Nouriel Roubini Puts Bitcoin Back On The Chopping Block, Labels Crypto The Most Manipulated Money Market In History

2018-12-22 20:47

Nouriel Roubini Attacks Back; Says Crypto Is The Most Manipulated Financial Market In History

Bitcoin has many supporters all around the world and a very active community. However, there are also several critics that have attacked the virtual currency several times. This is the case of Nouriel Roubini, the New York University professor that was able to predict the world financial crisis in 2008.

Roubini is very active on Twitter. He usually writes about the economy and also about virtual currencies. This time, Rubini wrote a tweet in which he says that cryptocurrencies are part of the most manipulated financial market in all human history.

4800 Pump & Dump schemes! Crypto is THE most manipulated financial market in ALL human history & manipulation of "assets" that are all shitcoins & worth ZERO. It makes the Wolf of Wall Street look like a naive amateur. And in spite of this sleaze shitcoins lost 95% this year! https://t.co/iqfuWiOHfz

— Nouriel Roubini (@Nouriel) December 21, 2018

At the same time, he talked about the employees that were fired by ConsenSys, one of the most recognized institutions in the cryptocurrency space. He said that he has no sympathy for employees that left real jobs to become rich quick.

He commented on the matter:

“ConsenSys firing only 60% of employees? It will soon be 99%. Have NO sympathy for those fools tho left real jobs in tech for fake quick riches.”

ConsenSys firing only 60% of employees? It will soon be 99%. Have NO sympathy for those fools who left real jobs in tech for fake quick riches!

ConsenSys plans to spin out most of its startups, and it’s going to mean layoffs. Up to 60% of jobs https://t.co/ROo9lcaiIe via @Verge

— Nouriel Roubini (@Nouriel) December 21, 2018

ConsenSys has unveiled a new strategy called ConsenSys 2.0 in which they will be providing greater efficiency and accountability. Furthermore, the company will also be focused on greater efficiency. During 2018, and despite the bear market that affected the whole space, ConsenSys was able to double its workforce and expand into 29 different countries around the world.

Roubini has always been attacking virtual currencies. This is not something new. A few months ago, Roubini and Vitalik Buterin, the founder of Ethereum (ETH) discussed about virtual currencies and the crypto market. Additionally, in October, Roubini talked at the U.S. Senate Committee on Banking, Housing and Urban Affairs, explaining that cryptocurrencies were a bubble.

He has also mentioned Bitcoin’s scalability problems and attacked Bitcoin’s distribution in the market, complaining that Bitcoin is not distributed equitably.

There are several individuals such as Nouriel Roubini, but there are also some figures that support cryptocurrencies. Some of these experts are Michael Novogratz, John McAfee or Tim Draper.

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