Wow. Just wow.

I mean: I read crypto news all the time, but sometimes I'm so shocked that my jaw just hangs open.

This week's jaw hanging moment comes courtesy of Nouriel Roubini. For those of you unfamiliar with Nouriel (I would call him "Mr Roubini" if I had any respect for him. I don't) - he's an economist. Disturbingly, he's an economics professor and the CEO of an economics consulting firm. (I have mentioned my attitude of disdain towards the academic world and its so-called qualifications and titles before. Perhaps now you may start to understand why.)

Nouriel Roubini said a few things this week that shocked me to the core. Sure, I am pro-crypto (for good reason) and I understand that not everyone thinks like I do. But to say the things that he said is sheer idiocy! For a respected economist giving advice in front of the U.S. Senate Committee on Banking, Housing and Community Affairs? Come on! Was he high on expired LSD?

Before I continue and get accused of an unjustified ad hominem attack, let's first take a look at what this prize pillock said.

Lucky you. I'm going to make this a two part post. Firstly, because I'm often criticized for writing overly long posts (see, I do listen to criticism!). Secondly, because I want you to see if you can guess what I'm going to say/show you tomorrow. Perhaps a little Bit Brainism has rubbed off on you by now... (better shower and disinfect yourself if it has 😜)

From https://www.flickr.com/photos/carbonnyc/3273230870 by David Goehring; used under CC BY 2.0 license

Stock market indices, bubbles, crypto and one crazy economist - Part 1

Quotes below are taken from this source.

What Nouriel said:

...or at least what the reporters say he said (I have verified this with another article, though I didn't dig into the details of where or how they got their information).

On blockchains:

According to our enlightened economics specialist, blockchains are:

the most over-hyped and least useful technology in human history.

Excuse my French, but YOU HAVE GOT TO BE S***TING ME!

An economist can't see the value of blockchains?

Jaw.
On.
Floor.

A secure ledger. Searchable and verifiable by anyone. Distributed for constant uptime and defence against attacks. A complete record of all transactions ever made. The list goes on. "Least useful technology in human history?" 😮

What does Nouriel go on to say?

In practice it is nothing better than a glorified spreadsheet or database

Just how expired was this guys LSD? Seriously, I think he needs a new dealer!

But wait, I'm not done yet:

The 'ol bubble argument:

According to Nouriel:

Crypto is the mother or father of all scams and bubbles

I'm not going to say anything about this now. But tomorrow, I shall tear it to shreds. The Bit Brain way: with powerful contrary evidence. Now I have debunked the "bubble" story before, on several occasions. Tomorrow I shall update some old data, but I shall also use an entirely new approach. It will be good. I promise. Think strategically and see if you can guess how Bit Brain will defend against an attack by an economist calling crypto a bubble in front of a U.S. Senate Committee... I'm taking this clown down!

Other quotes:

Here are a few more choice words from the article:

scammy crappy assets... ...like you have not seen in any history of financial bubbles.

Roubini sees almost no reason for its widespread adoption. (on blockchain technology)

Other economists and Wall Street leaders have agreed with Roubini's assessment on bitcoin.

That last quote is perhaps the most disturbing. We have already seen similar anti-crypto nonsense lunacy from the likes of Buffett and Dimon. This just goes to show that you must choose your crypto "experts" wisely. There are so many people out there, some with impressive looking credentials, who claim to know crypto assets, but have no clue what they are talking about. Fortunately for you, I wrote a post about that too. I strongly suggest that you read it if you have not already done so: https://mentormarket.io/cryptocurrency/@bitbrain/crypto-experts

The nail in the coffin

Before I sign off on Part 1 on this post, it occurs to me that you may doubt me. Perhaps, you're a new reader. Perhaps you disagree with me (amusing, but some people do). This this is for you - the link to Nouriel's Twitter feed: https://twitter.com/Nouriel

His Twitter feed is so bad, such completely incoherent rubbish, that I honestly thought it was a satirical page. Sadly it is not. You can find the same tweets on his webpage: http://nourielroubini.com . The tweets are so childish, so pathetic, so utterly devoid of sense and logic that they look as if an angry 8 year old wrote them. There are so many of them that I wouldn't know where to start if I wanted to share a few. I'm not kidding. Please - go take a look for yourself.

Anyway, more on that tomorrow, and more specifically, why this prize idiot has no clue about what he is talking about when he refers to a crypto "bubble".

Yours in crypto,
Bit Brain

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by Bit Brain

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