See the live version @ bitsblocks.github.io/crypto-bubbles
Testimony for the Hearing of the US Senate Committee on Banking, Housing and Community Affairs On "Exploring the Cryptocurrency and Blockchain Ecosystem"
While Blockchain Is The Most Over-Hyped Technology Ever, No Better than a Spreadsheet/Database
by Nouriel Roubini, Stern School of Business / New York University, October 2018
Note: This is the original document reformatted in a single-page book edition (using the Manuscripts format).
- Crypto Bubble (2017) and Crypto Apocalypse and Bust (2018)
- Crypto is not money, not scalable
- Supply of crypto is massive. Bitcoin is deflationary
- Financial crises occurred well before fiat currencies and central banking; and are now less virulent thanks to central banks and fiat money.
- The real revolution in financial services is FinTech and it has nothing to do with Blockchain or Crypto
- Buterin's inconsistent trinity: crypto is not scalable, is not decentralized, is not secure
- No security in crypto-currencies
- Decentralization is a self-serving ideology
- Decentralization is a myth: massive centralization and concentration of oligopolistic power and cartels among miners, exchanges, developers, wealth holders
- Crypto is not the internet nor will ever be
- ICOs are not compliant securities when they aren't outright scams
- Tokenization: cartels aimed to gouge consumers. No numeraire and return to barter
- Massive manipulation: pump n dump, spoofing, wash trading, front running, exchanges conflicts of interest, tether scam
- No Killer App in Crypto/Blockchain After A Decade: Only Ponzi Schemes
- The energy consumption of crypto is an environmental disaster
- Blockchain is most overhyped technology ever, no better than a glorified spreadsheet or database
- Enterprise DLT/Blockchain: All hype and no reality
- Crypto is corrupt eco-system full of charlatans, con-men, self-interested insiders and scammers. But I have NO conflict of interest
See the original document (PDF) (~720 KiB).