Nouriel Roubini, chief economist Atlas Capital Team and chair of Roubini Macro Associates, lays out the “seven Cs” of the industry.
Nouriel Roubini takes a swipe at crypto industry after FTX collapse
- Update Date：
- Post Date：
- Tags
Nouriel Roubini, chief economist Atlas Capital Team and chair of Roubini Macro Associates, lays out the “seven Cs” of the industry.
boss
He seems to have more of an issue with centralized exchanges than anything. Not sure if he realizes this though.
Hold your own keys.
@Black Ice blockchain tech serves a purpose crapto currencies are just collectable tokens created so u can donate to a project.. thank you for donating
@JAM “Everything you stated has intrinsic value.” The reason why an ounce of gold is more expensive than an ounce of tree leaves is that the former is much harder to obtain. Once people become aware of some method or substitute to overcome the scarcity of gold, its price will be collapse. No reasonable person will say “No, wait, gold retains its intrinsic value and I’ll stick to it”. A similar rationale applies to all other goods.
The “backing” of fiat currency by a government is meaningless because it ultimately depends on the consensus among economic agents. The Weimarer Republik is a textbook case of that.
@SINC0MENTARI0S
“The reason why an ounce of gold is more expensive than an ounce of tree leaves is that the former is much harder to obtain.”
You clearly don’t understand what intrinsic value is. You are exhibiting that repeatedly with your completely remedial analogies.
Gold is a metal that has multiple purposes and industrial uses,the price of the metal is what makes the companies use substitutes in like Bronze primarily but gold is still used for multiple products.
People who can afford it will always use gold over other replacements if gold prices fall they will be used more.
Crypto currency has absolutely no use thats investable.
You will be unable to state any reason why one should ” invest ” in a crypto currency since every purpose it has is already present in our world today.
Any use you will state like its use as a smart contract doesn’t make it investable.
Theres a reason every single educated qualified person calls crypto currency BS.
@JAM Crypto does provide some utility. Besides providing endless entertainment, it can be used to immediately identify a financially illiterate (future) bagholder.
@JAM You mistakenly assume that only the tangibly utilitarian benefits from a good are what determine its value and, even worse, make this value is steady enough to allow speaking in terms of “intrinsic”.
In your gold vs. bronze analogy, you fail to understand that if [hypothetically] another metal were cheaper than gold and superseded the effectiveness or benefits of gold, every reasonable person would switch to that substitute. The price (or value) of gold would collapse because no one will be willing to buy it. Hence, the concept of “intrinsic value” is just a fiction.
Another point you need to understand is that highly distributed ledgers such as the Bitcoin and Ethereum blockchains are not susceptible to arbitrary manipulation by governments or financial institutions. That protection is a cornerstone in the design of these crypto-currencies. The hyperinflation in the Weimarer Republik, which you should have heard of in the context of World War II, is an example of how fiat currency has no intrinsic value. Back then, the governmental manipulation of currency was implemented by printing bills to the point of flooding the streets with worthless paper money. Now this manipulation is easier to implement by arbitrarily adding zeros in the banks’ databases.
Bankman-Fried’s ability to arbitrarily create FTT tokens is impossible in crypto-currencies like Bitcoin or Ethereum. And SBF’s scheme has much more in common with governments’/banks’ tools for manipulation than with crypto-currencies that are based on distributed ledgers and the proof-of-work criterion.
It would be wise to listen to Nouriel, before it is too late.
Wow love it, he is so right
Keep the hell away from Bitcoin please. It ain’t for you! LOL!
Well said
Ha he is attacking centralisation. He is on the same side as the crypto bros
Never trust a Lehman, Bankman, Goldman or a Conman. ☝️🧐
Nouriel is from the same tribe
@noortec Wikipedia: Nouriel Roubini is a Turkish-born Iranian-American economist. … look up origin of Persian/Iranians.
