Monday , October 18 2021

Blockchain is not better than an Excel spreadsheet


Nouriel Roubini, a notorious critic of the digital currency, has stated that blockchain "It's not better than an Excel spreadsheet" during a panel organized by LaToken digital currency exchange on January 25.

Roubini is also known for having predicted the financial crisis of 2008, which earned him the nickname of Dr. Doom

Speaking during a panel at the Blockchain Economic Forum in Davos, Roubini defined blockchain as "the most overrated technology," while pointing out that Bitcoin and other digital currency are the mother of all bubbles. He also noted during the talk that blockchain and digital currency has nothing to do with fintech and the private technology of distributed registers (DLT).

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Private DLT, according to Roubini, is nothing more than a sophisticated database, since it is not trusted nor decentralized. He also noted that, like DLT, the central bank's digital currencies (CBDC) have nothing to do with blockchain and digital currency. Roubini sees the CBDC mainly as a way of extending access to the central bank's registry to each individual, instead of granting access only to banks.

In addition, Roubini expressed his view that the CBDC will dominate the digital currency and will change the banking system radically. Also, although it anticipates that fintech It will change the finances and the cash will disappear, think that blockchain and digital currency will not play a role in this change.

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Nouriel also criticized hard what he described as the "tokenization of everything," explaining that having a testimonial for everything would be equivalent to returning to cheap. He also noted that the characters of the famous cartoon of the Flintstones have a coin, which are sea shells, and said that tokenization is worse than that.

Speaking of privacy, Nouriel pointed out that no government or regulator would allow the use of digital currency centered on anonymity such as Monero. Cointelegraph reported in June last year that the Japanese self-regulation body Virtual Currency Exchange Association (JVCEA) banned the trade of anonymity-oriented loudspeakers such as Zcash and Monero.

Roubini's negative stance on the digital currency is not a new opinion for him: in an interview with Cointelegraph last October, he declared that, according to him, 99 percent of the currencies Digital is not worth anything.

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