A Challenge to Dr. “Doom” Roubini: Come to Davos, Let’s Debate. (Revised)

People are inventors, always pursuing the next great innovation. Yet the first iteration of an invention is likely mediocre. Due to this they are ridiculed by many pundits, treated as imposters, scammers, or even jailed.

For example, the very first automobile was built by an inventor named Cugnot. His steam-engine automobile was quite innovative at the time, however, its performance was no better than an animal-pulled cart. Its maximum speed was not more than 5 kilometers per hour, and it couldn’t travel more than 15 kilometers because the water evaporated too quickly. And perhaps most offensively, there were no brakes. This meant that when faced with a downhill slope, an accident was inevitable. Cugnot was jailed for two years, perhaps due to reckless driving. [1]

Regarding cryptocurrency, many call it a scam. Even renowned researcher and undoubtedly one of the brightest minds today, Dr. “Doom” Roubini, has been calling it “the mother and father of all bubbles” in human history.[2]

I can understand where he is coming from. I even agree that most cryptos are poorly designed — including Bitcoin, Ethereum, EOS, to name a few. I agree that there are bubbles to burst. However, even if they appear at first to be mediocre innovations, I differ from him in that I believe the mediocrity can be overcome. The invention of crypto will send us to a world with a whole new economy, not unlike how Cugnot’s faulty automobile eventually led us to the technology to fly to the moon.

Now, I challenge Dr. Roubini come to Davos in Jan. 2019 to debate on the following:

  • Cryptos are currently good for nothing. In the future, will they continue to be useless and go extinct?
  • Can we overcome the mediocrity and achieve a new world with a wholly new, decentralized economy?

Dr. Roubini, the economist famed for predicting the 2008 financial crisis, doesn’t see the difference of cryptocurrencies from the crisis: the mediocrity of cryptos can be overcome; the 2008 crisis could not.


[1] Wikipedia. https://en.wikipedia.org/wiki/Nicolas-Joseph_Cugnot 
[2] Crowdfund Insider. Dr. Nouriel Roubini Prepared Testimony: “Crypto is the Mother of All Scams” & Blockchain Most Overhyped Tech Ever. https://bit.ly/2PQs4b7