Famed economist calls digital currency ‘the mother of all scams’ at US senate hearing
Crypto-traders frequently refer to the hundreds of tokens other than bitcoin as ‘shitcoins’. This, Nouriel Roubini said, ‘is a grave insult to manure’
New York — Crypto-currency critic Nouriel Roubini, the economist famous for foreseeing the 2008 financial crisis, is back in the headlines again, and this time it’s because he’s dissing digital money in front of the US Senate. In a scathing, prepared testimony for a hearing on crypto-currencies and blockchain on Thursday, Roubini read Bitcoin believers the riot act, calling virtual currencies “the mother of all scams and (now busted) bubbles”. He also fired shots at the technology behind digital tokens, which many believe is what holds the real promise. “Blockchain is the most over-hyped technology ever,” wrote the New York University professor, who is also chairman at Roubini Macro Associates. “It is nothing better than a glorified spreadsheet or database.” There were numerous verbal attacks in the 37-page roast. Crypto-traders frequently refer to the hundreds of tokens other than bitcoin as “shitcoins”. This, Roubini said, “is a grave insult to manure.” Bitcoin’s months-long sello...
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