• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Nouriel Roubini Expands Anti-Cryptocurrency Crusade to Blockchain Technology

Cole Petersen by Cole Petersen
4 years ago
in Blockchain
Reading Time: 3 mins read
Advertisement

Controversial economist and professor at New York University’s Stern School of Business, Nouriel Roubini, has long been a detractor of cryptocurrencies, first warning investors against the “scam” in 2013.

Since his widely reported tirade against the cryptocurrency, its price has risen 11x, mainly due to increased adoption and growing promise.

Despite being undeniably wrong about cryptocurrency so far, Roubini has since doubled down on his original claims, now expanding his attack on cryptocurrency to the technology that underpins it: blockchain.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In a recent post on Project Syndicate, Roubini wrote an article titled “The Big Blockchain Lie,” in which he speculates that blockchain and DLT technology will shortly become obsolete.

He begins his attack on the technology by highlighting the recent cryptocurrency market crash, exclaiming that many cryptocurrencies are down 80%+ through the course of 2018, equating the price action of the volatile markets to their adoption and success as fintech products.

Roubini neglects to mention that many of these cryptocurrencies are still up significantly on a one or two-year price chart.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Nouriel Roubini Hates Blockchain Too

With regards to blockchain technology, Roubini describes it as being the “last refuge of the crypto scoundrel,” explaining that it is the “most overhyped – and least useful – technology in human history,” expanding on this cruel and inaccurate observation by referring to it as a “glorified spreadsheet.”

Nouriel also equates blockchain technology to being a sword that libertarians use to plot the destruction of governments, financial institutions, and central banks.

“In practice, blockchain is nothing more than a glorified spreadsheet. But it has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed. Blockchain fundamentalists’ ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralization,” he said.

Ironically, most of the groups Roubini mentions as being hated by proponents of blockchain tech are the very groups propelling its world-wide adoption.

JPMorgan, one of the world’s largest financial institutions, is one such group that is heavily implementing blockchain technology into their infrastructure in order to increase their operational efficiency.

Within the bank, there is a group – called the Blockchain Center of Excellence – that is exploring how the bank can best use blockchain and DLT technology expand their technical prowess.

On JPMorgan’s website, they explain their dedication to researching and utilizing blockchain technology:

“The Blockchain Center of Excellence (BCOE) leads efforts for applications of distributed ledger technology (DLT) within JPMorgan. We are exploring blockchain use cases and piloting solutions across business lines. We are active in the blockchain ecosystem: developing technology, investing in strategic partnerships, and participating in cross-industry consortia.”

Also, governments across the globe are encouraging blockchain research and implementing DLT tech into their own infrastructures.

Recently, Park Won-soon, the governor of Seoul, spoke about blockchain technology and the government’s openness to it, saying:

“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem.”

Despite Roubini’s relentless crusade against cryptocurrency and blockchain technology, widespread and real-world adoption continues to occur each day, with more and more corporations and institutions utilizing DLT solutions created by major companies, like IBM.

As the technology continues to blossom, it is unlikely that Roubini will ever admit that he is wrong and will always be a small thorn in the side of the online cryptocurrency community.

Featured image from Shutterstock.
Tags: blockchainDLTNouriel Roubini
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin bull run

Huobi Co-Founder Says Next Bitcoin Bull Run Could Be 3 Years Away

3 months ago
Axie Infinity

Axie Infinity Sets Record-Breaking $4 Billion In NFT Sales

3 months ago
Picture depicting the interconnectedness of blockchain technology, as survey shows blockchain technology is becoming mainstream

Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End

9 months ago
Pakistani Blockchain Marketplace, Bazaar Secures $30 million In Funds

Blockchain Startup In Pakistan Dubbed Bazaar Secures $30 million In Funds

9 months ago
Van Valkenburgh, gems, pink quartz

Five Gems From Van Valkenburgh’s Testimony At The Congressional Hearing

11 months ago
US Blockchain Regulation

Blockchain Caucus Co-Chair: Government Needs The Ability To Reverse Transactions

11 months ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Carbon Removal Marketplace Achieves Key Milestone

May 21, 2022

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

Award-winning Crypto Game, Stonk League Introduces GameFi Player Rankings

May 20, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.