Nouriel Roubini will speak about crypto bubbles. Peter Van Valkenburgh wil prove the point why blockchain is useful and revolutionary technology. Cryptocurrency markets might get another reason to get more volatile after a prolonged period of lull and low trading activity. The United States Senate Banking Committee will hold hearings focused on “Exploring the Cryptocurrency and Blockchain Ecosystem” later today with Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business, and Mr. Peter Van Valkenburgh, Director of Research, Coin Center invited as witnesses to testify before the Committee on the subject matter. Naturally, the speakers represent the opposite camps in the crypto holy war that spread across the globe. Mr. Roubini, also known as the man who predicted the global financial crisis 2088-2011 and got the nickname Dr. Doom for his gloomy forecasts, will try to prove that cryptocurrency is the mother of all scams and bubbles, while Blockchain is no more than an over-hyped spreadsheet. According to the prepared remarks, the cryptocurrency bubble has gone bust, sending the whole industry into the apocalypse which is a natural fate of all bubbles and manias. “A chart of Bitcoin prices compared to other famous historical bubbles and scams – like Tulip-mania, the Mississippi Bubble, the South Sea Bubble – shows that the price increase of Bitcoin and other crypto junk coins was 2X or 3X bigger than previous bubbles and the ensuing collapse and bust as fast and furious and deeper.” he writes. Mr. Roubini explains why Bitcoin or any other digital coin is useless as a means of payment, citing high volatility, low adoption level, and unscalability as main reasons for failure. “No one prices anything in Bitcoin. Few retailers accept it. And it is a poor store of value because its price can fluctuate by 20-30% in a single day. And since its price has been so unstable or volatile almost no merchant will ever use it as a means of payment… As is typical of a financial bubble, investors were buying cryptocurrencies not to use in transactions, but because they expected them to increase in value.” Mr. Peter Van Valkenburgh is on the other side of the barricade, stating that digital money promotes financial inclusion and streamlines e-commerce and online interaction. He compares blockchain technologies and cryptocurrencies to the emergence of the Internet in 1995, that led to many innovations and changed our life in so many aspects. “Electronic cash promises efficient micro-transactions and enhanced financial inclusion; robust digital identity may solve many of our online security woes and streamline commerce and interaction online; and blockchain-driven Internet of Things systems may spur greater security, competition, and an end to walled gardens of non-interoperability for connected devices,” he writes in his prepared comments. Mr. Van Valkenburgh believes that regulators and governments should allow the blockchain industry developing with as little interference as possible to ensure technological progress and competitiveness. “In order to make good policy choices and ensure that the U.S. remains competitive in a global technological market, we need a more detailed and productive discussion of these new tools. We need a basic understanding of how consensus works, what it might help us build, and why public and pseudonymous networks, despite their easily apprehended risks, offer significant and otherwise unattainable benefits,” he adds. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US CPI set to dominate attention – Deutsche Bank FX Street 4 years Nouriel Roubini will speak about crypto bubbles. Peter Van Valkenburgh wil prove the point why blockchain is useful and revolutionary technology. Cryptocurrency markets might get another reason to get more volatile after a prolonged period of lull and low trading activity. The United States Senate Banking Committee will hold hearings focused on "Exploring the Cryptocurrency and Blockchain Ecosystem" later today with Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business, and Mr. Peter Van Valkenburgh, Director of Research, Coin Center invited as witnesses to testify before the Committee on the subject matter. Naturally,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.