"Dr. Doom" Nouriel Roubini Says Bitcoin Is The "Biggest Bubble In Human History"
Content adapted from this Zerohedge.com article :Source
by Tyler Durden
NYU economist Nouriel Roubini - aka "Dr. Doom" - has long been a cryptocurrency skeptic. So it's hardly surprising that he delighted in bashing the cryptocurrency during an appearance on Bloomberg TV Friday, where he said the bitcoin boom that carried the price of a single token to $20,000 late last year was "the biggest bubble in human history" and that this "mother of all bubbles" is finally crashing..
And, of course,
And it's not just Bitcoin, Roubini added. There are more than 1,300 cryptocurrencies or ICOs, and "most of them are even worse" than the largest digital token. These constitute a "a bubble to the power of two or three," he said.
Furthermore, while many of bitcoin's critics (Warren Buffett, Ray Dalio, Jamie Dimon - though Dimon later recanted) have clarified that they see value in "blockchain technology", which many have proclaimed has the potential to change the world by disrupting industries as diverse to Wall Street and health care.
Blockchain has "been around for 10 years, and the only application is cryptocurrencies, which is a scam," the New York University economist added.
Roubini added that bitcoin "is an environmental disaster." As we pointed out late last year, bitcoin mining already consumes more energy than 12 US states.
After breaking below $8,000 for the first time since November earlier today, bitcoin and other cryptocurrencies aggressively rebounded from a selloff that sent bitcoin lower by roughly 30% at its nadir. 
Still, bitcoin is on track to book its worst week since 2013... 
Fascinating. An NYU economics professors' take on Bitcoin? Great, you know what you do with that? Blow it out somebody's 200 thousand dollars of liberal arts college tuition fees' ass. Is this guy kidding me? Probably the best point in his entire argument is the one he made about it being an ecological disaster...
I agree; so is absolutely everything else in human technology. At least cryptocurrency and blockchain is enabling new ways of looking at the world... (Ways of looking in the world that make his job and post at a University completely redundant, of course)...
I think that's really the crux of the matter... This professor "Roubini" will be out of a job in a couple more years...
The "Mother of all Bubbles is finally crashing!" - Where does this guy get off on such a ridiculous statement. And the way he puts down ICOs and other token-sales...
These are obviously the words of a self-interested career-grubbing weasel... Absolutely no insight on offer except the same repeated, rehashed arguments extolling the supposed risks of cryptocurrency...
I don't even like Bitcoin. But hating on "cryptocurrency" and saying that is not the way blockchain should be used? This guy should get a life! There's hundreds of ways Blockchain can and will be used, but re-appropriating the right to create, issue and circulate our own currencies is absolutely primordial...
I like digital cash... I want a trustless, peer-to-peer network that allows me to move funds across the world cheaply, discreetly, instantly...
As long as as there is a network that allows me to do this, why would I bother worrying about "big markets" and "speculative bubbles"
I'm interested in alt-economy, not Hyper-Cryptonancialization...
People can HODL all they want, I just want to mine and spend and transact in crypto all day, every day.
Thanks zer0 for the ridiculous comments from a man who knows not what he is speaking of. (And by the way I support what you do here man, I like having access to this content directly on Steemit, it's all cool to me bro)
Armchair Crypto Heretics! /s
I know right! Tell me about it! I swear lol: an "economics" "professor"
That guy needs a fricking life!!!
Or put other ways: "Real estate was in a bubble, so investing real estate will always be a shitty investment"; or "The .coms were experienced a bubble, so you shouldn't invest in anything that touches the Internet ever.
Yes, fraud, manipulation, and greed have over-driven the market for cryptos. Yes, most of the cryptos out there are attempting to fit square crypto solutions into problems with round holes. Yes, the entire crypto market will experience a dramatic collapse. And finally, yes, a leaner, more focused, and more resilient market will emerge from the ashes.
Invest accordingly.
Do you think that this professor "roubini" knows that the collegiate industry is a "scam" ?
Hahahaha! Thank you @dubvdave!
And a very sane and rational point @thejoker5
Let's read it correctly. @zer0hedge
The latest bout came from misinformation from India that had an impact on the markets where it provoked a simple state of misunderstanding, further panic.
As the mainstream media rushed to get the news, the government's speech on the organization was apparently misinterpreted. Where the text of the declaration concerned from the Minister of Finance "Aaron Gaitley":
"The government does not recognize digital currencies as an official legal currency, and will take all measures to eliminate the use of these digital assets in financing illegal activities or as part of the payments system."
