Prof Nouriel Roubinif 'Crypto is the Mother of All Scams' #bitcoin #Crypto #cryptocurrency

[Taupe]

"This explains why Bitcoin "mining" operations in Iceland are on track to
consume more energy this year than all Icelandic households
combined."

https://www.banking.senate.gov/download/roubini-testimony-10-11-18&download=1


'Crypto Bubble Went Bust for Good': Bitcoin-Bashing NYU Prof. Nouriel
Roubini

Josiah Wilmoth
CCNNovember 21, 2018

Nouriel Roubini bitcoin cryptocurrency
As bitcoin suffers one of its worst corrections in its nearly decade-long
history, one of crypto's fiercest critics is calling it: the crypto bubble
has burst, and prices are never coming back.

Taking a preemptive victory lap on Twitter, economist Nouriel Roubini
gleefully reported that the crypto market's recent struggles had
"vindicated" his multitudinous criticisms of the still-nascent asset class.

"With BTC down almost 80% from peak (from 20K to ~4K) & all other
cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went
bust for good. I feel vindicated," said Roubini, a professor at NYU's Stern
School of Business. "So I will take a break for a few days from this toxic
Crypto Twitter. Waste of time to convince zealots[.]"

With BTC down almost 80% from peak (from 20K to ~4K) & all other
cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went
bust for good. I feel vindicated. So I will take a break for a few days from
this toxic Crypto Twitter. Waste of time to convince zealots

- Nouriel Roubini (@Nouriel) November 20, 2018

Roubini, nicknamed "Dr. Doom" for his oft-bearish market predictions,
further opined that the fair market bitcoin price was "sub-zero" aside from
marginal collector's value as a museum curiosity.

"[The] fair value of BTC is sub-zero once u impose the right environmental
externality tax. And I am sure some crypto zealots would buy it at negative
with such tax as BTC will have a numismatic value in museums of dead
pseudo-currency."

Of course, Roubini has been bashing bitcoin since it was below $10, and -
year-long bear market or not - BTC has a long way to go before it reaches
that mark. Even ardent crypto skeptic Vanguard founder Jack Bogle said he'd
discuss investing in bitcoin if it fell back to $100, so it's unlikely that
any investor who purchased bitcoin when Roubini first said it was a bad buy
will ever see a negative return on that investment.

Nevertheless, that's unlikely to stop Roubini from declaring victory, as
crypto skeptics have done more than 315 times in the past, according to the
unofficial "Bitcoin Obituaries" index. Each of those predictions has thus
far been proven wrong. Time and market forces will tell if Roubini's
forecast becomes just another data point on that list.

Featured Image from Shutterstock

The post 'Crypto Bubble Went Bust for Good': Bitcoin-Bashing NYU Prof.
Nouriel Roubini appeared first on CCN.

https://finance.yahoo.com/news/crypto-bubble-went-bust-good-143804687.html?guccounter=1


"This explains why Bitcoin "mining" operations in Iceland are on track to
consume more energy this year than all Icelandic households
combined."

https://www.banking.senate.gov/download/roubini-testimony-10-11-18&download=1
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