Tuesday, March 2, 2021
Portal Blockchain
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Altcoin
  • Blockchain
  • Crypto Mining
  • DeFi
  • ICO
  • Litecoin
  • Ripple
PORTAL BLOCKCHAIN
No Result
View All Result
Home Crypto Mining

Don’t fall for the bitcoin bubble, even the Flintstones had a better system, warns economist Nouriel Roubini

PortalBlockchain by PortalBlockchain
February 10, 2021
in Crypto Mining
0
Don’t fall for the bitcoin bubble, even the Flintstones had a better system, warns economist Nouriel Roubini
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Greater than two years after warning U.S. lawmakers that cryptocurrencies are “the mom of all scams and bubbles,” economics professor Nouriel Roubini stays a hater.

“Because the elementary worth of bitcoin is zero and can be adverse if a correct carbon tax was utilized to its large polluting energy-hogging manufacturing, I predict that the present bubble will finally finish in one other bust,” Roubini wrote in an opinion column for the Financial Times on Wednesday.

Learn: Electricity to power bitcoin surges to new heights as price gets Tesla boost

Since his October 2018 warning, bitcoin
BTCUSD,
-5.79%

has surged greater than 600% and is presently hovering at $45,000, up almost 60% to date this 12 months. A latest leg increased briefly took bitcoin to $48,000 on Tuesday, sparked by a $1.5 billion funding from electric-car maker Tesla
TSLA,
-4.48%
.
The corporate additionally referenced plans to just accept future funds in bitcoins.

Learn: Why is Tesla buying bitcoin?

Acknowledging Tesla, Roubini mentioned bitcoins are nonetheless “barely utilized by legit corporations.” He additionally harked again to the final bitcoin bubble of 2017-18, when the cryptocurrency went from $1,000 to $20,000 then again to $3,000.

And don’t even confer with cryptocurrencies as “currencies,” as virtually nothing is priced in them, he mentioned. “They aren’t a scalable technique of fee: with bitcoin you are able to do 5 transactions per second whereas the Visa community does 24,000.”

Then there’s the volatility, which may wipe out earnings inside hours and the truth that counting on cryptocurrency tokens marks a return to the Stone Age, a dig he’s made before. Invoking that “trendy Stone Age” cartoon household, he mentioned even the Flintstones “had a extra subtle financial system primarily based on a benchmark” — shells.

Crypto, he says, is “solely a play on a speculative asset bubble, worse than tulip-mania, as flowers had and nonetheless have utility. Its retailer of worth towards tail dangers is unproven. And worse: some cryptos, dubbed “‘shitcoins,’ are monetary scams within the first place or debased day by day by their sponsor,” mentioned the professor of economics at New York College’s Stern Faculty of Enterprise and chairman of Roubini Macro Associates.

And cryptocurrencies gained’t “decentralize finance, present banking providers to the unbanked, or make the poor wealthy,” as a result of the mining of bitcoins, for instance, is generally managed by oligopolistic miners, in far-flung locations reminiscent of Russia, China or Belarus.

Learn: Most bitcoin investors are inexperienced and volatility-shy. They’re ‘playing Russian roulette,’ says this analyst

Neither will bitcoin nor its rivals present that secure haven traders are on the lookout for — hedges towards inflation, weak currencies and tail dangers amid unfastened financial coverage, monetary disaster and geopolitical stress. “Gold, inflation-based bonds, commodities, actual property and even equities are all cheap candidates,” Roubini wrote.

Opinion: This investor in both gold and bitcoin says only one offers real long-term safety

Little question bitcoin has loads of followers on the market, together with billionaire investor Mark Cuban, who described some crypto property as digital stores of value in a January weblog put up.

Learn: Should I buy dogecoin? Why prices of the cryptocurrency are surging — but risky



Source link

Related articles

Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

March 2, 2021
Ethereum (ETH) Mining Revenue Hits New All-Time High in February

Ethereum (ETH) Mining Revenue Hits New All-Time High in February

March 2, 2021
Tags: BitcoinBubbleDonteconomistfallFlintstonesNourielRoubinisystemWarns
Share76Tweet48

Related Posts

Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

by PortalBlockchain
March 2, 2021
0

South China Morning SubmitChina overtakes US to host most dollar billionaires as 2020 stock market rally defied Covid-19 and...

Ethereum (ETH) Mining Revenue Hits New All-Time High in February

Ethereum (ETH) Mining Revenue Hits New All-Time High in February

by PortalBlockchain
March 2, 2021
0

Knowledge from SimilarWeb reveals that Ethereum mining income hit $1.37 billion in February for the primary time in historical...

