Speaking before an audience at the Singapore Fintech Festival 2018, managing director and chairwoman of the International Monetary Fund Christine Lagarde made the case for digital currency.

Says Lagarde,

“A new wind is blowing, that of digitalization. In this new world, we meet anywhere, any time. The town square is back – virtually, on our smartphones. We exchange information, services, even emojis, instantly… peer to peer, person to person. We float through a world of information, where data is the ‘new gold’– despite growing concerns over privacy, and cyber-security. A world in which millennials are reinventing how our economy works, phone in hand.”

Lagarde outlines how new forms of money will make their way into everyday usage.

Integration
  • Through social media, readily available for online and person-to person use, including micro-payments
  • Will be cheap and safe, protected against criminals and prying eyes

Lagarde points out a number of signs indicating digitization.

Key signs of an emerging digital economy
  • Signs in store windows read “cash not accepted”
  • Bank deposits feeling pressure from new forms of money
  • E-money from AliPay and WeChat in China, PayTM in India, M-Pesa in Kenya

According to Lagarde,

“Even cryptocurrencies such as Bitcoin, Ethereum, and Ripple are vying for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement.”

Advantages of digital currencies
  • Reaching people and businesses in remote and marginalized regions
  • Backup means of payment
  • Low-cost and efficient alternative
  • Privacy
Disadvantages and risks of digital currencies  plus creative solutions
  • Despite risks to financial integrity, programmable money by central banks could allow regulators to “lift the veil of anonymity” if suspicions arose.
  • Despite risks to innovation by having central banks cover everything from digital wallets, to tokens, to back-end settlement services, new public-private partnerships would allow central banks to handle back-end settlement, while financial institutions and start-ups focus on client interface and innovation.
  • Despite risks to financial stability due to pressure on bank deposits, “the jury is still out on whether digital currencies would really upset financial stability.”

Lagarde says we should embrace change.

“My message is that while the case for digital currency is not universal, we should investigate it further, seriously, carefully, and creatively. More fundamentally, the case is about change – being open to change, embracing change, shaping change. Technology will change, and so must we. Lest we remain the last leaf on a dead branch, the others having decided to fly with the wind.”

The Singapore Fintech Festival, which took place on November 12-16, attracted over 250 global representatives from central banks and regulatory agencies, financial institutions, venture capital firms and fintech companies who made a wide range of presentations covering monetary policy, and the future of blockchain, digital assets and cryptocurrencies.

You can download the full speech here.

 

This post credited to Daily HODL Image source: Daily HODL

Bakkt and Bitcoin

In a new interview with CNBC’s Crypto Trader, billionaire Bitcoin bull Tim Draper says he expects the launch of Bakkt to boost the price of Bitcoin.

Formed by Intercontinental Exchange, the parent company of the New York Stock Exchange, Bakkt is set to launch its daily futures contract for Bitcoin on December 12th, pending regulatory approval.

The overall goal of Bakkt is to create a fully regulated operation that will “enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network” and will include warehousing along with merchant and consumer applications.

But how does Bakkt really work, and does it stay true to the original vision of Bitcoin’s anonymous creator? Early this month, YouTube channel Ready Set Crypto published a comprehensive video analyzing how Bakkt really operates behind the scenes.

Ethereum

The latest ConsenSys-sponsored Week in Ethereum blog post is out.

This week’s edition covers new protocol updates, developer interview, and news on a number of Ethereum-based platforms including Golem, Mysterium and Status.

Ripple and XRP

A new member of RippleNet has emerged.

According to the Czech media outlet Lupa.cz, the fintech startup Amore Finance just joined Ripple’s network of financial institutions and payment providers. Amore Finance is “focused on providing banking services and, through its participation in RippleNet, wants its clients to offer fast and cheap international payments.”

Meanwhile, the India-based peer-to-peer crypto exchange Coindcx says it has added XRP to its list of more than 40 cryptocurrencies.

CoinDCX: Crypto Exchange@coindcx

Announcement: ⚡ /INR and /INR now live for trade! 😍 https://blog.coindcx.com/announcement-xrp-and-eth-are-now-live-for-trade-in-the-inr-market/ 

Announcement: $XRP and $ETH are now live for trade in the INR market!

Now buy $XRP and $ETH against INR on CoinDCX, India’s favorite exchange. We are happy to announce the addition of 2 new tokens to our orderbook.

blog.coindcx.com

Stellar

Adam Ludwin, the co-founder of Stellar’s new initiative called Interstellar, is sharing his vision of how all kinds of assets can be tokenized. Ludwin spoke at the recent Money20/20 conference in Las Vegas.

