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Home Cryptocurrency news

Dr. Doom Roubini Fuels Criminal Crypto Concerns With Scathing Bitcoin Op-Ed

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Dr. Doom Roubini Fuels Criminal Crypto Concerns With Scathing Bitcoin Op-Ed
Advertisement

Sentiment across the United States pertaining to the crypto market is at an extreme low, despite Bitcoin rallying above $10,000 and kicking off what appeared to be yet another bull run for the bubble-bound crypto asset.

The fear and panic stems from tweets originating from the United States President, Donald Trump, condemning crypto, Bitcoin, and Facebook’s Libra currency. Following Trumps remarks, other politicians came out of the woodwork to challenge the emerging crypto asset class and attempt to deal it a death blow. With crypto on the ropes, to no one’s surprise comes Dr. Doom, Nouriel Roubini, attempting to spread additional fear throughout the media.

Roubini Takes Opportunity to Kick Crypto While It’s Down

Following a week of turmoil in crypto markets as Bitcoin struggles with bearish sell pressure, altcoins have been capitulating, and the entire financial and government sector is up in arms over Facebook’s Libra crypto asset, which has caused an uproar from policymakers who are uncomfortable with a corporation viewed as evil becoming so powerful, they control people’s money.

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As if things weren’t uncertain enough, Nouriel Roubini, a Bitcoin and crypto pundit known as Dr. Doom, has released a scathing opinion editorial slamming Bitcoin, cryptocurrencies, and pointing out their illicit uses – essentially throwing fuel on the already burning hot flames.

Related Reading | Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware 

In his opening statements, he charges that “crypto has given rise to an entire new criminal industry, comprising unregulated offshore exchanges, paid propagandists, and an army of scammers looking to fleece retail investors.”

Politicians like Trump don’t respond well to being called out in public, and likely that’s what Roubini is hopping for by saying regulators have been “asleep at the wheel” when it comes to wrangling the wild west environment the crypto industry has existed as for much of its life.

My new column where I expose the shady rekting racket that is @BitMEXdotcom run by the thug @CryptoHayes: evasion of AML/KYC, front-running, insider trading, massive scale money laundering, gouging of clients, etc.
The Great Crypto Heist by Nouriel Roubini https://t.co/79UsmlZxdr

— Nouriel Roubini (@Nouriel) July 16, 2019

In the piece entitled “The Great Crypto Heist,” he says that “routinely launched and traded outside the domain of official financial oversight, where avoidance of compliance costs is advertised as a source of efficiency. The result is that crypto land has become an unregulated casino, where unchecked criminality runs riot.”

He even says that some of the bigger players in the space, using BitMEX as an example, are involved in “systematic illegality,” he also points out that using BitMEX, even just a 1% move could trigger a margin call and wipe out all of one’s investment.”

Related Reading | US Congressman: You Can’t Kill Bitcoin, Libra And Others Trying to Mimic 

Worse yet, he says that he’s learned BitMEX is used daily for “money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere” which are chief concerns surrounding the digital asset class.

He says its “high time that US and other law-enforcement agencies stepped in.” They agree, and have started stepping in. What’s next for crypto will be its defining moments.

Tags: bitcoincryptofacebooklibraNouriel Roubini
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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