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Testimony for the Hearing of the US Senate Committee on Banking, Housing and Community Affairs On "Exploring the Cryptocurrency and Blockchain Ecosystem"

Crypto is the Mother of All Scams and (Now Busted) Bubbles

While Blockchain Is The Most Over-Hyped Technology Ever, No Better than a Spreadsheet/Database

by Nouriel Roubini, Stern School of Business / New York University, October 2018

Note: This is the original document reformatted in a single-page book edition (using the Manuscripts format).

• Crypto Bubble (2017) and Crypto Apocalypse and Bust (2018)
• Crypto is not money, not scalable
• Supply of crypto is massive. Bitcoin is deflationary
• Financial crises occurred well before fiat currencies and central banking; and are now less virulent thanks to central banks and fiat money.
• The real revolution in financial services is FinTech and it has nothing to do with Blockchain or Crypto
• Buterin's inconsistent trinity: crypto is not scalable, is not decentralized, is not secure
• No security in crypto-currencies
• Decentralization is a self-serving ideology
• Decentralization is a myth: massive centralization and concentration of oligopolistic power and cartels among miners, exchanges, developers, wealth holders
• Crypto is not the internet nor will ever be
• ICOs are not compliant securities when they aren't outright scams
• Tokenization: cartels aimed to gouge consumers. No numeraire and return to barter
• Massive manipulation: pump n dump, spoofing, wash trading, front running, exchanges conflicts of interest, tether scam
• No Killer App in Crypto/Blockchain After A Decade: Only Ponzi Schemes
• The energy consumption of crypto is an environmental disaster
• Blockchain is most overhyped technology ever, no better than a glorified spreadsheet or database
• Enterprise DLT/Blockchain: All hype and no reality
• Crypto is corrupt eco-system full of charlatans, con-men, self-interested insiders and scammers. But I have NO conflict of interest

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Sources

See the original document (PDF) (~720 KiB).