Interstellar’s primary focus is helping companies build infrastructure on top of the Stellar network.

Tron

TronWatch Market just released a demo of its upcoming decentralized exchange (DEX) that will allow users to trade from any TRON token (TRX10, TRX20) to TRX.

You can check out the demo here.

Litecoin

The Litecoin Foundation has released a new recap of its first annual Litecoin Summit in San Francisco.

Organizers say they’re already planning for next year’s event.

This post credited to Daily HODL  Image source: Daily HODL

A new token is set to be launched on the ethereum blockchain this January, one that will be backed one-for-one by the world’s largest cryptocurrency.

The companies behind the initiative include decentralized exchange startups Kyber Network and Republic Protocol, as well as cryptocurrency custody company BitGo. What’s more, a number of ethereum-based projects are also reporting that they will support adoption of the token once released.

These include decentralized cryptocurrency exchanges and finance-focused blockchain projects participating as “launch members,” such as MakerDAO, Dharma, Airswap, Gnosis, IDEX, Radar Relay, Compound, DDEX, Hydro Protocol, Set Protocol and Prycto.

Aimed at replicating the utility of bitcoin in a way that’s interoperable with ethereum, the “wrapped bitcoin” or WBTC token will facilitate any decentralized application running on the blockchain.

Calling it “the best of both worlds,” CTO of BitGo Benedict Chan characterized WBTC as possessing both “the stability of bitcoin and the flexibility of ethereum.”

Chan told CoinDesk:

“It’s very similar in some ways to how people created banknotes that represented a pound of gold. A pound of gold was heavier and it took longer to trade. You could use a note which represented a pound of gold and it was well accepted.”

Keeping full custody

In the case of WBTC, BitGo is the primary custodian in charge of holding a reserve of bitcoins to back all minted WBTC tokens in circulation on the ethereum blockchain.

And unlike other stablecoins pegged to fiat currencies, WBTC tokens will feature a full proof-of-reserves verifiable directly on the two blockchains.

“The beauty of that is all we have to do is put up a webpage and show all the addresses that have the bitcoins … and at the same time, people will be able to check how many WBTC are in existence just by looking … on the ethereum blockchain,” said Chan.

Apart from a bitcoin custodian, there are also registered “merchants” responsible for disseminating and redeeming WBTC tokens to all users. Currently listed to be the Kyber Network and Republic Protocol, merchants complete transfers of WBTC for bitcoin and vice versa, in the form of atomic swaps.

As background, atomic swaps facilitate two-way cryptocurrency trades across different blockchain platforms without any risk of one party defaulting on their end of the agreement.

This ensures that for every transfer of WBTC for bitcoin (or the other way around), reserves remain “one-to-one backed and totally verifiable” as highlighted by Chan.

Keeping things moving

The initiative by BitGo, Kyber Network and Republic Protocol is envisioned to be a community-driven effort.

Looking to expand services to a growing number of WBTC users, the goal is to eventually onboard several custodians and merchants in the long run.

WBTC token dissemination structure. Image courtesy of Kyber Protocol.

To this end, Loi Luu, CEO of Kyber Network, emphasized that with the official launch of the WBTC token in January of next year, a decentralized autonomous organization (DAO) would also be activated and tasked with overseeing the ongoing development of the project.

Luu explained told CoinDesk:

“One of the main reasons why many projects support this initiative is because there’s a DAO that’s going to govern the whole project including making major upgrades, adding more features, adding more merchants, even adding new custodians as well.”

As of now, what remains undetermined is the list of the companies that comprise the DAO, as well as specifications on how DAO members will propose and vote on improvements to the WBTC token.

Expected to be publicized on code-sharing platform GitHub at a later date, Luu affirmed that decentralized leadership would be a key component to the success of the WBTC token.

“I think it couldn’t be that successful if the initiative is owned by Bitgo or by Kyber [Network] or Republic [Protocol] alone,” said Luu.

This post credited to coindesk Image via Shutterstock

From a grand vision of crypto utopia, to Bakkt’s impact on Bitcoin and an update on Ripple and XRP, here’s a look at some of the stories breaking in the world of crypto.

Crypto Whale Plots Blockchain Utopia

A mysterious crypto whale is setting his sights on creating a blockchain utopia in the US. Blockchains LLC, a company owned by crypto millionaire Jeffrey Berns, bought a massive plot of land in Nevada for $170 million this year.

