Why Do we need Dr Doom?

Coindesk article - Oct, 12th, 2018 Economist Nouriel Roubini – famous for predicting the 2008 financial crisis testified about the blockchain and crypto ecosystems before the U.S. Senate Committee on Banking, Housing and Urban Affairs alongside Coin Center director of Research Peter Van Valkenburgh.

Roubini took a harsh stance against the technology and its proponents in front of the lawmakers.

"Crypto is the mother and father of all scams … [and] blockchain is the most overhyped technology ever and is no better than a glorified database," Roubini said in his opening statement."

At a younger age I always hated antagonist characters in business. As time passed by I learned about the importance of the role that these type of people play in our communities and in our societies. Direct objective criticism is key to personal and professional improvement. It will be fair to make an objective assessment of Mr. Roubini′s remarks during yesterday′s senate committee session. So, Lets break it down. Shall we?

it′s Crypto the mother and father of all scams?

Absolutely not. Throughout history robbers, thugs, money launderers, traffickers, swindlers, scammers and of course corrupted politicians have found thousands of ways how to do their thing without the need of cryptocurrencies. We can think of many examples, but for me the mother and father of all scams prize goes to: " Global bank bailouts" For the young ones out there that don′t know about bank bailouts. Basically private and public banks are managed by bankers and top executives getting paid millions of dollars in bonuses. When the banks fail, government authorizes billions of taxpayer money to bailout these banks so they can get out of the deficit and get back to work. After they go though all this mess and these banks are rescued, a new set of top executives/bankers get millions of dollars in bonuses for their job again. Crazy right?

One of the most important attributes that blockchain technology has given us to date is the possibility of executing peer to peer transmissions of value over the internet through a digital cryptocurrency and/or digital token that is recorded in the blockchain in a transparent and incorruptible way. Bad actors obviously felt attracted and some have used the technology irresponsibly, but it is also true that many brilliant entrepreneurs, professionals, lawmakers and regulators are working tirelessly to develop the space in the right direction so people can take advantage of the technology accordingly.

It′s Blockchain the most overhyped technology ever?

Probably, and for the right reasons. It′s obviously one of the most important inventions of the 21st century and the hype is precisely caused by the anxiety of younger generations that can see in this technology the possibility to freed themselves of the traditional financial system. This technology will also improve people′s quality of life. The glorified database that Roubini despotically refers to, will keep growing stronger, faster and more reliable due to the extraordinary passionate teams working the technology.

We need also to understand that for Dr. Roubini this is business and notoriety. Aligning himself with very powerful dinosaurs that are used to make money the traditional way and not care about the technology as much. Why? To their credit is because it is a very early stage. In reality the business maturing process and the critical mass adoption will gain significant traction after the next 8 to 10 years. Kids in middle school today will be the ones catching the technology blossoming while the dinosaurs will be stepping out. ( No disrespect intended. I hope i can get to the dinosaur level someday too)

We @ Trillion are obsessed about global asset tokenization built around the sharing economy′s principles. We also like to be pragmatic and like to see real cash on cash business opportunities. Excellent announcements soon.

In conclusion, Let′s embrace Mr. Roubini′s harsh observations and transform them in one of the many positive motivations that we have to achieve our goals in whatever we are working in this interesting space. We will remember him as the colorful antagonist guy that was making a living by being in the wrong side of the equation.

Do we need Dr. Doom?

Yes we always need one Dr. Doom.