Roubini and Taleb tell CoinGeek conference data matters, not tokens
A lot of the focus at the recent CoinGeek conference was on the future of cryptocurrency and blockchain technology. But what about the past? What about data? The truth is that the future of the industry (and the world) is not guaranteed, and there are a lot more things that could happen before the next generation of cryptocurrency (or blockchain, or data) can be considered safe and secure.
The organizers of the recent Digital Asset Conference in New York state told CoinGeek that it was not their intention to address the security and regulatory concerns raised about digital currencies like Bitcoin and Ethereum, but instead to highlight the ways that the technologies themselves could solve problems.
At this week’s CoinGeek conference, economist Nouriel Roubini and former risk analyst Nassim Taleb criticized cryptocurrencies, while the ever-controversial Craig Wright boasted that the BSV blockchain is on its way to reaching billions of transactions per second. Taleb, author of the bestsellers Black Swan and Skin in the Game, was the subject of controversy at the CoinGeek conference in Zurich and was criticized on social media for allegedly giving BSV legitimacy. Roubini, meanwhile, offered a version of his best hits against cryptocurrencies at the pre-pandemic crypto-currency conferences. No reliability, no regulation, no AML, no KYC. Crypto is used by terrorists, money launderers, human traffickers and tax evaders. Taleb is gone. Calvin will brainwash him even more thoroughly at the Coingeek conference next week. He is treated, coddled, cared for, and soon he will say that Craig is Satoshi. – Cøbra (@CobraBitcoin) 6. June 2021 Roubini argued that cryptocurrency tokens – of which BSV would be a part – are redundant and should be isolated from the value of the decentralized data validation that blockchain technology enables. Data is very valuable, it’s the new oil, he explained, lamenting that 99% of fintech apps have nothing to do with cryptocurrencies. Roubini explained that there is a need for a reliable service that stores the data, shows who owns it and who pays for it. Following Roubini, Taleb agrees that the data utilities created by cryptocurrencies should be understood as a separate phenomenon from the cryptographic tokens issued by many blockchain projects. He shared his belief that those who need cryptocurrencies and those who can use them are not the same, adding: Who needs crypto-currencies? Well, criminals want crypto-currencies, but they don’t work for them. Related: The usefulness of bitcoin is totally different depending on where you live. The moderator tried to get the discussion back on track by asking Taleb if he agreed that BTC is not representative of what is described in the white paper on bitcoin. In his response, Taleb admitted that he thinks bitcoin in its current form is nothing like a white paper, but countered that a white paper currency may not be what we’re looking for. Craig Wright, chief scientist at NChain, spoke about BSV, saying it was never intended as a currency, but as digital money, and continued: In a few years we will have a billion transactions per second, and then a trillion transactions per second. As expected, bitcoiners who joined the network watched the broadcast with hatred, including YouTuber BTC Sessions, who shared that he appeared in the stream for a second just to give it a thumbs up. Wright’s main critic, Arter van Pelt, also threw stones, tweeting that the debate drew very few viewers and calling it a clown show. There are barely 650 viewers on YouTube when Ian Grigg, Craig #Faketoshi Wright, Nouriel Roubini and Nassim Taleb take the stage ♂️ pic.twitter.com/dtwD8fE93v – Arthur van Pelt (@MyLegacyKit) 10. June 2021