The New York Times

@nytimes

After amassing 67,000 acres of Nevada desert, a mysterious buyer has revealed his vision: a community that will plug into the blockchain. https://nyti.ms/2QcwfLn 

It takes imagination to see what Mr. Berns sees: a futuristic community growing out of the desert near Reno.

A Cryptocurrency Millionaire Wants to Build a Utopia in Nevada

A man spent millions on an enormous plot of land near Reno. Now he wants to build a community based on the blockchain technology introduced by Bitcoin.

nytimes.com

As reported by the New York Times, Berns has huge ambitions for the land, which is larger than the city of Reno.

“He imagines a sort of experimental community spread over about a hundred square miles, where houses, schools, commercial districts and production studios will be built. The centerpiece of this giant project will be the blockchain, a new kind of database that was introduced by Bitcoin…

Mr. Berns has managed to win over local officials who are eager for economic development. Nevada’s governor, Brian Sandoval, read a proclamation that named the Blockchains property ‘Innovation Park’ at an event last month where Mr. Berns sat on a panel with the governor and Elon Musk, the chief executive of Tesla.”

Bitcoin

Alex Krüger, a cryptocurrency trader and analyst, says the launch of the crypto platform Bakkt will likely trigger Bitcoin’s recovery in 2019.

Krüger outlined a series of predictions in a chronological sequence.

  1. Bull run on Bakkt and renewed ETF approval narrative early 2019
  2. ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands
  3. Halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 and 2020

Ethereum

Google CEO Sundar Pichai says his 11 year old son is mining Ethereum on his family’s desktop computer. As reported by Business Insider,

“…Pichai said his 11 year old son was using the family’s home PC to mine ether, the cryptocurrency tied to the Ethereum blockchain.

Pichai explained that his son had to correct him recently, saying: ‘I was talking about something about Bitcoin, and my son clarified what I was talking about was Ethereum.’”

Ripple and XRP

Ripple has released a short overview on how MercuryFX is using RippleNet to rapidly accelerate the speed of cross-border payments.

Ripple

@Ripple

Didn’t have time to tune in last week to Ripple Drop episode 6? @ashgoblue shows how @mercury_fx_ltd uses RippleNet to accelerate payments from days to seconds.

Meanwhile, the popular Canada-based crypto exchange CoinField says it has listed XRP, with 20 base pairs across 61 countries.

Tron

Tron has released a review of all seven coin burns the platform has initiated since launching its own blockchain.

The coin burns removed outdated TRX ERC20 tokens from circulation. The coins are no longer needed now that the vast majority of TRX tokens have migrated over to Tron’s new blockchain.

Litecoin

Lite.im is expanding its service that allows anyone with a basic mobile phone to send Litecoin through a text message.

According to the team, support for Telegram and Facebook Messenger is now live.

“Those already with an account can import their existing wallet simply by logging in. Meanwhile, users on Facebook now have direct access to easily and securely, send, manage and invest in Litecoin.”

IOTA

The hardware wallet maker Ledger is integrating IOTA.

“The Ledger Nano S hardware wallet will enable users to protect the private keys giving access to their IOTA tokens in a state-of-the-art secure chip.

The Ledger hardware wallets integrate with the IOTA Trinity and Romeo Wallets and isolate user’s seeds (the key for their account) from their computer or smartphone, providing another layer of security from hackers. Users will be able to validate transactions on their Ledger hardware wallet as part of the security protocol.”  

EOS

The EOS pixel art game Pixel Master has officially ended.

The game let users spend EOS to paint one pixel on a community canvas. As space on the board decreased, the price of each pixel increased, which the cost of one pixel eventually reaching about $25,000.

In the end, the platform says users spent 163,423 EOS, worth about $842,000, on the creation.

 

This post credited to Daily HODL  Image source: Daily HODL 

It’s been 10 years since bitcoin creator Satoshi Nakamoto published his white paper on bitcoin, and the global economy hasn’t been the same since. The original cryptocurrency now boasts a market cap of more than $112 billion, while bitcoin’s dominance hovers at more than 53%.

