CC London Forum 2019, Nouriel Roubini: “With crypto we return to the Stone Age”
Crypto

CC London Forum 2019, Nouriel Roubini: “With crypto we return to the Stone Age”

By Amelia Tomasicchio - 17 Oct 2019

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The CC London Forum 2019, an event dedicated to fintech and investments, is currently being held in the UK capital. Naturally, there was also a space dedicated to crypto and yesterday, in fact, there was a panel that saw the participation of Brock Pierce, Bobby Lee, Tone Vays, Craig Wright and the Turkish economist Nouriel Roubini who expressed his disapproval of all cryptocurrencies.

The panel had as its theme the discussion of the causes and possible solutions to the current economic crisis, for which all members took turns to express their views on the subject.

Brock Pierce, for example, explained:

“I am really worried about the global economy. We are living in a scary world right now, especially with regard to the problems between the US and China. There are hundreds of things now that could go wrong. I’m a big fan of gold and cryptocurrencies, although the latter are not ready for the average consumer. But I still have great hope that innovation will make them easier for everyone”.

According to Bobby Lee, former CEO of the Chinese exchange BTCC, the real reason the economy is collapsing is that it lacks collateral for the money:

“To put it simply, I think the problem is the monetary system. Money is used everywhere and in all parts of the world, by everyone. Not only in physical form but also in digital form. The money system is no longer asset-backed and can, therefore, be inflated and printed, which means that states and banks have immense power. Hence now it can be taken away from anyone at any time because everything is centralised”.

As a result, for Bobby Lee, as well as for the trader Tone Vays, the solution lies in cryptocurrencies as they are decentralised. But Vays, as a maximalist, goes further, suggesting that bitcoin is the only solution.

“Only Bitcoin solves these problems, not other cryptocurrencies or shitcoins. Bitcoin is the solution. You can try other ways, but it won’t end well. You should protect yourself using bitcoin”.

During the same panel, the Australian Craig Wright, the so-called faketoshi, took the floor and started a fight with Vays, who – by the way – wore a nice t-shirt “We are all Satoshi, except for Craig S. Wright”.

Are traceability and privacy the same thing?

“Bitcoin was developed to solve the problems of instability and asymmetry of information. Bitcoin is a tracing system and one of the aspects is that money must be traceable. The key aspect of the economic crisis comes from information. Banks have a monopoly on

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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