Roubini and Taleb say data is important, not tokens at CoinGeek conference

Economist Nouriel Roubini and former risk analyst Nassim Taleb criticized cryptocurrencies at this week’s CoinGeek conference. while the ever-controversial Craig Wright bragged that the Bitcoin SV blockchain was well on its way to reaching billions of transactions per second.

Taleb, Author of the economic bestseller Black Swan Yes Skin in the game, was a controversial speaker at the Zurich CoinGeek conference and was criticized on social media for giving legitimacy to Bitcoin SV.

For his part, Roubini offered a “greatest hits” version of his attacks on cryptocurrencies. Acquaintances at cryptocurrency conferences that you attended before the pandemic.

“There is no reliability, no regulation, no AML, no KYC]. Terrorists, money launderers, human traffickers, criminals and tax evaders use cryptocurrencies.

Roubini and Taleb say data is important, not tokens at CoinGeek conference
Roubini and Taleb say data is important, not tokens at CoinGeek conference

Roubini argued that crypto tokens -which presumably contains Bitcoin SV (BSV) are unnecessary and should be isolated from the value of the decentralized data verification that blockchain technology enables.

“Data is very valuable, it is the new oil”, He stated and complained that “99%” of the fintech application “has nothing to do with cryptocurrencies”. According to Roubini, what is needed is a service that is “reliable, stores the data, says who it belongs to and who pays it”.

Taleb followed Roubini on the panel and agreed that the data utilities that enable cryptocurrencies should be understood as a separate phenomenon from the cryptographic tokens issued by many blockchain projects.. He shared his belief that those who need cryptocurrencies and those who can use them are not the same, adding:

“Who needs cryptocurrencies? Well, criminals need cryptocurrencies, but it doesn’t work for them. “

The moderator tried to redirect the panel, and Taleb asked if he agreed that “BTC does not represent what the Bitcoin whitepaper describes.”

In response, Taleb admitted that he believes Bitcoin in its current form doesn’t look like its white paper, but replied that “the white paper currency may not be what we are looking for”.

Chief Scientist at NChain, Craig Wright, speaking about the BSV, affirmed that “it was never designed as currency, it is digital money”. and continued:

“We’re going to have a billion transactions per second in a few years, and then we’re going to have a trillion per second.”

Unsurprisingly, the bitcoiners who tuned the show hated it. including YouTuber BTC Sessions, the divided that it only “went on stream for a second just to give it a thumbs down”.

Arther van Pelt, great critic of Wright, also went into the brook to throw stones and He tweeted that the panel received very little audience and called it a “clown show”.

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