But if you ask Nigel Green, founder and CEO of financial advisory firm deVere Group, which boasts $10 billion in AUM, the next 10 years will look a lot different than bitcoin’s first decade. He’s quick to attribute the “crypto revolution” to bitcoin, saying that it has changed the way money is transacted forever. Green’s outlook, however, is a mixed bag, with bitcoin’s “influence and dominance of the cryptocurrency sector” expected to “drastically reduce” while the value of the broader crypto market is poised to expand by 5,000%, which would attach a combined market cap of $20 trillion in the coming decade. Green stated in a press release:

“[While] I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”

Ripple (XRP) and ETH to Steal Bitcoin’s Shine

ripple bitcoin ethereum cryptocurrency
Source: CoinMarketCap

Green, whose firm is based in Dubai but has offices around the world, pointed to other reasons for the forecast, such as better technology, features, and solutions to problems that competing cryptocurrencies will provide, coins like ripple (XRP) and ethereum. He told CCN:

“I believe that…XRP will be one of the main digital assets to dent Bitcoin’s market share over the next few years due to its apparent focus on integrating with banks and other financial institutions.”

XRP already muscled ETH out of the No. 2 spot for cryptocurrencies on CoinMarketCap more than once this year, though it has since fallen back to the No. 3 spot. Meanwhile, despite the fact that ETH has fallen out of favor with the crypto community of late, Green remains bullish on the future though he falls short of calling for a “flippening” event.

“Another one would be its current main challenger Ethereum.  This is because a growing number of platforms are adopting Ethereum as a means of trading; there’s an increasing use of smart contracts by Ethereum; and due to the decentralization of cloud computing.”

Even if bitcoin’s dominance fades, Green says there is a clear shift among retail and institutional investors away from fiat money and into crypto, one whose momentum will only intensify in the coming decade. As a result, he expects “the market will have grown beyond recognition when Bitcoin celebrates its 20th anniversary.”

This post credited to ccn Image from Shutterstock

From Elon Musk and Bitcoin to the long-awaited launch of crypto debit cards in the US, here’s a look at some of the stories breaking in the world of blockchain.

Bitcoin

A new tweet about Bitcoin from entrepreneur Elon Musk just went viral.

In a response to a question about online security for Tesla owners, Musk launched a tongue-in-cheek reference to malicious Twitter scammers trying to separate people from their hard-earned cash and crypto.

San@vicentes

Hey what’s happening w 2 factor auth for Tesla account?

Update: In a twist of irony, after Musk sent out the above tweet, Twitter’s security algorithm thought his account may have been hacked, and temporarily froze his account.

Elon Musk

@elonmusk

Twitter thought I got hacked & locked my account haha

Ethereum

Ethereum’s open-source technology is front-and-center in a new partnership between Visa and IBM.

Visa says it will utilize the IBM Blockchain Platform, built on Ethereum, for its new blockchain-powered finance platform called B2B Connect.

Ripple

The National Bank of Kuwait is reportedly getting ready to test its first transaction using Ripple’s cross-border payment solution xCurrent.

The bank, which is one of the biggest in the Middle East, will likely give the test a shot in the coming weeks, according to Crypto Briefing.

Bitcoin, Ethereum, XRP, Litecoin

Wirex is bringing its crypto debit cards to the US.

The company gives users the ability to spend their crypto using Visa and MasterCard. Users will be able to buy, sell, exchange and deposit Bitcoin, Ethereum, XRP, Litecoin into their Wirex wallets. They can then convert their crypto to USD, load it onto their prepaid card and spend it anywhere Visa and Mastercard are accepted.

Wirex@wirexapp

🇺🇸 We will soon be launching Wirex prepaid cards in the USA! 🇺🇸
For the first time, US-based Wirex users will be able to instantly buy and convert into USD – letting you spend your digital tokens seamlessly in everyday life.
👇https://wirexapp.com/wirex-launch-prepaid-cards-usa/ 

Tron

Tron just released a new update covering the latest progress on the platform, from technical achievements to community activities.

VeChain

VeChain has launched the fourth episode in its new web series on VeChain’s tech on the hardware, blockchain core, software and application features of the platform.

The series looks at the platform’s built-in features for developers, as well as hardware devices.

 

This post credited to Daily HODL  Image source: Daily HODL

Beginning on Thursday, crypto markets experienced a massive sell-off which affected most coins and brought down total market capitalization of cryptocurrencies to $200 billion, down $25 billion in the space of a few hours in what was overall a bearish week for cryptocurrencies as a whole, but ethereum in particular.

Behaviour of investors indicates that the market expects ethereum to fall even further.

Record ETH Shorts and Possible Reasons

At the moment, of all the major cryptocurrencies, ethereum appears to be the worst hit by the selloff, after months of weak performance. At the moment, more than 300,000 short positions have opened for ethereum as investors continue to bet on its price falling even lower.

