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Title :  Nouriel Roubini Against the Blockchain: notes from the floor of the Senate
Lasting :   16,15
User :  Nashura
Date of publication :   2019-09-22
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Frames Nouriel Roubini Against the Blockchain: notes from the floor of the Senate

Description Nouriel Roubini Against the Blockchain: notes from the floor of the Senate


In General, there is very little room for the development of the legitimate comparisons between a hearing in the Senate and in the Mixed Martial Arts (MMA) fight. However, the right to a hearing and the artist;for the exploration of the Cryptocurrency and Blockchain Ecosystem,” instead, the 11. October 2018 in the U.S. Senate’s Committee on banking, housing & urban" floor, you will surely have a certain similarity with a sensational sporting event had, in fact, big waves a few days ago. To explain the two witnesses that were brought, about the problems and promises of crypto, the polarization of opinions on the topic, but have you expressed these views, with varying degrees of intensity.

In the pro-crypto page, as Peter Van Valkenburgh, Director of research in the middle of the room, a quiet, but very eloquent speaker. In the opposite corner, was Nouriel Roubini. Roubini or the artist;Dr Doom”, whose reputation is based mainly on the forecast of 2008, the bubble of the housing in an accident, it would not be the fighter that you are talking rubbish. The accumulation of the audience, he fired in a long series of vehemently tweets, hit the blockchain, and their supporters, the collection of local fighting, and claim that he discussed the best crypto-gurus " and " & " for the artist, and exceeds by a large margin”.

In the audience

The President, Mike English, the Republican Senator from Idaho, opened the discussion with a statement, gave a wink, on Bitcoin’s the only condition, the first digital asset, and stressed that most of the latest news about cryptography were negative, including the prices fall, and the suffering. Ranking members Sherrod Brown of Ohio has severe to the point that almost Bitcoinöbehavior s tenth birthday, but the place is still under the control of fraud and false, while practical applications are rare. Spoke to the questions of the scheme and refers to the famous the Declaration of Jay Clayton, President of the Commission for securities and stock market, as well as the current report of the attorney General of the state of New York, has nothing but complementary, for further encryption of trade. Brown implies, however, that the blockchain could be excluded, which might be useful for the improvement of the living conditions of non-bancarizados and.

Roubiniís testimonio

In his speech in New York, a professor at the University, followed by near enough Hiking argument on your side of 30 the written statement. In addition to a constellation, the derogatory terms – it is very likely that it is for many senators, this is the first meeting with terms such as &other;shitcoin’ – Roubini has developed a number of points of discussion, I repeat would, dogmatic, by their testimony and in the Q&A session. It was argued that the sentence of the crypto &other;asset class is an implosion, the kö can now be in the root of the sharp decline in prices in comparison to the end of the year 2017, and educated the senators noted in the study, 80 percent of the original currency of the offer (ICOs) in the same year that the fraud. He added that the use of digital products, is useless as a currency, because you are not able to serve as a unit of account, means of payment or Deposit value.

A recurring theme in Roubini’s of the superiority of centralised systems of payment in the blockchain-based. Several times she brought up to the statement that the Bitcoin networkös, the flow is only five transactions per second, while the Visa card can process up to twenty five thousand operations per second. Other attacks, including statements, &other;no one, it is used to transactions– the exception of criminals and terrorists, while the mining &other;of an environmental disaster.’

Roubini has also offered an unconventional view of what the field of fintech is. He said that, in fact, there was a revolution in the industry of financial services, which is currently in operation, but has nothing to do with the blockchain. Instead, it is said, is nourished by the artificial intelligence, big data and the Internet of things (IoT), and shows the distribution of the centralization of digital payment systems.

During this time, the crypto-dream of freedom to the total number of the decentralisation &is;utter nonsense.’ In fact, Roubini complaints &other;crypto-to-earth— is subject to, on the contrary, the main trend of the centralization of mining, it seems, is mainly due to the Chinese and Russian oligopolies, the negotiations in the hands of the centralization of trade &other;limited hacked daily’, and development, to close the tech elite arbitrary changes to the code and enough of the coins each time, if things go wrong.

