Bitcoin supporters are quick to support their baby.
The crypto community has been rather united as of late, and it is primarily thanks to one rather famous economist.
Nouriel Roubini.
He is a famed economist and scholar, largely credited with predicting the financial crisis in America roughly 2 years before it actually happened.
He has made several correct calls about impending crashes and for that reason he has been nick-named Dr. Doom.
Dr. Doom says bitcoin is doomed.
Lately Dr. Doom has been in the headlines again for saying there is about to be a major crash, this time in bitcoin.
He has some good points about the energy consumption and also about it primarily being used as a speculative vehicle, besides also being used for tax evasion and money laundering.
However, once he gets off those main points he starts to twist the facts rather drastically in order to fit his thesis.
For example:
He is using some stats that are taken out of context in order to arrive at his average cost per transaction that also don't really play out in the real world, though he makes it sound like they do.
For example, if he were to actually buy a cup of coffee with bitcoin, it would not cost him $63 like he claims as the average actual fee is currently about $.05.
Which means...
That coffee in his example would cost him $3.05.
A far cry from what he is leading others to believe.
Either way, he has been uniting the community.
As you can imagine the crypto community has been in an uproar over some of his comments as of late.
For now the infighting among bitcoin and bitcoin cash supporters has even slowed in order to rally against this common foe bashing the entire crypto ecosystem.
While Dr. Doom has been right in the past, he has also been wrong plenty of times as well, which means he may also be wrong about bitcoin.
In 2010 he was calling for a double dip recession in the US, which as we can see never actually happened.
Thanks for uniting us Dr. Doom!
Stay informed my friends.
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It's crazy to see these guys complain about the transaction fees without knowing well how it works. It also show how unaware they are of current banking fees which also take about 2-3% off each card transaction at merchants. Not to mention the monthly fees these merchants spend for the service and the equipment!
I think they know full well about all the different fees. Though that doesn't fit their "bitcoin must die" narrative, so they leave it out. Even concerning energy consumption, global ATMs use far more electricity than the entire bitcoin ecosystem yet that is never mentioned.
i bet they never trade on crypto, just utter bulllshit.
Of course they don't. They pick up some line they read in bloomberg of the WSJ and they run with it.
Yeah, these guys are professionals right? It's their job to know these things. In my mind this means one of two things:
The Halo effect might be tricking economists into thinking they already know everything they need to know about the blockchain because it is similar to topics they already know about. However, when it comes to crypto, the devil is in the details.
You'd think these guys would be tired of getting proved wrong year after year. Why does anyone believe them at this point?
I actually think it is that first part. If they were saying "yes bitcoin may have a future", they would be getting far less press than if they became the king bitcoin basher. May be all about self promotion.
Blockchain is mesmerizing for economists as it take their theories of monetary policy and flips it upside down despite the facts that before the gold standard was abolished, their system was based on adequate reserve backing of a real asset not trust. How times change...
Doomed? 😩😩😩😢😢😢😩😩😩
Says the doctor...
Roubini is a proven dotard by his recent comments.
A broken clock tells the right time twice per day. Roubini predicted the financial crash like the broken clock told the right time.
When a paradigm shift happens such as the Blockchain technology, history has shown time and time again that the older generations do not give up on their obsolete ideas.
Often it has needed a few decades for the old, obstinate crew to die off.
Was it not Bob Dylan that said 'You better start swimming or you'll sink like a stone'. Words Roubini should heed.
Oh and check this out:
Good points and thanks for the link. Yea I mean I am sure the first email that was sent was bashed, in fact I read a few headlines that said email would never catch on, the telephone would never catch on, and the internet would only be used by criminals. Technology tends to find a way.
@jrcornet cryptomarket is decentralized network.
Dr. Dipshit doesn't seem to know a damn thing about the blockchain. All these economists are the same and they all give the same tired old reasons for why blockchain is doomed.
Roubini has nothing unique to say on the subject. Professional economists in general seem to fundamentally not understand how cryptocurrency works and what gives it value. You really have to wonder if they have some kind of ulterior motive. How else could so many economic experts be getting it wrong, if not on purpose?
Exactly. I am pretty sure it is on purpose. Either for self promotion, IE the basher makes all the headlines while the go with the flow guy gets glossed over. Or they have a financial incentive for doing so. Either they are short or they are heavily invested in the current status quo.
I read some of his report and he sources Bloomberg and other online publications but I haven’t seen any actualy studies in the paper yet. Need to read further. Have you?
Nope. Just saw a couple of his comments and that was enough for me. He has been cited in other news releases making decent arguments, but most of his resort to name calling and twisting of facts.
Dr Doom could Doom his own career with his Bitcoin predictions.
Nicely said!
I don't think Bitcoin is doomed. I think most of the coins are doomed when you're looking at a 10-year span. I think there's only going to be two or three left by then but I bet Bitcoin is one of them.
Those are kind of my thoughts as well. Though I think there will more than 2 or 3, just 2 or 3 with all the big value. The token of the internet will be largely valuable while there will be all kinds of smaller point like tokens for businesses and companies to reward their customers while having very little value by themselves.
thanks Mr. Doom become crypto community common enemy.
Currently he is public enemy number 1.
Its always human nature to unite against a common foe. Lets hope aliens try and invade so we can all join as one people and stop the meaningless wars and corruption that currently plague us.
What is that old saying?!
"The enemy of my enemy is my friend"
Something like that.
He got it from trolly mctrollface, whom he was responding to in that tweet. At one time during peak euphoria, fees spiked near those levels, but since that time and after segwit adoption mostly across the board, fees are way down.