Roubini: Bitcoin Is a Ponzi Scheme | NOURIEL ROUBINI BLOG

Friday, March 14, 2014

Roubini: Bitcoin Is a Ponzi Scheme

Here are some of Dr. Nouriel Roubini tweets about Bitcoin : Apart from a base 4 criminal activities, Bitcoin is not a currency as it is not a unit of account or a means of payments or store of value

Bitcoin is not a unit of account as no price of goods and services is set in Bitcoin unit nor it ever will. So it isn't a currency

Bitcoin isn't means of payment as few transactions in Bitcoin. And given its volatility all who accept it convert it right back into $/€/¥

Bitcoin isn't a store of value as little wealth is in Bitcoin and no assets in it. Also given price volatility it is a lousy store of value

So Bitcoin isn't a currency. It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn't safe given hacking of it.

BTCbugs like gold bugs are fanatics who speak of BTC in cult-like religious ways.Like gold bugs they have paranoid conspiracy views on the $

Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.