Dr. Doom says Bitcoin represents the ‘mother of all bubbles’
MARKET WATCH / BATTLE FOR WORLD – October 11, 2018: The article highlights that according to ‘Permabear’, the prominent Bitcoin detractor, Nouriel Roubini, blockchain is only as good as a spreadsheet. And Roubini, a professor of economics at the New York University Stern School of Business, has, not for the first, nor probably the last, time denounced the emergent technology that is blockchain and cryptocurrencies.
In a prepared testimony for a Senate Banking Committee hearing Thursday (October 11), the Turkish-born economist, known colloquially as “Dr. Doom” for his seemingly permanent bearishness, said digital currencies are the “mother of all bubbles” (BattleForWorld: Touché. Much of the cryptocurrency companies coming out of the West will merge, sellout, etc. and the only one standing likely to be the US intel created Bitcoin [also known as Dollar 2.0], until it has faded away after the US dollar transition and into the new order.) and, in fact, have entered an apocalypse.
Roubini goes on to say crypto-proponents have turned to blockchain, the underlying ledger technology that cryptocurrencies run on. “The new refuge of the crypto scoundrels is blockchain, the technology underlying crypto that is now alleged to be the cure of all global problems, including poverty, famines and even diseases,” his statement reads.
Roubini cited scalability issues and a lack of decentralization, the Bitcoin skeptic adds blockchain technology is “nothing better than a glorified spreadsheet or database.” And “scalability” refers to the ability of cryptocurrencies to process increasing volumes of transactions efficiently and has proved to be a significant roadblock to real-world use cases.
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Whistler Blowers, Insiders
Bitcoin was a project which used concepts laid down by the NSA the hashing algorithm was written some 15 or more years ago as a project for an online currency. Some of the project team contractors such as Phillip Wood used 4chan to assemble a project team for the open source project which means no secret back doors or alphabet soup agency involvement. Mining was done on home pc’s which had to act as servers across the internet to synchronize the blockchain, much more difficult than just hashing. The NSA likes the project, but if authors had paid attention, the market has been flooded with pre mined coins which have central servers just tracking transactions between wallets – these are hedge fund backed entities AKA banks. Banks refuse to allow credit/debit card cryto payments/withdrawals since they are in direct competition and have wash traded the market with multitudes of exchanges set up for the role of either collapsing the market or keeping a lid on it. Lots of fake altcoin, the real ones of value are Bitcoin, Litecoin and Dogecoin because they are used as currency, Dogecoin is mostly used to transfer your assets value through exchanges because of lightning fast blockchain transactions, availability and that exchanges have not been able to stop wallet transactions as customers bail when defrauded. Ethereum has its fans, but I have yet to see it used to buy something. The banks run the agencies not the other way around and the odds are they are more interested in tracking the users and transactions()incomes than ending the market. Just like China or the IRS.