Roubini denounces crypto at a Blockchain Summit 9031
Ashmita Dutta
May 12, 2018 at 3:00 PM

The prominent economist, Nouriel Roubini has presented his opinions against the evolving trend of cryptocurrencies. Milken Conference happens to be the venue that has witnessed a brawl last week. Also, the provocative statements made by Roubini in Brooklyn against cryptocurrencies again ignited the minds of the audience.

However, in Williamsburg while addressing all the blockchain enthusiasts along with Joseph Lubin, Roubini endeavoured to bridge this gap. Joseph Lubin is the co-founder of Ethereum blockchain. Cryptocurrency supporters including Lubin acknowledge the drift from the traditional payment facilitation system. The investors and traders brace the idea of a decentralised and public ledger system to conduct transactions.

“Just joking” was the statement made by the Professor of Stern School under New York University following his first addressing line. Roubini began by stating, “Great being here today where everyone, like me, is a crypto-skeptic,”

Consensys Inc. chief executive officer, Lubin affirmed, “We’re not trying to move into a radically decentralized world right away,” Consensys is engaged in the development of applications supported by Ethereum blockchain. He further commented, “The internet has transformed society but it didn’t happen instantly, and the internet is broken because there’s no identity construct and there’s no money construct. We’re fixing that.”

In the Brooklyn event, Roubini denounced cryptocurrency as “non-sense,” from where the seriousness of the debate aggravated. This eventually led to the intervention of the moderator to call a time out.

The remarks of Roubini on cryptocurrency create headlines since in the past he predicted the financial crisis of 2008. According to the sources, Roubini stated, “There is a significant need for a revolution in financial services.” His opinions favour centralised system with a touch of technological revolution to ensure safety, efficiency and protection of consumers. He states that financial services should have “artificial intelligence and big data and payment systems like Alipay and Venmo and Square and PayPal. And those are centralized systems.’’

Fluidity Summit at Williamsburgh reprimanded the traditional system prevalent in the financial sector. However, Roubini expected an intelligent discourse. Addressing the audience, he declared that in case a venture seeks to earn maximum profits, “the last thing you should do is limit the possibility to buy those goods and services by first requiring them to buy a token.” In the event, he has, indeed, been backed by a fewer number of people from the audience.

(Image source: Shutterstock)

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