Bitcoin haters are not new to the cryptosphere, but NYU Economy professor, Nouriel Roubini is a particularly zealous adversary of the digital currency. He broke his long silence from criticizing bitcoin and its proponents recently, in a reply to a tweet from BitMEX Research on June 26.
BitMEX Research revealed in the tweet that bitcoin derivatives volume on their crypto-exchange had reached $1 billion in open interest, and Roubini retorted with a tweet that questioned the authenticity of the reported trading volumes.
Roubini called the volumes fake, and blasted cryptocurrency exchanges for conducting fake transactions and trading in “fake-coins”.
“How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc…”
Ruobini’s points against crypto assets are not unfounded, as a Bitwise Asset Management’s June report revealed that 95% of Bitcoin trading volumes are fake. However
BitMEX Claps Back
For a change, BitMEX did not let Roubini’s comments slide, and the exchange’s co-founder Arthur Hayes tweeted a curt reply to the anti-crypto professor, stating that his exchange does not “fake shit” and that he looks forward to the upcoming debate with Roubini in Taipei.
Hayes stepped up the heat with a tweet on Friday, in which he released proof of BitMEX hitting the $1 trillion trading mark in the past year, telling the Professor to focus on the data.
— Arthur Hayes (@CryptoHayes) June 29, 2019
The Crypto Duel in Asia
The Asia Blockchain Summit is preparing to host a debate between Hayes and Roubini come July 3rd, and the cryptosphere is waiting eagerly for the tussle. The event is being touted as the biggest debate in cryptocurrency history, and supporters are quickly flocking behind both parties to predict sides that may win. In a now-deleted tweet, Hayes vowed to “wipe the floor with that chump”, but Roubini has not fired back any retorts since then.
However, Roubini already has a crypto-victory under his belt, after winning a similar debate that took place last year against Bitcoin advocate and former VP at JPMorgan Chase Tone Vays.
Roubini’s upper hand is not dampening the spirits of the crypto community that Hayes is apparently representing, and speculations are high in the cryptosphere that Roubini and his crypto aversion will be mercilessly dragged by Hayes.
The Doom Doctor’s Talking Points
Roubini’s repulsion towards all things crypto is fueled by the same reasons that drive most entities that take negative stances towards virtual currencies.
In his own words, “Bitcoin is a right-wing nightmare which facilitates tax evasion, money laundering, and environmental degradation”. The question that arises to counter these assumptions is simple: why is the fiat-loving sector focused only on the harm that digital currencies can do? Surely, it is obvious that fiat currencies are used to perpetuate the same crimes that cryptocurrencies are dragged for.
Besides, it’s time the general public realize that all currencies are tools that are only as good as the ways in which they are utilized, and cryptocurrency has already gone far past the mark of crashing because of criticism. If anything, stiffer regulations and adversity are doing more for adoption and reach, as numbers of users are currently higher than ever.
However, fingers remain crossed and breaths are bated- thankfully we don’t have to wait too long to see the outcome of the crypto duel, and where the reputation of crypto stands.