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Bitcoin [BTC] and other cryptocurrencies are on the way to a funeral march, says Nouriel Roubini

Priya

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Bitcoin [BTC] and other cryptocurrencies are on the way a funeral march, says Nouriel Roubini
Source: Unsplash

Nouriel Roubini aka Dr. Doom continues to strike down the cryptocurrency space. The economist, known for predicting the 2008 financial crisis, gained the attention of the entire cryptocurrency space by making a statement against Bitcoin [BTC] and Vitalik Buterin, the co-founder of Ethereum. This brawl went to an extent wherein the whole community wanted both Buterin and Roubini to have a debate on the cryptocurrency space.

Now, Roubini is back in the limelight because of his statement on Bitcoin [BTC] and other cryptocurrencies’ state in the market. The biggest and the very first decentralized digital currency has witnessed a massive fall since its all-time high in January 2018. The coin has lost almost 80% of its value, currently trading at $3992 on Binance, one of the leading cryptocurrency exchange platforms.

Roubini stated on Twitter:

“If it all sounds funereal it is because Bitcoin and all other crypto-currencies are on the way a funeral march!”

This remark comes in the wake of the comment made by UBS’s Global Wealth Management’s chief economist, Paul Donovan and an opinion article written by a Finance Professor, Atulya Sarin stated that ‘Bitcoin is on a death spiral’

Recently, Paul Donovan had stated that Bitcoin and other cryptocurrencies are never going to currencies and that they are “fatally flawed”. He stated that the key problem with digital currencies is that they are not going to be a store of value, as it is all about supply and demand. Donovan added that in the case of cryptocurrencies, supply cannot be controlled as a result to a drop in the demand.

Additionally, Atulya stated that Bitcoin [BTC] is “close to becoming worthless”. The finance professor further that Bitcoin is going to go zero because of the mining death spiral and due to its “run of the mill greed driven investors.”



Fabiano Anemone, a Twitterati said:

“Eventually everything comes to a end. But overall Bitcoin has bigger chances to survive than Euro. Eurozone is the real foolish idea, it’s proven to be broken, proven to be unsuccessful in contrasting major crisis, proven to damage real economies, proven to enslave democracies…”

The Endless Chain, another Twitterati said:

“It’s drank the blood from many an “average” American investor, w/no regulations and a large underbelly of ne’er do wells like rapper DJ Khaled & former pro boxer Floyd Mayweather infesting social media, it’s time to start making penalties for this sort hurt…”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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