@David Shi sure 🙂
Good man. Crypto is for people turned into idiots by greed. Nothing more…
The only word in your statement that was worth anything was ‘Nothing’. Value is subjective! We don’t need people who say words like “Nothing More”! And remember MY QUOTE! Greed is good if fused with accountability!
@Black Ice wake up my friend its happening
Roubini is being his usual disingenuous self. He started off as a massive Bitcoin critic. But has gone quiet on that, because anyone with a half a brain can see that Bitcoin is a legit technology and here to stay. Now he just likes to conflate Bitcoin with all the ‘crypto’ nonsense. Using crypto scams as a sly way to discredit Bitcoin, which he hates.
@Dan Murray I’m making a joke that bitcoin is useless, old technology.
I woke up this morning thinking that the decentralized ecosystem needs Allies with the commitment to educate visually (through storytelling) the general public in a way on YouTube that is effective against all the FUD about digital currencies. A storyline ran through my mind of people thinking that government regulation can protect them from everything, but that while not perfect, voluntary standards, education & promotion of financial literacy to the masses would make the world so much better for everyone’s future! But, that was just an idea!!!
Thanks for posting! We need people that truly understand the great gift that’s been given mankind & why so many want to see it put back in the box! A Trojan horse if you will. Too late, it’s been dragged into the courtyard of centralized finance and it will eventually take no prisoners!
I’m just sayin..
@E Bay gotcha.. keep drinking the ‘blockchain not bitcoin’ koolaid 🙂
I am willing to sell you the Murraycoin for $10 million…..this coin is very rare there is just 1 of it in the whole Univetse😀😀
@Bollywod Dance and, you have demonstrated your ignorance for all the world to see!!! Moron!
Roubini’s argument is more emotional/rhetorical than rational. Crooked, corrupt, and criminal are synonyms in this context. Roubini just wanted to name 7 c’s because that the number sounds “kabalistic”. The “c” for “concealed” is inherent to cryptography (it’s in the etymology itself), which banks have been using for protection of accounts and other purposes. It just doesn’t count as “defect” of cryptocurrencies. He is trying to demonize cryptos for corporate dishonesty, something that pre-exists crypto-currencies.
By contrast, preserving the monopoly that central banks enjoy keeps proving detrimental to the economy. This will only worsen as Western countries keep adopting China’s dictatorial models.
More corrupt than America?
Certified GigaChad
They should make an island for criminals and thives and con men and that be the only place for crypto. An island away from normal finance. And also many people from or near Stanford University who are looking to make a fortune by threats and manipulation. It seems people near Stanford or went there excel in that.
@Moje Konto the banks are FDIC insured. If the banks are doing illegal things, hopefully they get caught. But at least the money you make is insured. Do you really think people that put their money in crypto do it because they feel some banks are helping drug dealers? Or is it because they want a huge return? Maybe people that put their money in crypto just want to earn so they can give it all away.
@Neil Wani yes, in 2008 there were CDS, sort of insurances being bought and then we saw what happened. Any insurance works fine until there is a massive stream of so called insurance events following which the insurance company needs to provide cash to the insured… guess what, the whole setup collapses unless the government steps in and throws taxpayers money at it to put out the fire. Well, as for crypto industry, in such cases, it gets left on its own.
@Moje Konto Let it get left on its own. Or you want taxpayers to bail them out also? We needs banks because they keep our paychecks in currency. Do you understand that? That means money on paper made by the government at the country you are in. Do you understand that part. There is no need for another way and then insure them also.
@Neil Wani i fully agree that such institutions should be left on their own. I also think that banks should be left on their own as well. Because they aren’t, in times of crisis, they unfortunately keep having incentives to take higher risks. If not for the fractional reserves used by banks, our financial system would have been so much healthier.
@Moje Konto It’s a delicate balance. Too conservative and nobody really gets really rich and it’s stagnation. Too much lending and people could default when it slows down.
You can count on Roubini to tell it like it is.
