Perennial Bitcoin basher and anti-cryptocurrency campaigner, Nouriel Roubini and Ethereum founder Vitalik Buterin had a heated debate at the second edition of the Deconomy blockchain event in Seoul, South Korea.
Broken Record: Roubini Has Nothing New to Say
Nouriel ‘Dr. Doom’ Roubini – a New York University economics professor regurgitated his old hits, calling cryptocurrency a bubble and saying that it was only useful to criminals and tax evaders looking to launder money with virtual currencies as the “New Swiss bank.”
However, having made the above assertions, Roubini then goes on to say:
I don’t think crypto payments for criminal activity is going be the future of it. They’re not anonymous and even for cryptos that try to be anonymous like Monero, kleptocratic governments will make sure your wallet is registered.
Dr. Doom also relived some other hits like price manipulation claims, pump and dump schemes, exchange hacks as well as ICO fraud as reasons why cryptocurrencies are worthless. Roubini debunked the assertion that virtual currencies represented an emerging financial system, instead, calling them an inefficient barter system that will never overcome the “trilemma of decentralization, security, and scalability.”
In response, Buterin countered Roubini on many of his claims especially regarding the anonymity of cryptos providing cover for criminal activities. According to the Ethereum co-founder, any convenience offered by cryptocurrencies as a payment means is enjoyed by all; whether for “unconventional activities” or otherwise.
Buterin: ‘There Are Definetely Some Real Concerns’
Buterin also chided Roubini’s skewered criticism which fails to take into account the many benefits of cryptocurrency adoption. The Ethereum co-founder pointed to the convenience of making international payments via virtual currency, as well as, the added benefit of cryptocurrencies being censorship-resistant.
As for the perceived inefficiencies in the…