Tone Vays and Nouriel Roubini Debate BTC as Only Real Crypto
The LDJ Capital founder David Drake set up a debate featuring Tone Vays and Nouriel Roubini regarding cryptocurrencies. The former of the two was among the few who made an accurate prediction of the global economic disaster of 2008.
Vays has gone to say that only BTC, which at the moment of publishing is traded at $7529.24, can be considered a valid cryptocurrency. He deems anything other digital currency filled with fraudulent activities and scams. Nouriel tends to disagree with the famous YouTuber, adding that his blockchain experience makes him easily spot a dying trend when he sees one. Nouriel, on the other hand, believes that all cryptocurrency is fishy.
Roubini supports his argument by shedding light on the conflict between firms and the law. He also explained how most of the plans for new cryptocurrencies now are aimed at quick revenue, and that almost all of them will fail. He further added that traders have been investing in useless coins.
Vays, however, says that it is only a short-term problem of security, comparing the case of BTC to nuclear waste- the holder would be in for trouble if they do not know how to store it properly.
In the end, Roubini showed he agrees with Vays’ point by stating his belief in BTC, and that it will most likely be the last one to stand after all the other cryptos disappear. In response to the former’s statement, Vays highlights how BTC can’t be easily confiscated, provided that we know the correct way to store it.
However, Roubini attempts to bring Vays back to the real world saying that from a political view, no government would support a currency that has such a high level of anonymity, or let its citizens use it the way people use Swiss bank accounts.
The discussion, led by Roubini, went to the situation of crypto mining, and how it is clearly centralized. This makes the whole idea of cryptocurrency being decentralized mere propaganda, as he describes the situation as hypocrisy.
The conversation then went on around crypto mining before it was summed up in a chat about digital currencies in general.