A possible reason for this is the existence of sizeable ICO selloffs. According to this school of thought, following a prolonged period of carnage in a persistent bear market that does not look set to end anytime soon, many ICOs have sold their ETH positions to make up for potential losses that may occur in the future and to fund their continued project development and operations.

It will be recalled that at the peak of the crypto market bull run, which coincided with a steep jump in popularity of ethereum-based ICOs, ETH traded at about $1,500. Since then, it has fallen more than 90 percent, causing many investors and ICO treasuries to offload their holdings in order to avoid more losses.

Another school of thought has it that the record number of short positions sparked by the general crypto market selloff is down to a decline in global equities. Thejas Naval, an analyst at Element Digital Asset Management disagrees with this notion, stating that recent price drops in the crypto market have no correlation to the stock market.

In his words:

“There’s a narrative that the crypto market was simply falling in lockstep with the equity markets, which are slowly entering into correction zones. We believe this move in cryptocurrencies had nothing to do with the stock market.”

According to Naval, there is however evidence that the price of bitcoin and global stock indexes have a little link between them. The recent mass selloff trend in the crypto market has also affected the market lodestar bitcoin, which fell as low as $6,200 following the drop it experienced on Thursday.

This post credited to ccn Image from Shutterstock.

Friday, Oct. 12: after yesterday’s carnage, crypto markets are seeing some relative price stability. The top cryptocurrencies by market cap are seeing mild movement, both red and green.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has has seen little price action on the day, and is up 0.5 percent to trade at $6,318 as of press time. Ater a strong week of sustained trading around $6,600 – briefly trading as high as almost $6,670 Oct. 8 – the top coin took a plummet yesterday, hitting as low as $6,201.

On its weekly chart, its cliff-like performance yesterday has brought Bitcoin down to around 4.7 percent in the red, although it continues to practically break even on the month, at around 0.3 percent in the negative.
Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down around 1 percent on the day to trade at $197 at press time. Its weekly chart shows a similarly stark sudden drop yesterday, after the altcoin had circled $230 levels throughout much of the week. Yesterday’s losses brought Ethereum as low as around $194.

On the week, Ethereum is now almost 13 percent in the red; monthly growth remains around 8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is faring better, and is up close to a solid 7 percent to trade at $0.43. Nonetheless, the asset was not spared yesterday’s market-wide losses, and is showing a 17 percent loss on its weekly chart.

Buoyed by its outstanding price performance in September, Ripple’s monthly gains remain at 60 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing a mix of red and green. After Ripple, Litecoin (LTC) has made the strongest recovery, although it has seen a relatively mild 2 percent gain to trade $53.32. Stellar (XLM) is up around 1.6 percent and is trading at $0.216.

Meanwhile, anonymity-oriented altcoin Monero (XMR) is down a further 1.8 percent on the day and is trading at $102.79; EOS (EOS) has also shed around 1.46 percent in value at $5.21.

In the context of the top twenty coins, the picture is mostly red: Tezos (XTZ) is down the most, losing 3.5 percent to trade at $1.21, and Ethereum Classic (ETC) is down a round 3 percent at $9.51. Dash (DASH) and IOTA (MIOTA) are seeing smaller losses, at around 2.2 percent ($158.59) and 1 percent ($0.502) respectively.

Tron (TRX) has grown 2.2 percent to trade at $0.227 and is the only other top twenty crypto to see green.

Total market capitalization of all cryptocurrencies is down to around $202.2 billion as of press time – slightly recovering from a 24-hour low of $196.3 billion, yet remaining almost $20 billion down from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, Cointelegraph reported that the U.S. Financial Crimes Enforcement Network (FinCEN) has issued an advisory that calls on cryptocurrency exchanges to monitor Iranian use of crypto to evade sanctions.

According to the agency, as of 2013 Iranian use of cryptocurrency includes “at least $3.8 million worth of bitcoin-denominated transactions per year”; FinCEN goes on to warn that cryptocurrencies represent an emerging “payment system that may provide potential avenues for individuals and entities to evade sanctions.”

 

This post credited to cointelegraph  Image source: Cointelegraph 

More than two years after the collapse of The DAO thrust the Ethereum community into civil war, one of the bugs that caused that caused that black swan event continues to lurk in many smart contracts, waiting to be exploited by hackers.

That’s according to Emin Gün Sirer‏, a computer science professor at Cornell and the co-director of cryptocurrency research initiative IC3, who said that he has seen a variety of smart contracts that may be vulnerable to a “reentrancy” attack that allows a malicious user to drain ETH from a payment channel.

