I nearly puked yesterday, as I heard “the man, who predicted the financial crisis of 2008,” (as if there was only one to do it), say that “CryptoApocalypse is here,” and that “blockchain is a scam,” useless, and is “a solution to a problem that doesn’t exist.”

After getting close to being nauseated with his outrageous statements, the next step was laughing about his arguments. I’m all for having an intellectual debate, but it takes two to tango, and I don’t feel like Roubini truly realizes how unique this DLT is.

First of all, let’s make sure we set the record straight. Thousands of professional investors knew that there was excess leverage in the system, all the way back in 2005 and 2006, well before lack of trust among banks froze our system completely in 2008 and proved the flaws of centralization in the wrong hands.

I read the works of Ray Dalio, Howard Marks, and Joel Greenblatt, among others, who anticipated the crisis and advised caution, but unlike Roubini, they actually helped their clients protect real wealth and added value to the business world.

Predicting rain doesn’t help anyone, but carrying an umbrella does, so I don’t even understand why it is a “claim to fame.” Warren Buffett, who is the greatest investor ever, didn’t even blink at the sight of the financial crisis, since his personal philosophy doesn’t include avoiding panic sell-offs. It only gives room to taking full advantage of them.

Next, the interview showed Roubini’s statements regarding the crypto revolution, blockchain technology, and centralization.

His cornerstone idea and focal point centers on the fact that blockchain is useless, since there is no “killer app” out there that is adopted by the general public yet.

Need I remind “Dr. Doom” that it took airplanes nearly 40 years to become popular and even more to become affordable and widespread?

The speed at which a revolutionary innovation is adopted isn’t a measure of anything. Billions of people still use 5^th century agricultural equipment. Does it mean that tractors are a “solution to a problem that doesn’t exist” just because billions aren’t using it?

There go two of his ridiculous claims out the window.

Then, he called 81% of the ICOs scams and worthless, which could be true, but what of it?

We all know that last year’s trading action was irrational, done by amateurs, who tagged along for the ride, without understanding the risks involved with investing in breakthrough technology and early-stage opportunities. Heck, my maid was buying Bitcoin, before she even knew what “intrinsic value” meant.

On top of that, we all know that our banking system deposits trillions in drug money every year, so please, do not talk about ethics with us, Roubini, while you work for the IMF and Federal Reserve bank..

The point is that what ICOs proved to us is that scammers will flourish in unregulated environments, which is a no-brainer concept. Secondly, they proved that creating a cryptocurrency is not a problem, which nobody ever said it was.

The process of logistically listing a coin is not the point at all, nor is the anonymity feature that critical. What people want and what people will get is the right to own their own medium of exchange, first and foremost, without policy-makers dictating how many units will exist and whom they will go to, but most importantly, cryptocurrencies will streamline cheap and ultra-fast money transfers.

Though the professor resides in NYC, he clearly isn’t invited to boardroom discussions at the world’s biggest tech companies and most important banks, since they are firing on all cylinders, moving forward, as they understand that the Lightning Network could be the game-changer, concerning scaling.

Nouriel, Pure Blockchain Wealth warmly recommends that you stay in the protected environment of a campus filled with 20-yr olds, who probably think you are a genius, but please stay away from the grown-up world, where ambition and vision pave the way for the impossible to become feasible.

Best Regards,

Brad Robbins
President, PureBlockchainWealth.com

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