Nouriel Roubini says Blockchains are Useless

in #blockchain4 years ago

This is just a quick post about the recent Senate Banking Committee Hearing on Crypto currency. I won't go into too much additional detail on the subject, as @meno did a pretty good job of that already in his recent post, "Meet Professor Roubini aka Dr. Doom".

While Mr. Roubini, also known as "Dr. Doom" for his past "gloomy" outlooks, is entitled to his own thoughts and opinions, his track record in both prediction and fact-checking appears to be sorely lacking...

"Roubini predicted a recession in 2004, 2005, 2006, and 2007. He was wrong four years in a row. So, in 2008, his prediction appears to be finally coming true. Well, a stopped clock is correct twice each day."

Link: How seriously should we take Roubini's doomsday predictions?

And then there was this other whopper of a prediction he made in a 1991 Senate Hearing, where he pontificates on the "stupid" “wireless communication” industry. I mean, who would ever be so dumb as to carry a phone around the size of a brick when you can make phone calls from the comfort of your home landline while lounging in your easy-chair?!

Dear Mr. Chairman and ranking members of the committee. Thank you for being smart enough to ask me to testify on these stupid new things called “cellular phones.” My name is Nouriel Roubini. I am a world renowned professor of economics and one of the few people to predict the 1987 stock market crash.

It is clear to me, Nouriel Roubini, that “wireless communication” is the biggest scam in history, and that the stock of fraud companies like Motorola, which went up 500% in a few years, were the biggest bubble ever. And I know about Bubbles Mr. Chairman, because in case you missed it, I’m Nouriel Roubini, and I predicted the 87 crash.

Link: Nouriel Roubini’s 1991 Testimony to Congress About the Mobile Phone Bubble

Not withstanding all of this, I still felt I should at least try and "awaken" Mr. Roubini on at least a small part of his extremely misguided knowledge and understanding of the blockchain space. As such, I "tweet replied" with the following screenshot featuring a screenshot highlighting real-world graphene-based chains with real-world applications capable of processing millions of transactions per day.

I would have gone more in-depth, and explained how these transactions can take as little as 500ms to under 3 seconds to complete. However, if it does come into Mr. Roubini's purview, it might just be enough to cause his mind to "blow a gasket"... lol

Okay okay, I don't really expect this to change his mind, nothing else really ever has in the 30 years I've half-heartedly tracked his "calls". In fact, I'd almost bet he'd prefer a nice cuddle with his landline over a cell phone any day of the week. But then again, to each their own... 😂

And for those of you who may also be interested in watching the actual Senate Hearing, here it is for you viewing "enjoyment", and have yourself a laugh! ... lol

As always, I appreciate your upvote, your follow and all your comments!


Mr. Roubini Been battling with tons of crypto peeps on twitter this week 😂... he’s even blocking tons of crypto people also. I think he’s doing it for the attention... he’s probably buying tons of bitcoins behind the scenes 🤷🏼‍♂️😂

yeah, I get the feeling a lot of it is for attention too, he's gotta keep trying to stay relevant one way or another, and being completely wrong's certainly never slowed him down before, not even for a moment... lol

Watch him talk about how blockchain is the future in 2019! 😂

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I have no idea about all this so I will just be at my small little corner and listen quietly :D LOL

Thanks for the Blocktivity link Alex. This is a really useful one for the bookmarks folder :)

Great to see STEEM up there at number 3!

Hey, also wanted to say a big thanks for your support on Whaleshares. Am stunned at how fast I have been able to double the generous starter gift from nutfund.

Some people just have a serious aversion to new technologies. To such a degree they'd rather declare them useless than try to understand them. I wonder if this guy also declared the Internet "a waste of time?" It would fit the pattern, but he's probably a little too young to have had audience influence in the mid-1990s.

I may say he is useless for this world.

I agree Blockchains are not going anywhere


This one is about to change commerce like Amazon