The Day Has Come
I have watched numerous debates between the Crypto community and Dr. Doom, as he is affectionately known and I must admit that I have never seen a person more apposed to Crypto. What often comes across is an absolute hatred and perhaps even a personal vendetta against Bitcoin and Crypto in general. The more I viewed, the more I began to realize that some of his arguments were completely irrational and it became clear that there was something more at stake here. His responses were often immediate and without any level of thought or reflection. This is the behavior of a biased person, as an intelligent response would require a concentrated effort.
To spew slander and aggression is the behavior of a person in a compromised position. A person who truly has the upper hand is calm and simply needs to state the facts in order to affirm their position. Roubini has clearly said more through his past behavior than the words he has spoken. Roubini recently made the following quote and in so doing, simultaneously stated that his previous accusations were indeed false.
Although he did not directly admit as much, to claim that an asset has value that is controlled is completely contrary to the fundamentals of a scam and that is exactly what he has accused Bitcoin of being in the past.
It may be a partial store of value because, unlike thousands of other what I call shitcoins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time.
Interesting to note that this argument was once used to debunk his accusations and now he too is using it to confirm what he is currently saying.
Roubini's Mistake
In my opinion, Roubini made a fatal mistake many years ago and once such a mistake is made it is very difficult to undo. This would be to speak about something without previously doing enough meaningful research into the topic you are addressing. This is especially true when you are a well known figure in society and more importantly, the financial world.
Once Roubini called Bitcoin a scam, he had to protect his stance. This is the reason behind the aggression and hatred that is so prevalent in his early comments about Bitcoin. The obvious move now is to slowly "agree" with certain aspects and over time shift his stance in the same way that a frog is boiled alive. Slowly adjusting the heat causes the frog to not realize the temperature change. In a similar fashion, small and timeous shifts to Roubini's opinion will perhaps protect him from public scrutiny.
It is clear that Bitcoin is being adopted by a number of intelligent and influential people and organizations and Roubini will appear rather foolish if in 5 years time he is still calling Bitcoin a scam.
He knows he is wrong because if he were not, he would be maintaining his initial stance. Roubini is slowly adjusting his opinion, which serves to prove that he realizes his error and is trying to restore it with as little attention as possible.
These are my own views and opinions. Please digest as such.
