Crypto experts respond to US Senate blockchain hearing
October 15 2018 - 9:35AM
ADVFN Crypto NewsWire
Crypto industry
figures have criticised testimony given by the respected economist
Professor Nouriel Roubini’s to the US Senate Committee on banking,
housing and urban affairs about cryptocurrency and
blockchain.
Professor
Roubini spoke with the committee on 11 October 2018, and in
prepared remarks described bitcoin and other crypto-currencies as
“the mother and father of all bubbles” that had already burst. He
also argued that cryptocurrencies are not stable forms of value or
payment, noting the volatility in coin prices.
“Roubini’s
testimony and prepared remarks offer an incorrect characterization
of the cryptocurrency and blockchain space, said Ken Lang, ndau
Collective member,
Some of his
critiques are legitimate – no one is disputing that volatility
represents a barrier to cryptocurrencies becoming a true store of
value. However, he ignores the potential for the industry to adapt
and evolve over time.”
Professor
Roubini spoke as a witness at the committee as part of its
“Exploring the Cryptocurrency and blockchain Ecosystem” hearing.
His testimony also noted the environmental cost of crypto mining
and cryptocurrencies’ associations with illegal activities such as
fraud and terrorism.
“Roubini’s
prepared remarks argue that cryptocurrencies are not a viable unit
of account, means of payment or store of value,” said Ken Nguyen,
CEO of Republic.
Bitcoin and
ether are very much viable means of payment, and their “stored
value” characteristics are not disputed by market participants or
regulators. Any deficiency to date with respect to scalability or
absolute decentralization can and will be improved over time.
CoinCenter’s viewpoints are more nuanced and balanced, but that’s
not what gets the attention these days.”
Coin Center
Director of Research Peter Van Valkenburgh also gave evidence to
the committee about the cryptocurrency markets and blockchain
technology.
A professor of
economics at New York University’s Stern School of Business,
Roubini was one of the few economists who issued warnings before
the economic crash of 2008. His prepared testimony also argued that
fintech was likely to be a more potent force for change than any
developments within blockchain as businesses adapt to incorporate
AI, IoT and big data into their processes.
Source:
Irish Tech News
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