Connect with us

Bitcoin

Bitcoin [BTC] is not going to disappear, but Ethereum [ETH], XRP and others are “going bust”, says Roubini

Anirudh VK

Published

on

Bitcoin [BTC] is not going to disappear, but Ethereum [ETH], XRP and others are "going bust", says Roubini
Source: Unsplash

Nouriel Roubini, the economist that predicted the 2008 financial crisis and earned the nickname Dr. Doom, recently spoke in an interview about the cryptocurrency market. He has recently gained prominence due to his outspoken views on the cryptocurrency market.

Over the course of the interview, Roubini called cryptocurrency space a bubble, going so far as to call it the mother and father of all financial bubbles. He also predicted that it was going to burst, prefacing it with a disclaimer that he wasn’t “against it”. He stated to CoinTelegraph:

““I’m not against [it], I’m open to any type of innovation, but I’m an expert on financial crises and asset bubbles. And I became famous [by] predicting the global financial crisis  — the burst of that bubble.”

He revealed his experience with those close to him questioning him about financial advice on Bitcoin [BTC]. He stated:

“If you bought it at the peak, you lost 70 percent of your value. And it’s typical of all these financial bubbles: They go up until they collapse. And Bitcoin is actually the best [example], because the average cryptocurrency has lost, in the last nine months, more than 90 percent of their value.”

He went on to say that he felt like he was “vindicated and proven right” when speaking about the bubble going bust.

Roubini also addressed issues of conflicts of interest, wherein many cryptocurrency enthusiasts stated that he was spreading misinformation about the technology because he had a short position. Roubini clarified, stating that even if Bitcoin went to the moon or zero, he was “not going to make a penny either way”. He went on to confirm his position as an academic that “speaks his mind”.



Roubini is also known for being a stark disprover of Ethereum, calling it a “scam” on multiple instances. He offered statistical data to prove his point, stating that 81% of all Initial Coin Offerings were a “scam” to begin with, as 11% of them have failed or died. Of those remaining, Roubini stated that the top 10 have lost around 95% of their value. He went on to state:

“Bitcoin is not going to disappear. But, you know, Ethereum is a bubble and it’s a bit of a scam — it’s worth nothing — XRP, all the other ones, they’re all going bust.”

Furthermore, he spoke about the underlying technology of Ethereum known as smart contracts, stating that there was “nothing about them that is smart” as they were buggy. Moreover, he believed that any contract has to be enforced by lawyers “by definition”, stating that putting it in code was “silly to begin with”.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Continue Reading
Advertisement
2 Comments

2 Comments

  1. Avatar

    Budd

    October 15, 2018 at 11:30 PM

    Bwahahahaha!!!

    Nouriel Roubini has always been a shill for BTC, dismissing any other crypto from being viable for utility or use case.

    In reality BTC sucks for any practical use but for a very pathetically clumsy & costly storage asset that is centralized by validation miners in China. BTC will soon be in the shadows of another crypto… and it scares the crap out of him and his fantasy BTC one crypto world.

    Nouriel is an arrogant ignorant self-serving propagandist trying to FUD on the competition.

    He can stuff it.

  2. Avatar

    Alan L Espasandin

    October 16, 2018 at 7:28 AM

    Wow…lying through his teeth! I would bet he is filling his bags with XRP while he tells you not to buy it because it’s going bust. XRP is the most successful coin of them all and has full utility. It will eventually be worth over $500.

    Don’t buy into this manipulative FUD…I can almost guarantee he just wants to keep the price low so he can buy more and more….which for now that is fine because I’m buying as much as I can afford!!!

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions

Avatar

Published

on

Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
Source: Unsplash

Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,



“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending