Nouriel Roubini Attacks Blockchain in Latest Rant

Professor Nouriel Roubini Goes After ‘Blockchain’ In Latest Rant

Blockchain

NYU economics professor Nouriel Roubini, commonly known as Dr. Doom in mainstream financial media circles, is a long-established Bitcoin and cryptocurrency skeptic. In his latest rant he focuses on blockchain technology and the people promoting it.

Also Read: Research: Corporations Fail to Deliver on Blockchain Hype, Scalability a Top Concern

Greedy White Men

Professor Nouriel Roubini Goes After ‘Blockchain’ In Latest RantRoubini, who recently testified before the U.S. Senate Banking Committee about blockchain, had a few angles of attack against the promoters of distributed ledger technology (DLT) in his latest article, The Big Blockchain Lie. Noting that blockchain has been heralded as a potential solution for everything from famine to cancer, he called it the most over-hyped technology in human history.

The professor explains that, “in practice, blockchain is nothing more than a glorified spreadsheet.” However, he also claims it has been able to create an “economic hell.” This is because Roubini categories developers and entrepreneurs as “a few self-serving white men pretending to be messiahs for the world’s impoverished, marginalized, and unbanked masses.” As for the supposed ideology behind them, he states: ”Blockchain is not about decentralization and democracy; it is about greed.”

Excel Spreadsheet With a Misleading Name

Professor Nouriel Roubini Goes After ‘Blockchain’ In Latest RantBesides ad hominem attacks, which Roubini has previously been fiercely criticized for, the economist actually makes some valid points about why so-called corporate blockchains touted by big banks, governments and other established powers are not decentralized. Such institutions would never want to have the transparency it would bring, or, as he explains it, “There is no institution under the sun that would put its balance sheet or register of transactions, trades, and interactions with clients and suppliers on public decentralized peer-to-peer permissionless ledgers.”

Moreover, he notes that in cases where so-called enterprise DLT solutions are actually being used by established organizations, they have nothing to do with blockchain. He explains that these are private, centralized, recorded on just a few controlled ledgers, require permission for access, and are based on trusted authorities. As for all the DLT trials constantly being spoken about in the press, Roubini says that whenever blockchain has been piloted in a traditional setting, “it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.”

Does Roubini make any valid arguments in dismissing blockchain technology? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

Fifth Largest Crypto Exchange Huobi Lists Four USD-Backed Stablecoins, Following OKEx

Another major crypto exchange Huobi has announced the listing of four stablecoins at once, according to an official statement Tuesday, October 16.

Starting Friday, Oct. 19, the fifth largest crypto exchange by trading volume will start accepting deposits of four USD-backed stablecoins – Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD).

The Huobi Global team noted that the stablecoins are already available on Huobi Wallet, while the launch time and other details are set to be announced at a later time.

Huobi also stated that they will release detailed plans for over-the-counter (OTC) trading of the stablecoins on Huobi OTC “soon.”

The move from Huobi follows closely on the heels of an almost identical announcement about the listing of the same four stablecoins by the second top crypto exchange by trading volume, OKEx, yesterday, Oct. 15. OKEx has already launched deposits in the four stablecoins, with withdrawals available starting from today.

Also on Oct. 15, blockchain trust company Paxos announced it had issued about $50 million worth of its stablecoin Paxos Standard Token. The Ethereum (ETH) blockchain-based stablecoin has received regulatory approval from the New York State Department of Financial Services (NYDFS) on September 10, together with another stablecoin Gemini Dollar that was launched by Winklevoss brothers.

Yesterday, U.S.-based cryptocurrency payment processor BitPay also launched stablecoin support, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).

Telegram to Debut ‘Test Version’ of Blockchain Platform TON ‘This Autumn,’ Say Investors

Encrypted messenger service Telegram will release a test version of its blockchain-based TON platform “this autumn,” Russian media outlet Vedomosti reports Tuesday, Oct. 16.

Speaking to the publication, investors “confirmed” the authenticity of a circular sent to participants in TON’s Initial Coin Offering (ICO) at the start of September.

In the circular, the company said that the platform’s blockchain component was currently under development, with “70 percent” of the product already finished, the publication claims.

Once in operation, TON will also make use of its in-house cryptocurrency, Gram, and will form a “new way of exchanging data.”

Telegram attracted considerable attention earlier this year when it raised almost $1.8 billion in investments for TON and its current messenger app via two private ICO presales.

Following the success of the fundraising, in May executives subsequently cancelled the planned public phase of the ICO.

At the time, Russian media also speculated that authorities’ attempts to block access to Telegram altogether for the country’s residents was a result of the ICO and plans to release Gram, rather than the official explanation that the service flouted data sharing laws.

CEO Pavel Durov declined to comment when asked by Vedomosti to confirm the TON release timeframe.

AltcoinToday.com

Photo via Shutterstock.

Source: Cointelegraph

loading…