Bitcoin SV hits new record

Code Chain Announces LOI to Acquire Cryptocurrency Mining Center

by PortalBlockchain
March 2, 2021
0

NEW YORK, March 2, 2021 /PRNewswire/ -- Code Chain New Continent Restricted (the "Firm" or "Code Chain") (NASDAQ: CCNC),...

Nvidia RTX 30-series stock shortage: Crypto mining mania resurrects another old GPU

Nvidia RTX 30-series stock shortage: Crypto mining mania resurrects another old GPU

by PortalBlockchain
March 2, 2021
0

It will be unfair to say the present Nvidia GeForce RTX 30-series inventory scarcity is totally the fault of...

Bitfarms Announces Purchase Agreement for 48,000 MicroBT Miners to Expand Hash Rate Capacity by over 5.0 EH and named to TSXV’s Top 50 Listing

Bitfarms Announces Purchase Agreement for 48,000 MicroBT Miners to Expand Hash Rate Capacity by over 5.0 EH and named to TSXV’s Top 50 Listing

by PortalBlockchain
March 2, 2021
0

TORONTO and BROSSARD, Quebec, March 02, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Firm”) (TSXV:BITF / OTC:BFARF), one...

Load More
  • Trending
  • Comments
  • Latest
Dogecoin Price Prediction: Upside Possible But Risks Remain – InvestingCube

Dogecoin Price Prediction: Upside Possible But Risks Remain – InvestingCube

February 1, 2021
How Mark Cuban and Others Are Selling Tweets on Ethereum

How Mark Cuban and Others Are Selling Tweets on Ethereum

February 11, 2021
Elon Musk, back on Twitter, turns his attention to Dogecoin

Elon Musk, back on Twitter, turns his attention to Dogecoin

February 4, 2021
Elon Musk talks Mars, monkey brain implants and Bitcoin in Clubhouse interview

Elon Musk talks Mars, monkey brain implants and Bitcoin in Clubhouse interview

February 1, 2021
Rhotex Inc Launches Environmentally-Sound Options to Crypto Mining

Bronstein, Gewirtz & Grossman, LLC Notifies MoneyGram International, Inc. Investors of Class Action and Encourages Shareholders to Contact the Firm

0
SEC Complaint Against Ripple (XRP) And Possible Regulatory Signals Ahead For 2021 | Goodwin

SEC Complaint Against Ripple (XRP) And Possible Regulatory Signals Ahead For 2021 | Goodwin

0
San Francisco Resident Ordered To Return Stolen Cryptocurrency And Cash To Victims Of Multi-Million Dollar Cryptocurrency Fraud | USAO-NDCA

San Francisco Resident Ordered To Return Stolen Cryptocurrency And Cash To Victims Of Multi-Million Dollar Cryptocurrency Fraud | USAO-NDCA

0
Issuance of dematerialised securities using blockchain technology – Starting 26 January 2021, the new law of 22 January 2021 applies!

Issuance of dematerialised securities using blockchain technology – Starting 26 January 2021, the new law of 22 January 2021 applies!

0
Rhotex Inc Launches Environmentally-Sound Options to Crypto Mining

Bronstein, Gewirtz & Grossman, LLC Notifies MoneyGram International, Inc. Investors of Class Action and Encourages Shareholders to Contact the Firm

March 2, 2021
Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

March 2, 2021
Litecoin creator draws parallels between 2021’s NFT and 2017’s ICO mania

Litecoin creator draws parallels between 2021’s NFT and 2017’s ICO mania

March 2, 2021
Change Capital Supports Bitcoin & Ethereum

Change Capital Supports Bitcoin & Ethereum

March 2, 2021

Recent News

Rhotex Inc Launches Environmentally-Sound Options to Crypto Mining

Bronstein, Gewirtz & Grossman, LLC Notifies MoneyGram International, Inc. Investors of Class Action and Encourages Shareholders to Contact the Firm

March 2, 2021
Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

March 2, 2021

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Crypto Mining
  • Cryptocurrency
  • DeFi
  • Ethereum
  • ICO
  • Litecoin
  • Ripple

Follow Us

Contact Us

  • Privacy & Policy
  • About Us
  • Contact Us

© 2020 Portal Blockchain

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Altcoin
  • Blockchain
  • Crypto Mining
  • DeFi
  • ICO
  • Litecoin
  • Ripple

© 2020 Portal Blockchain

WP2Social Auto Publish Powered By : XYZScripts.com