Crypto Defender Spars With Famed Critic During US Senate Hearing
Advocacy Skepticism. "Dr. Doom" vs. "Captain Coin". Whatever you call it, two views clashed on Thursday on a cryptocurrency theme in front of a US senator.
Nouriel Roubini, a well-known economist who predicted the 2008 financial crisis – along with Peter Valkenburgh, co-director of Coin Center, told the US Senate Bank of Housing, I testified about the cryptosystem.
And as can be seen from his written testimony, Roubini has taken a severe position on technology and its supporters in front of the legislators.
"Crypto is the mother and father of all scams … [and] The blockchain is the most exaggerated technology and not better than the glorious database," Roubini said at the opening address.
Van Valkenburgh adopted a somewhat subtle approach, explaining to the committee that block chaining and creep talk calls are not perfect or perfect, but are now an important step in improving the finances of many people.
He quote the story of Roya Mahboob. Roya Mahboob was unable to pay employees because many people did not have bank accounts. Instead, she paid the money using a bit coin.
In his remarks, Van Valkenburgh said:
"Bitcoin is the world's first publicly-funded fund for the world, is it perfect? No, it was not an email that was invented in 1972. Bitcoin is not the best money in all the margins and is often used to cite prices and prices. It is not a stable stable store. "
"But it's working and it's amazing how it works without intermediaries."
Eight senators (25 in the Senate) who asked at the hearing divided the concerns about criminal activity, market activities and use cases relatively evenly.
But unlike the previous hearing in the industry, the Thursday hearing was completely educational from the perspective of the legislators. cryptocurrency No action on space has been proposed or requested in progress.
So much of the session was about the problems that the block chain can bring up and the issues that can be solved by the technology. Two witnesses split up sharply.
Roubini argued that businesses and banks would not use decentralized ledgers unless they were able to maintain full control.
On the other hand, "Half of the approximately 143 million people in all Americans were stolen from Social Security numbers due to violations at Equifax," Van Valkenburgh said, "Potential confusion by a central agency maintaining bad security practices I pointed it out on the list.
In response to another question by Senator Doug Jones, Roubini said criminals are using Crypto Calls in various activities, including tax evasion, arguing that the anonymity granted to the user can be hidden from legal authority.
"I want to know how to use something, not money, to avoid taxes, because anonymously … [activities] can be tracked, so many law enforcement and investigators, I repelled.
Ban Valkenburgh ultimately reached the ideal of the block chain in his testimony that many private companies are currently acting as a single point of failure in banking, telecommunications and other services, which may be important to society, An important infrastructure must depend entirely on one or both. "
"[Blockchain] We are not ready to answer all of these questions yet, but this is our best hope, and like the Internet in the '90s, we need a light touch innovation policy to make these innovations thrive in the United States. We guarantee safety. "
Hearing after hearing
The differences between the two participants were further announced through commentary published after the appearance of a US Senator.
In the event, Van Valkenburgh said in a statement: "We have had the opportunity to present to the committee a real case of the value that public-block-chain networks can bring to society, and an opportunity to respond to equality criticism For years. "
In contrast, Roubini targeted many social media critics who responded sharply to his criticism as the hearing progressed.
"Crypto twitter barks dogs that attack me after losing 90 last year. (19459005) I read my paper last year and nobody has made any serious criticism. The crazy lunatics & HODLing losers"
Nouriel Roubini image through US Senate Bank, Housing and Urban Affairs Committee
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