Roubini had a Hard Time Talking to Crypto Believers in a Blockchain Summit
Centralized vs. Decentralized
Economist Roubini’s negatives remarks about cryptocurrencies ignited a verbal brawl on stage during the Milken conference. The economist was speaking to a crowd of blockchain believers. In his opening remarks, Roubini: “It’s great to be here where everyone like me is a cryptocurrency skeptic.” That drew drew several chuckles before saying that he was joking.
Even though the professor still went on to call digital currencies ‘nonsense’ the Brooklyn debate was civil unlike the Milken Institute last week where the moderator had to call for a timeout. Crypto believers are seeing the financial world moving away from the centralized control with the crypto coins running through blockchain ledgers enabling collaborations and transactions.
According to Lubin, the CEO of Consensys:
“At the moment we are trying to move into a radically decentralized world. Even though the internet changed the world, it did not happen instantly, and the internet is broken since there is no identity construct and there is not money construct something we are trying to fix.”
Roubini who has remained famous for foreseeing the 2008 financial crisis predicts a revolution in the centralized field with institutions using technology to reduce risk in order to protect consumers and ensure efficiency. According to Roubini:
“There is a need for a revolution in financial services, but it will not be in the decentralized world. It will feature artificial intelligence and payment systems like Paypal, Alipay, and Square which are centralized systems.”
On Thursday Roubini published an op-ed on ICOs which businesses are now using to raise money. He cited a data showing that more than 81 percent if ICOs are created by cons and swindlers who are looking to take people’s money and run. According to the economist is any startup wants to maximize profit the last thing they should do is limiting the possibility of buying goods and services by requiring the clients to buy a token.