“BTW, I’ve seen other contracts like this one that implicitly trust the erc-20 tokens issued on top of their platform to not perform reentrant calls. I’m sure this isn’t the last episode of this bug,” he wrote on Twitter.

Sirer was commenting on the news that SpankChain, an adult entertainment startup whose platform runs partially on Ethereum smart contracts, had been hacked for nearly $40,000 worth of cryptocurrency over the weekend.

As CCN reported, the company said that the hacker used a reentrancy attack to siphon 1165.38 ETH out of the smart contract over a series of transactions. In short, the attacker used a malicious smart contract to trick the SpankChain contract into believing that the attacker could withdraw funds from the payment channel.

The firm explained:

“The attacker created a malicious contract masquerading as an ERC20 token, where the ‘transfer’ function called back into the payment channel contract multiple times, draining some ETH each time.”

ethereum

As both Spankchain and Sirer noted, the attack was similar to the one that crippled The DAO, a decentralized venture capital fund that long held the record for most funds raised by an initial coin offering (ICO).

Worth as much as $150 million at a time when the total market cap of ethereum was still far below $2 billion, The DAO held nearly 15 percent of the total ETH supply on June 17, 2016, when an attacker stole 3.6 million ETH — today worth nearly $815 million — by exploiting its vulnerable smart contract.

We all know what happened next: a series of futile attempts to recover the funds, the infamous chat room conversation, and the contentious hard fork that resulted in the creation of Ethereum Classic.

Now, more than two years later, Ethereum has largely put The DAO hack in its rearview mirror. The ethereum price, which plunged as low as $6 in the months following the hack, now stands at $230. Hundreds of blockchain startups have used Ethereum to raise billions of dollars through ICOs, and thousands of developers are building decentralized applications (dApps) that run on the platform.

However, though the consequences may not always be quite as serious as they were on that infamous morning in June 2016, the bug that permanently altered the cryptocurrency landscape appears determined to continue to rear its ugly head.

This post credited to ccn Images from Shutterstock

Ethereum co-founder, Vitalik Buterin has thrown shade on prominent economist and cryptocurrency skeptic Nouriel Roubini, in response to Roubini’s earlier statements calling him a “dictator” and describing decentralization in Crypto as a “myth”.

In a tweet, Buterin subtly hinted that Roubini has no idea what he is talking about and as such he should not comment on cryptocurrency.

Buterin ‘Predicts’ Financial Crisis

Writing on his Twitter handle, Buterin said:

The tweet attracted a furious response from Roubini who then responded to Buterin saying:

At press time, Roubini was still involved in a Twitter scrimmage with supporters of crypto, doubling down on his stated opinion of crypto as a “scam” and “fake wealth”.

It will be recalled that the current conflict began when Roubini – popularly referred to as ‘Dr Doom’ because of his negative crypto predictions – recently posted on Twitter that decentralisation of cryptocurrencies is a ‘myth, and that even ‘North Korea’ is more decentralised than crypto. He further described developers such as Buterin as “centralized Dictators”

In the aftermath of his initial tweet, several Twitter users immediately responded saying that Roubini’s comments are grossly oversimplified, especially since different cryptocurrencies have different degrees of decentralization.

Buterin, who is known to be vocal about crypto issues replied:

“I don’t think that’s a fair characterization; if you look more deeply at the actual processes of ethereum governance you’ll find that while a technical elite does exist (as in all cryptocurrencies), my own involvement is much less pivotal than it seems from the outside.”

While he agreed with Roubini that centralization of developers, exchanges and miners or validators is an issue, he however added that they are actively implementing different ways to mitigate this (such as. multiple client implementations, decentralized exchanges, and various protocol features in PoS).

“Blockchain is Overhyped”

Roubini on his part, spent most of today delivering his testimony at a senate hearing on cryptocurrencies. He was quoted by Bloomberg describing blockchain technology to the U.S. Senate as “the most over hyped technology ever”, which is “nothing better than a glorified spreadsheet or database.”

Continuing his tirade on his Twitter account a few hours later Roubini said in a tweet:

“99% of crypto land is one shitcoin traded for another shitcoin. And the average shitcoin lost 90% or more of its value in the last year. So Crypto Land is Crap Land, a cesspool of lunatics with severe Freudian scatological obsessions that swim 24/7 in their own stinking shit.”

This post credited to ccn Image from Flickr/Duncan Rawlinson.