Following a heated debate against Arthur Hayes held on July 3 at the Asia Blockchain Summit, economist Nouriel Roubini wrote an article sharply criticizing not only crypto but Hayes’ business scheme. While some of Roubini’s concerns are legitimate, his over-emotionality seems to cloud his arguments in some cases.
Crypto shitcoin-land is full of clueless, dumb financially illiterate ignorami who don’t even get it when you make fun of them. No wonder as their heads are clogged into stinking cesspools of 1000s shitcoins that already lost 99% of their value since peak. https://t.co/RL9pzsRPJ6
— Nouriel Roubini (@Nouriel) July 16, 2019
The article in which he pours out all his pessimism (and perhaps even rage) is not exempt from controversy and a few other subjectivities. In it, Roubini’s accusations quickly escalate, practically saying Hayes was benefiting from terrorism:
“BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere; the exchange does nothing to stop this, as it profits from these transactions.”
Roubini, BitMEX, and the Problem With Regulations
Roubini claims “crypto land has become an unregulated casino where unchecked criminality runs riot.” But a paper published by economics professor Edgar L Feige – concluding that the majority of crime is financed with cash – can refute this. The U.S. Senate and Europol also prove him wrong.
Another attack on BitMEX was based on the fact that this is an unregulated business. For this reason,