Cryptocurrency News

Roubini and Taleb tell CoinGeek conference data, not tokens



economist Nouriel Roubini And former risk analyst Naseem Taleb took aim at crypto at the CoinGeek conference this week, while the always controversial Craig Wright claimed the BSV blockchain was on track to hit billions of transactions a second.

Taleb, author of best-selling economic books black swan and skin in game, was a controversial addition to the lineup of the CoinGeek conference in Zurich and has come under criticism on social media for legitimizing BSV.

Meanwhile, Roubini offered a “greatest hits” version of his attacks against crypto, familiar to crypto conventions before the pandemic.

“There is no credibility, no regulation, no AML, no KYC. [Crypto] Used by terrorists, money launderers, human traffickers, criminals, tax evaders.”

Roubini argued that cryptographic tokens – which possibly includes BSV – are redundant and should be decoupled from the value of decentralized data verification enabled by blockchain technology.

“Data is very valuable, it is the new oil,” he explained, adding that “99%” of fintech applications “have nothing to do with cryptocurrencies.” What is needed, Roubini explained, is a service that is “trusted, that stores data, says who owns it and who pays for it.”

Taleb followed Roubini on the panel, agreeing that data utilities enabled by cryptocurrency should be understood as a separate phenomenon to the cryptographic tokens issued by many blockchain projects. He shared his belief that those who need crypto and who can use it are not coalitions, adding:

“Who needs crypto? Well, criminals need crypto, except it doesn’t work for them.”

related: Depending on where you live, the usefulness of bitcoin is on a whole other level.

The host attempted to get the panel back on track and asked Taleb if he agreed that “BTC is not what the bitcoin whitepaper describes.”

In response, Taleb acknowledged that he doesn’t think bitcoin in its current form resembles a whitepaper, but added that “the currency in the whitepaper may not be what we’re looking for.”

NChain chief scientist Craig Wright spoke to BSV and said that it was “never created as a currency, it is digital cash” and claimed:

“We’ll do a billion transactions a second in a few years, and then we’ll do a trillion per second.”

As you might expect, bitcoiners who tuned in hated watching broadcasts, including YouTuber “BTC Sessions”, who share That they only “jumped over the stream for a second to give it a thumbs up.”

Wright’s chief critic Arthur Van Pelt also tuned in for the stone-throwing and tweeted that the panel was getting too few viewers, calling it a “clown show”.