Bitcoin Basher to Testify on October 11 at Senate

Bitcoin Basher to Testify on October 11 at Senate

October 9, 2018 Off By Maheen Hernandez

Nouriel Roubini already well known for his name calling and bashing of cryptocurrency supporters with words like “Cyber terrorists” “Hodlnuts” has now to say that cryptocurrency being decentralized is a myth.

Roubini is set to “testify at the Senate” for a hearing regards Blockchain technology.  Peter Van Valkenburgh, Director of Research, Coin Center will be joining Roubini on October 11 in the Senate hearing about blockchain.

The US Senate Meeting about Blockchain and cryptocurrency is to be held on October 11, 2018.  The hearing has been entitled “Exploring the Cryptocurrency and Blockchain Ecosystem.”

Coin Center is a non-profit organization that is mainly focused on researching the policies with respect to cryptocurrencies.

The New York University professor has never been able to stand cryptocurrency.  He has been one among those who felt that it would damage the world economy.

Nouriel Roubini nicknamed Dr. Doom for his bearish comments alleged, “Decentralization of crypto is a myth. The system is very centralized than North Korea.  The miners are centralized.  The exchanges are centralized.  Developers are centralized dictators.  Buterin is the dictator for life.  The Gini inequality coefficient of Bitcoin is worse than North Korea.”

Roubini has been passed such colorful comments since long.  His bearish economic forecasts were mostly focused on the centralization of the crypto ecosystem.

Early in 2018, while at a discussion panel at “Milken Institute Global Conference in Los Angeles, he stated it was “bullshit” about the idea of cryptocurrency being decentralized and he further added that blockchain is a kind of “glorified excel spreadsheet.”

However, there are government officials like Chis Glancaro, the chair at CFTC (Commodities Futures Trading Commission), who believe that the cryptocurrency is here to stay.  There is a future for cryptocurrency according to Chris.

CFTC commissioner Rostin Benham stated, “Cryptocurrencies are here to stay.” He further added, “Virtual currencies are set to become a part of the economic practice in several countries. Let me repeat: These currencies are not going away.  They will proliferate to every economy and to every part of the planet.  Witnessing a technological revolution; we are witnessing a modern miracle.”

Among many other things, CFTC released a White Paper about the regulation of cross border swaps.

Earlier, Richard Gorelick, was the founder and CEO of RGM advisors, a member of a TAC subcommittee stated “it was important to get regulation right” at the early phase.  Gorelick further added, “We want growth to happen by a responsible market in jurisdictions with appropriate safety and soundness in guards.”

Alexander Stein, the Virtual Currencies Subcommittee member when addressing the concerns about Bitcoin being susceptible to money laundering and several other illegal activities, stated: “The biggest misunderstanding about Bitcoin is that it is anonymous.”  He further added that the transactions could be tracked and the unregulated world not using the anti-money laundering practice, which is about using the KYC.

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