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US Senate Turns Into Battleground as Opponents Face Each Other on Cryptocurrencies, Blockchain

October 12, 2018 15:42
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On Thursday, Crypto-News India had reported that an eminent economist from the United States of America, Nouriel Roubini would testify against cryptocurrencies and blockchain before the  U.S. Senate Committee on Banking, Housing and Urban Affairs, later in the day.

He had said, “It is clear by now that Bitcoin and other cryptocurrencies represent the mother of all bubbles, which explains why literally every human being I met between Thanksgiving and Christmas of 2017 asked me first if they should buy them. Especially folks with zero financial literacy – individuals who could not tell the difference between stocks and bonds – went into a literal manic frenzy of Bitcoin and Crypto buying.”

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Countering him, was Peter Van Valkenburgh, the director of research at Coin Centre.  Talking about blockchain, Valkenburgh said, “Blockchain technology” is not a helpful phrase. It abstracts real, specific technical innovations into a generalized panacea. The phrase suggests a vague design pattern, which is then trumpeted as the solution to all manner of societal and organizational problems. And amongst all of this cheerleading, almost nothing is ever offered in the way of real design specifics. This tends to be because “blockchain technology” is described monolithically, as if there are no specific design choices to be made in building “blockchain solutions” beyond choosing to use a blockchain.”

Explaining his point of view he further added that the testimony provided specifics and demystified the actual technologies behind ‘blockchain technology.’ To give a comprehensive testimony, Valkenburgh presented a testimony talking about the decentralized computing revolution, making sense of consensus, publicness, trust, and privacy across various consensus models, and use cases in which public consensus is critical.

Talking about bitcoin, he said, it is not depicted exactly as its purpose. He said it is not designed to be a settlement tool for financial settlement, a lending or borrowing tool, or a register for financial instruments. What it did do was “enable cash-like (as in similar to paying with paper notes) transactions on the Internet.

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