However, this was misinterpreted to the following: "Arun Getley has just killed a digital coin collection in India," through an article "Quartz" on the subject.
The statement states that regulators in India aim to eliminate the use of digital currencies to finance illicit activities, but have avoided referring to the full legitimacy of digital currencies.
The world needs good news
There can be no doubt about the strength of persuasion and the extent of the impact of bad news on the market especially in speculation as is the case with bitcoin. To this end, more bad news, be it fake, real, old or late, affects already fragile trust, and the damage becomes exaggerated.
Many hope for one positive news to erase all the damage done to the digital currency, and so the market reacts in this way. However, what this news is still a mystery.
Thanks @zer0hedge for this great Cryptocurrency news.
I appreciate your post
Thank You
Perhaps it's true, no other financial product in recent years has been able to create hundreds of billions of value out of thin air. However, blockchain technologies are certainly real and here to stay - take a look around altcoins such as global supercomputer Golem, and new ICOs, and I think you'd be amazed at the ingenuity and real use-cases that we have conceived so far.
This drop has nothing to do with my bubble
With the end of January, the price of the homeowner fell to $ 9,000 (approaching $ 8,000 in the early days of February). Where it has been a particularly difficult month for bitcoin if we consider that halfway through December the currency peaked at $ 20,000.
The market has received a blow after a blow in successive days that led to a downward spiral from the above mentioned rise. The only problem is that some of these motivational factors were like paper tigers or even worse, just fake news.
In a speculative market such as the bitcoin market, which generated a huge influx of relatively late speculators into the frenzy that led to a bitcoin rush to $ 20,000, the bad news is particularly bad for investors and hurts their confidence.
In mid-January, there was a bout of confusion coming out of South Korea, which is an important center of bitcoin in the east, where the justice minister independently announced plans to ban digital currency trading.
The panic spread through the markets in a similar way when China announced the ban.
However, that news has since been denied by much higher authorities, and indeed the trend indicator of South Korea has been very positive in the wake of this fear in the market. In fact, even this step has been labeled as "insider trading" where many have fought against an alleged planned attack.
Regardless of the clarification and the clouds of clouds from the Asian State, the damage was done. Although markets managed to make their way back to a certain extent, a little later, more damaging news about dubious integrity emerged, leading to speculators fleeing.
This has sent waves of panic throughout the community, showing once again that the organizers, who have been classified as the number one enemy, have taken immediate action and are tightening the screws.
According to the report, the Commodity Futures Commission's dispatch of summonses to these two companies, oddly enough not within the United States, raises alternative questions about jurisdiction.
But after the market dropped 11 percent because of the news, it turned out that the allegations were already made in early December, said Nathaniel Popper, a New York Times reporter.
Again, the impact of the negative news was obvious, and its health seemed to be unimportant with the doubling of markets for a reason that was not even relevant or related.
@zer0hedge..Hyperbole. Clearly the internet bubble and housing bubbles were both larger, to say nothing of the bond bubble and current stock bubble.But it has been more profitable for its participants than most of the bubbles in history. Certainly has been for me.
The bubble will burst, and the best coins will survive and thrive and form a stable foundation for a new economic system based on voluntarism rather than mass theft and coercion.In a way its true, but it fails to take into consideration that many if not all of the coins that exist today could disappear in the current meltdown and follow-on from a Tether/Bitfinex collapse. If you are holding some of the coins that do survive, ten years from now it will indeed not matter what you paid from them. They will be money and you will spend them directly on goods and services, and you will be very, very rich.Of course, you would be much richer and much safer if you had waited to buy until after the fraud scheme propping prices of bad coins collapsed. Much safer too, as you would have a better idea of what coins are good and what coins are bad.
In a way its true, but it fails to take into consideration that many if not all of the coins that exist today could disappear in the current meltdown and follow-on from a Tether/Bitfinex collapse. If you are holding some of the coins that do survive, ten years from now it will indeed not matter what you paid from them. They will be money and you will spend them directly on goods and services, and you will be very, very rich.
Of course, you would be much richer and much safer if you had waited to buy until after the fraud scheme propping prices of bad coins collapsed. Much safer too, as you would have a better idea of what coins are good and what coins are bad.
Bloomberg TV....that's all you need to say!
Investing is gambling, you need to be informed before you buy in. Everyone panics when it drops, but the smart people will keep holding and start buying because they know it will go back up again.
Smart people bought stocks during the great depression, and waited - and now they are rich people, because all those super cheap stocks they bought are now worth millions.
And if something like this makes you ready to kill yourself, you shouldn't be investing, because this is something that happens all the time.