In this context, the manipulation is a massive penetrates the &other;crypto-to-earth,’ the pump & dump systems, identity theft, and the use of insider information for calling the shots. In Roubini’s point of view, stable parts of the level it solely on the ground that the handling and the security token to break all the laws of safety and the use of the chips the way back in the stone age, where the barter was widely used. According to Roubini, the &the artist;flint knew better,” as the shells, as a universal currency.

Finally, the companies that make it possible, the books have received their fair share of the time, according to Roubini, the &other;glorified databases’, and have no relationship with the concept of the blockchain.

Van Valkenburghís testimonio cristiano

Directly after, Roubiniös delivered angry fee, one of the rooms Center’s Van Valkenburgh, it seemed almost relaxing. The crypto public Prosecutor's office has decided not to complicate things, and devotes a considerable portion of his time to explain what it is, what it does, and why, is revolutionary. In contrast to cash, the only works in the face-to-face, this is the world & rsquo;s &additional;the first in the world accessible to the public funds.’ is not the &other;perfect or stable,’ but is working on it. Similar to that in the first years of the internet, the technology is full of gaps and weak, but this is not a reason to give up.

The different types of human interaction, Van Valkenburgh held, are plagued by state or company bottlenecks. How the internet is deleted, these bottlenecks in the area of communication, the blockchain’s is the promise of single points of failure inherent in the interaction of the systems  designs &ndash eliminated; how the monetary policy of the systems of the transaction. The giant of the private companies are always more vulnerable to security risks such as theft, the banks and massive personal data leaks. The emergence of the internet of things, the such concerns even more difficult, because the cars and the pacers can now target of attacks. According to Van Valkenburgh, any critical infrastructure, a single point of failure instead of," and to achieve that, we need a &other;light-touch-pro-innovation– policy.


The President of the English opens up the question hour to the place, to stabilize the crypto-markets are headed in the next year, and what conditions must converge in the team. Van Valkenburgh replied that the volatility is enraged, because the markets have a hard time finding a level, a fair price for something very new and disturbing. However, the institutional Fund is to occur has already brought a sense of stability: it’s have been helpful,  the Commodity Futures Trading Commission (CFTC) the jurisdiction of the crypto-derivatives in the market, but it would be even better if the SEC allows for the negotiation of cryptography-based exchange-traded funds. A national level chartered bank, for the crypto guard the rationality of the market would.

Three times he said to criticism

Roubini is not answered, at this point, with the argument that crypto are currencies scalable, not on a decentralised basis, make sure that the spices go to your reply with the same points in five transactions per second, of the generalization of the oligopoly, and no authority in the case, if it’s-stealing background. English: pressure, ask what hinders development faster of distributed it technologies, migraci– applications in the real world. Van Valkenburgh fought him off with a reference to the e-mail address, which first appeared in 1972, and had a couple of decades before, to go mainstream, while Roubini has said that no government or company, without the approval of the local systems. The idea of decentralization, maintains, and artists;to fly don’t, because it’s nonsense”.

Ranking members of the brown question of whether it is a blockchain-based applications &other;on a broader scale, the kö, that Roubini has it as an opportunity to reject, without the permission block chains that admit only reluctantly that he was a useful innovation in the sphere of private markets and distributes books. Once more, the payment systems such as Paypal, Chinaö welcomed to Pay;s WeChat, and the M-Pesa as the &additional;the revolution— has decentralised crypto-lose systems, users, and transactions. While the internet has a billion users, has, after a decade of existence, from he added, cryptocurrencies the following command to only $ 22 million.

As Senator Brown to describe him asked, in a kind of encryption of investors, Van Valkenburgh painted a portrait of a young woman, an experienced person technology, and very quickly, a conversation policy in question. To the praise of the Financial crimes Enforcement Network’s (FinCEN), the pioneers in the efforts to establish the foundations for the crypto-investors– protection, criticised the fact that the current state-by-state approach to money, transfer of licenses,— the question of crypto companies and jobs has, to a Federal system for the granting of licences.

