Roubini: Cryptocurrency as technology have no prerequisite for success

Roubini: Cryptocurrency as technology have no prerequisite for success

By xlubecx | free life | 11 Mar 2019


Nouriel Roubini, an economist who is the most prominent and well-known critic of cryptocurrency, said during an interview with the nonprofit organization CFA that "cryptocurrency as technology have absolutely no prerequisites for success."

A New York economist who is known, in particular, to predict the financial crisis of 2008, has been traditionally taking a very negative attitude towards this technology during an interview with a global association of professional investors.

 

The whole industry around cryptocurrency consists of assets that are neither money nor money. He emphasized that cryptocurrency can not be stable even in terms of holding a certain value and are scalable enough to pay for them.

As an example of cryptocurrency failure, he pointed to the extreme bull market of 2017, when millions of people invested in Bitcoin and other digital names because they feared they were going to train but knew nothing about the finances and portfolio of their investment.

Roubinhio cryptocurrency represent an exponential parabolic bubble that has already started to crack because there is no real fundamental value that would support them as a real asset.

Roubini criticizes the blockchain itself, which, in its view, has nothing to do with the future of financial services. It excludes that the blockchain could fit into the main technologies that will lead to the production and finesse of the revolution, such as Artificial Intelligence, Machine Learning or the Internet of Things (IOT). Roubini told Margo: "The real revolution in financial services will bring fines, but fines have nothing to do with cryptocurrency."

"Fintech will be a combination of artificial intelligence and a great deal of ubiquitous internet. It will be a revolution in payment systems, credit allocation, capital market function, insurance, investment management, financial advice and so on ..., "he said.

Roubini, by the way, at the beginning of the year, let the blockchain say he was no better than the classic table in Exceli.

The opinion of the respected economist, of course, is not shared by all economists and representatives of the financial world. On Thursday, for example, we informed you that CFTC Chairman Christopher Giancarlo expressed the view that if the blockchain technology could be used in 2008, the consequences of the financial crisis may not have been so serious either.

 

My steemit: https://steemit.com/@istrednepohronie

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