It’s kinda ironic that one of those centralized pro big goverment exchange is involved in some of the most disgusting actions that the human kind has to offer, I think he’s or they are intentionally doing this so the Biden administration has some justification to ” regulate ” the crypto industry. What a damn joke this all is
Roubini bought at 69k
HAHAHAHAHAHAHAHAHA
bla bla bla, not your keys not your coins.
容赦なくて草
Idiot
Ya fractual banking.. the banks do the same thing. Lend money that doesn’t exist…
Ever hear of FDIC?
banks are part of monetary policy. Regulated.
Its how you are able to be on the internet, have an economy, even have your doggie coins.
Damn
It is never a bad idea to be careful! But, the idea that people need to be protected from themselves has been around for a long time. And, sociopaths throughout history have taken advantage of those “ordinary” people that just want to be left alone to pursue happiness (whatever that means to them).
Crypto currency truly offers the most promise to make the world a better place. But sociopaths populate the commanding heights of the economy & government. I would argue that one needs to at least be partially infected with the sickness of sociopathy just to go into acting & politics!
Thus, how does one take a stance for individual freedom in the face of such odds? It’s why the idea of “The Empire” & the rebel alliance is such a popular theme in Star Wars. Both cultures are in a death match against what most understand instinctively. But not intellectually!
I’m just sayin..
Why do ROBOT’S look handicapped
They should be called Cryptocapped
All crypto promises seems to be lies now , FTX really damaged the brand of crypto , for years to come.
Wow, yell it for the people in the back!
Doctor Doom is on point. 😎 thank you.
FTX was another DNC scam to get more campaign money
Straight to the point! Love it.
Hold these Crypto criminals accountable! Do not let them go free! Start in Bali, then the Bahamas
Took a while, but I’m starting to see why only 1% of the population actually acquire and maintain wealth…
as a btc maximalist i approve this message.
Awesome. No mincing of words.
I hope those teenage morons who stupidly invested in crypto should now pray to this guy. Kids, he is called “Dr Doom” for nothing.
100% the truth. Every word.
Nouriel Roubini should not be so restrained and polite in his commentary. But the get-rich Gen Z wizards continued to drink the crypto Koolaid and proceeded to follow the Yellow Brick Road to riches.
He is marvellous 😂
Holy fucking based!
Finally honesty
lets see him on the stage when BTC is 100k . Fiat has been a disaster for developed economies and worse for developing. Hes a big part of the reason inflation is where it is .
His fiat is printed based on a currency with ZERO intrinsic value, with NO limit .
The only difference between BTC and fiat is who will exchange it. it used to be goats, then gold. You cant print gold
Fiat is based on an inflationary money printer. Anyone who think otherwise needs to read a book on economics
Hes an expert in creating lower productivity, higher transactions costs, and all based on a fraudulent ponzi scheme called the USD
Roubini ROCKS on everything economic. He and Peter Schiff have been on the same page with this crypto nonsense from the very beginning.
Crypto is disgusting garbage.
Why is this boomer so mad. Sad ting mad ting
well, the s*** hits the fan🥳
This is actually one of Dr. Roubini’s more POSITIVE commentaries. I see he’s mellowed with age. lol
Kevin O’leary is a real scumbag…has lost all street credibility
Crypto itself isn’t corrupt, it’s the people running ‘centralised’ exchanges etc. If anything it’s an endorsement for the true purpose of crypto…decentralisation and power to the people.
Crypto itself doesn’t do anything, it needs people. And the people running it see a big free for all money grab, and they’re not wrong.
@Marius 007 People running a decentralised blockchain? Those people?
@Marius 007 The projects providing people internet/telecommunications in disconnected countries ? The partnerships with Disney, Walmart , Google , Nike & more making it so our future transactions are cheaper & faster using the tech of computer science break throughs ? Wake up. 1/3rd of engineers graduating from college are going to work on the Blockchain to provide us a better future. Don’t fight innovation. It always wins.
