Congress Negative and Republicans Positive about CryptocurrencyOctober 12, 2018
Democratic Senator of Massachusetts Elizabeth Warren on Thursday during a congressional hearing stated that “cryptocurrencies are easy to steal” further added a lot of people are being scammed by “Initial Coin Offerings.”
The worry is heating up because there are a lot of negative views about cryptocurrency. Several cryptocurrency companies close down while they are just six months in even before the operations begin. Several investors believe that they are getting a new coin before anybody else can get it and when the company shuts down they are left with no money, and they are left with a coin they cannot use.
Warren further stated that her goal was to “nurture productive aspects of crypto at the same time protecting consumers.”
Ohio Senator Sherrod Brown as well expressed worries stating that families who invest their money in the ICOs are experiencing very poor results. While Brown is eager to see the cryptocurrencies as an opportunity to the unbanked, the scams that keep piling up are just as concerning.
However, the republican sentiment is a bit positive.
Pat Toomey of Pennsylvania, stated that cryptocurrency is a better alternative to the central banking system. He says this because he believes that central banks “overtime, have not had the greatest record in preserving the value of fiat currencies.” He further acknowledged despite time being difficult for crypto enthusiasts the future will bring in the required change.
Idaho Republican Mike Crapo as well complemented Pat Toomey’s thought by saying, “Blockchain networks have the potential to improve processes like identity management, smart contracts, payments, settlement, and things that are yet to be discovered.”
Though unclear, from possible correlation, it can be assumed that the uncertainty about cryptocurrency has caught up with the overall sentiments of the senate from Nouriel Roubini.
Roubini of late spoke before the Senate and called the virtual money as “the mother of all scams,” and now he calls it as the busted bubbles.”
Roubini has been forever bashing blockchain and cryptocurrencies. He predicted the financial crisis of 2008 and therefore his views come with some weightage.
The stronger promise of cryptocurrencies is thought to be because of the blockchain technology; however, Roubini as well bashed the blockchain. He stated that “Blockchain is the over-hyped technology ever. It is nothing better than a glorified spreadsheet or database.”
While all the negative things do the round some of them are of the opinion that problems should not overpower positivity.
Peter Van Valkenburgh, the research director at Coin Center, explained the lasting beliefs about cryptocurrency to Roubini about blockchain technology.
Valkenburgh explained that networks powered by public consensus mechanisms like the internet have become indispensable. Public consensus mechanisms require that users place trust in those third parties who are economically motivated to behave honestly.
Valkenburgh continues to be upbeat about future cryptocurrencies’ technology despite its infancy. He feels controversies will be resolved over time.