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Milken Institute’s 21st Global Conference Raises Tempers among Participants

Milken Institute’s 21st Global Conference Raises Tempers among Participants
Written by Brian Crain

Milken Institute’s 21st Global Conference Raises Tempers among Participants

It is quite natural that tempers get flared up when two sets of people argue or comment against each other’s position. This was what witnessed during the Milken Institute’s 21st Global Conference in California recently. In fact, the discussions have reached a degenerating stage where there appeared to be some free for all. That means vulgarity or profanity was not spared as was evident in the case of Nouriel Roubini, who is also called ‘Dr.Doom.’

Termed Bullshit

The reported comments made by Roubini are that he termed bitcoin’s reported decentralization as nothing but “bullshit.” The Commodity Futures Trading Commission (CFTC) chairman also participated in the conference and provided measured comments, news.bitcoin reported. He urged those skeptics to understand and respect the “generation” kind of the increased interest being shown on the cryptocurrency markets. Though Roubini could have been branded as the most boisterous among the panelists, the fact that he predicted a financial crisis in the year 2008 cannot be totally ignored. One of the reasons why there are so much of negativisms against the virtual currency is that it does not produce anything and the price variation largely depended on the hopes that someone will buy at a higher price. That is a cycle of expectations.

Roubini is not ready to accept that blockchain technology as a disruptive one. He has described the technology as a “glorified Excel spreadsheet.” Turning his attention towards the late entrants into the cryptocurrency market, he branded them as suckers pointing out that it is a buddle where the late entrants to be suckers. He was giving comments about people who entered the digital currency market towards the close of last year.

Celcius Network’s CEO, Alex Mashinsky, challenged Roubini and wanted him to acquire at least one coin so that he would know how it works. He was not the only person to challenge him, and there are others too. For instance, Abra CEO, Bill Barhydt, also chimed in. He compared Roubini’s analysis of the cryptocurrency markets with that of “a horse salesman saying we don’t need combustion engines.”

For his part, CFTC chairman, Christopher Giancarlo, wanted regulators to spare a moment to respect the current generation’s interest in the new age instrument. He does not want to view the digital currency markets with contempt and wants regulators to pay not only attention but respect. He urged policymakers to respond with initiatives with forwarding thinking.

Faith Lost

He said, “Just as the baby boomer generation lost faith in the leaders that came before them and tried to seek a cultural change in those days through sex, drugs and rock and roll, I think there is a generation that also has lost faith in us that led them through the financial crisis and they see technology as a way of disintermediating institutions for which they don’t have a great deal of respect.”

SEC Commissioner, Michael Piwowar, also participated in the conference and his assessment was that every ICO comprises ‘security.’ He also believes that bitcoin is not a security. However, most of the customized tokens come under the purview of security.

About the author


Brian Crain

Brian is a contributor here at Orbit Crypto. Brian was previously in charge of Business Development at the enterprise blockchain company Monax. He has degrees in economics, philosophy and cognitive science from The University of Chicago, London School of Economics and University College London.