Fills the void between the sexes & feet-totalitarian

Senator John f. Kennedy from Louisiana, was asked how the world was better because cryptocurrencies wine of existence. Van Valkenburgh provides a history of the Afghan women leading business-used crypto to pay the majority of the employees of the female sex,’ wages, that is the only way to live in a society where women are particularly poorly attended by the banks, while some accounts are often controlled by male relatives. Roubini, once again, brought the superiority of centralization of the payment and Bitcoin’s only five transactions per second. He went to complain then, the concentration of miners in countries such as China, Russia, and – for any reason – Belarus and Georgia, with justification, to manipulate that these Nations use their alleged domination of an oligopoly, United States.

Van Valkenburgh replicated with the payment of the infrastructure to Pay for, such as China with WeChat, the users– records of transactions and personal data without encryption in repositories in a Central, ready to be hacked or under the control of the government, if it is necessary. Such systems, argues, are &other tools of the totalitarian.’

A word about safety

Doug Jones, of Alabama, was affected by the measure, the &other;bad’ and international yields, the decentralization of the design of public blockchains. Van Valkenburgh noted that everyone is worthy of the technology, especially in the early stages of development, gets exploited by the shadows of the characters – if not, it is probably not very useful. At the same time the fulfilment of the laws that keeps US, as it is very convenient for the monitoring of transactions, the books illegally in the open work. Roubini was regret about the dangers of block chains– anonymity.

The potential for the escalation

Pennsylvania Senator Pat Toomey has received, shows his familiarity with blockchain basics and technical terms. He said that in spite of the crypto-claims are full of errors, which are not Central banks, the debt of the friction of the operations. It has been proposed that an asset is a currency or not, it is only a matter of scale, and asked if crypto are currencies generally not scalable. Toomey was also interested to know if the oligopoly of the trends in the industry of mining has really important for cryptocurrencies— ability to work in a safe manner.

Van Valkenburgh, he went into an overview of the different solutions for level, in particular by highlighting the potential of batch processing. He added that with the oligopoly, you really can't do much more, to the network denial-of-service. Roubini’s the answer is not surprising:  five transactions per second, the centralization of mining which is is not safe. He explained that 51% of the attacks are a reality – pass through &other;every day– with small money. The transaction costs, and the gone are for the artist, you, above the clouds”, while huge economies of scale implied in the mining industry, the promotion of the formation of cartels.


Elizabeth Warren, of Massachusetts, asked how the theft of a total of $ 1.1 billion. in the first half of the year 2018 have been possible, so, like, what, ICOs fraud with the 80% rate.  Van Valkenburgh explained that the majority of funds were stolen to hide the spare parts from abroad, the trade, have failed, on the scale of the security of its systems, which correspond to the value that came into the store. He also said that he identified on the same page with the people that ICOs-title, but added it is very possible that a ICO and comply with all applicable values.

Maryland’s Chris Van Hollen seems to be somewhat interested in crypto-business in particular. He regretted, as the Fed's request to slow for a real-time payment system, blockchain or not, and is, Roubini’s advice about the General condition and in the vicinity of the perspectives of the or.s. economy. The famous economist seems optimistic, suggesting that it’s possible that the growth would be because up to the year 2020.

Comprehensive KNOWLEDGE of the standards

Catherine Cortez Masto Nevada was the last to ask questions. You asked whether the provisions in the Protocol of bitcoin, which allow the detection of the payments, the laundering of trafficking in human beings, drug trafficking, or money. Van Valkenburgh replied that the monitoring of these activities " responsibility of companies, which in the upper part of the blockchain, as well as the application of the law. Roubini noted that this COP won & rsquo;t be effective if there is a world is a set of rules, ratified in force. Van Valkenburgh agreed that this unified approach for the know your client (KYC) procedures, which are necessary by a rare moment of solidarity with the opponents.

Finally, Cortez Masto, asked Roubini if he believed in the blockchain-technologyís successful applications beyond Finance, language, once again, that would be no government or company should never be trusted open, trustless, without the permission of the distributed system of sensitive information. &other; It’s just absurd!’ – he said.

The President, Mike English reminded the senators suspended more questions to the witnesses, when they occur, in time for a week, and the hearing.

Comments Nouriel Roubini Against the Blockchain: notes from the floor of the Senate

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