Nouriel Roubini Tries to Attack Bitcoin by Saying Fees Cost $55, Fails
In an informal hearing by the US Senate Committee on Banking, Housing and Urban Affairs, the economist Nouriel Roubini, a long-time critic of the crypto space, said among other things that decentralization is ridiculous.
In fact, centralization has almost killed all humans several times by accident. What I'm I talking about? Incidents like during the Cuban missile crisis, of course, when a single Soviet submarine captain disobeyed orders to launch missiles with nuclear warheads into the USA and in doing so saved our entire species. Compared to such scenarios, industrial mass murder by the likes of Stalin and Hitler is small potatoes. As a Jew Roubini should understand the threat that centralized governments pose to minorities like the Jews. Centralization is also horribly wasteful because vast armies of law enforcement officers and officers of the court need to be employed to keep banks and other centralized financial institutions honest - and not entirely successfully at that. In most countries of the world, centralized governments are a grotesque joke as many Steemians can attest. Most governments of the world are utterly corrupt. At most, the government works at least somewhat like it is supposed to in perhaps a few dozen countries out the 200 sovereign ones that exist.
Roubini sounds like a mouthpiece of vested interests. Nothing more. Technology is irresistible like a force of nature. In many cases, distributed consensus is simply the superior way of doing things. Humans are naturally very weak at honesty and logic. Unless those things are enforced on a fundamental protocol level in the way humans interact, the majority of societies will continue to be mired in criminality and chaos. Government is not the answer because governments are made up of the same weak humans that are responsible for all the wrongdoing. The digitalization of everything is inevitable. It must be coupled with decentralization and distributed consensus or we will wake up to an Orwellian nightmare.
Those who are against something always in a hidden way know the gancia and for some reason must be mining crypto JEJEJE is something ironic true
I don't think he mines crypto while attacking it viciously in public.
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It seems there are lots of ants in this man's mouth that's why it is itchy in trash talking Bitcoin.
That's an apt description. He seems to be shooting from the hip. It's difficult to have a constructive debate with an opponent like that.
The problem with this type of intelligent people is that they think they already know about blockchain and cryptos . They open their mouth first before really getting know what the blockchain/crypto revolution is all about. Can't blame him ,blockchain and crypto have a steep learning curve and you can't fill a glass that it is already full. Can't teach old dogs new tricks. Well at least for these type of people
Yes, from what I've seen, Roubini doesn't seem to be aware of Proof-of-Stake, for example. Nor does he seem to know the utterly hopeless situation much of Africa is with corruption. There are tens of countries the world where there is no trust and where central authorities are completely worthless. They can be defunct to the point where not even homicides are properly investigated. Distributed consensus is an absolute must if all centralized institutions in a country have always been made of of, have and will always be made up of nothing but thieves and murderers. Most peoples in the world are simply incapable of scaling the kind of co-operation needed to run modern society to sufficient levels. Technology enabling distributed consensus must be used to achieve that. There is no other way. The Roubinis of the world simply stand in the way of progress. Billions of people are being forced to live under, at best worthless, or, at worst predatory governments because there is no way to compensate for lack of trust characterized by the population governed.