, there are two conditions:
- You must be sure to not suffer a catastrophic loss in a month of "hodling" (a "catastrophic" loss could be everything from about -30% upwards).
- You must be sure to not suffer a loss of more than 10% in 24 hours.

Condition 2 could be achieved with price guarantees from merchants or with a kind of insurance. Condition 1 is more difficult to achieve. It would be important to be able to pay salaries in BTC.

Short remark:

the fact that the coin crashed from the sum of $20000 down to a mere $2000

Bitcoin for $2000? Where? Can I buy some?

[darkangel11]

That 2000 USD bitcoin is a good proof of how much Mr. Roubini really knows. You could say that we're focusing on small unimportant mistakes, but the devil's in the details. If he's overshooting by 1/3 here maybe he's doing the same in his other opinions and predictions.
That part when he first says that it's not a really money. If something is used as money then it is money, just like when you are able to sustain yourself by eating something, it makes it food, even despite nobody else eating it and considering it food.

[joniboini]

How can someone still counts his opinion is just confusing to me. He's been doing the same thing over and over again, so nearly all his assessment is wrong. Bitcoin is still strong.

While I believe there might be problems in Bitcoin ecosystem, we've already explore a lot of solution too. Some of them might work, some won't, that's the truth, but there's no need to keep nagging that Bitcoin will die, is it?

I mean, Roubini has been saying the same thing over and over again, doesn't he have any shame for being wrong lots of times?

[davis196]

What's the point of reading any interview of this guy.He will continue to be a bitcoin hater and we can't change that.Arguing with a bitcoin hater is pointless.We can't convince him that bitcoin/crypto has a future.
By the way,he is a lousy economist.There are better macroeconomists than him,but he is getting so much attention and hype.

[gentlemand]

He's a silly sausage in many aspects but he's right about the delusion and arrogance and bubbliness.

'They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.' that's true too, but for some it is a currency.

However some of the things he's loudest about can be debunked with a couple of seconds of googling. And his refusal or unwillingness to admit that things are still very nascent is silly. It's like dissing the internet in the early 90s.

Anyone with some sense would voice the valid criticisms that exist now and then state that they'll sit back and watch developments. A lot will change.

[coolcoinz]

There are extremes on both sides of every argument and those should always be taken with a grain of salt as they are almost always wrong. With bitcoin the positive extremists think that we are on the verge of economic collapse and the only savior is Bitcoin and that one day all fiat money will disappear and Bitcoin will become the one and only world reserve currency. On the opposite side of the spectrum are people like Roubini, who shield themselves from any achievements and use cases. He will not change no matter what happens. Even when some countries adopt bitcoin as a secondary currency, you will still see him publicly stating that it's not a real currency. I personally know people like him. When you lay proof in front of them they will turn their heads and say they can't see anything, or they will refuse to watch saying that it's fabricated.

[BitHodler]

I mean, Roubini has been saying the same thing over and over again, doesn't he have any shame for being wrong lots of times?

Nope. He can always count on Bitcoin's bear cycles that scare off newbies, because they are too new in the space to know about his repetitive and nonsensical past. In other words, he will continue doing this.

He's waiting for the bear cycle to kick in, then tries to convince people that he's right by using the negative momentum of the market. That's what Peter Schiff is doing as well.

IIRC, Peter Schiff started trashing Bitcoin when it was $100 and he still didn't change his opinion. It's still the same trash talk we see him come up with during discussions and numerous live debates.

[Harlot]

Like I have said before, nocoiners' time to be right is now during the bear market. With their pessimistic views and negative opinion towards cryptocurrency its their best time to give opinion as its the bear market and chances are if the bull market starts they will all shut their mouths and be silent for a while. The only reason they are courageous enough to open their mouth as the market have suffered a big fall making them confident while explaining what went wrong or what's missing in the industry.

[gentlemand]

Like I have said before, nocoiners' time to be right is now during the bear market. With their pessimistic views and negative opinion towards cryptocurrency its their best time to give opinion as its the bear market and chances are if the bull market starts they will all shut their mouths and be silent for a while. The only reason they are courageous enough to open their mouth as the market have suffered a big fall making them confident while explaining what went wrong or what's missing in the industry.

I think it's fair to say that the violence of the bubbliness doesn't actually do all that many people much good. Most don't hold, let alone time it right and wind up boning themselves up the botty. Nothing can be done about it but the attitudes flying around during the last bubble were seriously vulgar and made many a person look like a total crypto bro prick.

[1Referee]

IIRC, Peter Schiff started trashing Bitcoin when it was $100 and he still didn't change his opinion. It's still the same trash talk we see him come up with during discussions and numerous live debates.

I do like Peter Schiff as long as it doesn't concern Bitcoin.

In the end, the thing these people do is consider every crypto coin to be the same, so if they see that x project pulled off a scam, every coin at that point is just as bad and will end up turning into a similar scam. If they were to nuance their statements, and specifically point at ICO's and altcoins without any fundamental growth potential, I would agree with everything they say.

Jamie Dimon once said that Bitcoin could reach $100,000 before it trades to zero. That's quite an encouraging statement if you read between the lines.