@Marius 007 ✍🏼Stock market is money grab.✍🏼 Got it
True
Everyone of those con exchanges have their own token, including binance.
I’m stupid and I don’t understand crypto and invested zero in crypto
Thanks to this I didn’t lose any money 😂
LETS BRING BACK PHYSICAL GOLD YOU OLD FART …
Nouriel is never afraid to speak his mind. Love it!
Wow, wow R.E.S.P.E.C.T, Roubini
😅💥💥💥
He seems lost
I can enumerate the same things on traditional finance 😂
Exactly! Its just regulated. 🤣 (means nothing)
My thoughts exactly. The crooks are controlling printing presses for worthless paper, then they charge us interest on it, they manipulate all the markets in existance. Loan out , the same money over and over again. If people only knew what is going on in financial world there would a revolution. Crooks. Crypto all the way.
Zammmmm.
I’ll attack this pos who teamed up with the conservatives.
I ran into him at a local casino near my house in 2019.
After that I had a run in with 2 neo Nazi serial killers
Never heard of her
I never seen a greater Idiot like Roubini.
Straight for the jugular. LMAO. While I don’t agree with him entirely on the whole crypto space being awful, there are plenty of scammers in it. However, BTC = Crypto for all other stuff, including ethereum; it is entirely debatable. As for the allegation that Binance laundered 8 Bn…ok, how much was laundered through fully regulated retail banks, as a matter of fact? What happened? A slap on the wrist and off to the races. All that said, respect the man (Dr Doom) for having an opinion and the balls to voice it.
Give Nouriel and Charlie Munger the stage on Crypto for 30 minutes and you would have the best show on the planet.
The Crypto bros don’t want that heat.
What a jerk. He’s only so pissed he completely missed the Bitcoin train, trying to make everyone believe it’s so much better in traditional finance.
At every Bitcoin bull run, he can only shake his head in disbelief. He simply can’t get it
Stop inviting him on crypto stage, he’s ridiculous
Good for him. It’s time we call these dorks out.
good news there are still decent exchange like bitfinex
Definitely swipe to the left 😂
All cryptos are walking time bombs…no intrinsic value..and no central bank will let society use these drive by ponzi scheme in their country..besides tinpot countries like el salvador
A real Economist vs a Conman. We should canonize Roubini a Hero of the people and a Saint.
👏🏻👏🏻
Thank you, Nouriel. Honest, as always.
Where I can see the full conference?
Fire Kevin
🤡🤡🤡
You can tell he’s got that Iranian blood. He ain’t messing around.
It is true that these Crypto br0s are using the bankers playbook to fleece the sheeple and that of course is illegal as you need a Gov mandate to do that.
If the Sheeple would understand the tenants of bitcoin that Satoshi laid down in the bitcoin whitepaper then all of this scene would be avoided.
Bitcoin is freedom from putting the power of your finances in someone else’s control.
When you remove the trust from the system you remove the tools the thieves use to steal from you.
Those trust tools are what are used to fleece the populous and are intentionally protected and obfuscated by those in power at the highest levels as that is how they control the masses and that is why those centralized exchanges are allowed to get away with using those same tools, the system is rotten to the core and crypto is just a spotlight on the problem.
Everyone misunderstood SBF! He embezzled customers’ money in FTX and reinvested it in AR, just to create greater profits, to pay 8% annual interest to the poor, and 5% annual interest to large retirement funds and teachers’ unions to let them spend remaining years in comfort, make the world no longer have hunger, poverty, and built a Utopian world belonging to SPF.
However, CZ, the big devil of Binance, made a bad move, first set up a buyout, and then infiltrated and betrayed, destroying the biggest competitor who just wants to monopolize the entire currency circle! Go against the spirit of antitrust!
Then history is always written by the winners, and the losers will always bear the infamy!
To kill one and you are a criminal, to kill a million and you are a great conqueror!
Winners will be rulers. That is how this world works!
Roubini getting off.