Crypto Exchange vs Dr Doom. The Tangle in Taipei. Asian Aba summit debate!
Bitmex Exchange Authur Hayes and Professor Nouriel Roubini
Debate start!
Nouriel Roubini
Conmen, scammers, snakemen, to me its personal.
This man Hayes has attracted degenerate gamblers, peddling 100 times price movements.
REKT means fucked in the ass. This is what he is doing like all exchanges to all people investing in crypto.
No aml, no kyc, you might make money from market making and people losing all their money. No audit, officially USA investors, shouldn’t be doing it, as well as many others, but with VPN, they access anyway.
Authur Hayes
We dont do marketing, we are not forcing people to join, real value is created in this system, and people want to speculate.
Human beings love to speculate. If two chickens are fighting, people will pick one that they think will win.
We want to make an honest platform.
Q1. Is Aruthur Hayes a crook?
Roubini ~ he makes money off people’s stupidity. People are being conned by scams, anyone can go to these exchanges, and lose their entire fortune. Retail suckers. 20% of students have used some of their student loans to back bitcoin. Lost it. Exchanges will royally screw people, push their drugs and then leave people with the problems.
Roubini “we cannot allow crypto to become the next swiss bank account”.
Q2.Why do we need crypto?
Hayes
Once fiat is stripped away, from monitoring, open source software as a society is what bitcoin represents, a different way to transact.
Roubini
We have digital versions of payment systems already. We chat. Ali pay. PayPal. Very fast, efficient and already servicing the world.
Hayes
Bitcoin is for your own holding. There is a huge market of money, that is waiting to be stolen if someone can hack the system, but it hasn’t been done. Making it more secure than the banking system.
Roubini
Insurance and theft. If my credit card is stolen, I can call my bank, and get my money back. If someone comes to rob me at a bank atm, they can steal the limit on my atm. They cannot take everything I have. If you lose your crypto details or they are stolen. it’s gone.
Q3. What is the purpose going forward. it hasn’t taken off as a payment method, is that its purpose?
Hayes
No reason why you wouldn’t use your normal card payment system, however in countries where 5 or 6 billion people dont have these services, it can change the way people act.
The Facebook development libra, will help people understand more about the use case.
Roubini
This is completely wrong. Actually in emerging markets, poor countries, payment systems are much more complex and their financial services, money, payment, micro payments are in place, for people begging on the streets, the poor and those who need it. it is already in a place where it doesn’t need crypto.
Roubini
It’s all a scam. 95% of volume and trading is fake. The price is all manipulated and it’s the most manipulative market in the world.
Hayes
Anyone can cheat steal and lie, but there are real products out there offering the true services. Anyone can make an exchange, but the best will go to the top and the bad products will die out, as they should.
If you are saying that price time priority is being manipulated then that’s not true.
The market going up and down is not manipulation, it’s a market.
Q4. Libra coin. What is it?
Roubini
it’s not blockchain, it’s not decentralized, it’s not permission less. Its not cryptocurrency.
Hayes
It’s not cryptocurrency. Facebook has never said that. It’s a basket of fiat currencies.
Usdt
Hayes
This provides a usage for the cryptocurrency industry. However it is not a cryptocurrency. People want to keep a company alive in tether, as it’s been around and been stable for a long time.
Roubini
Evidence of 74% of usdt is backed, but even that is not confirmed, the tether system will collapse. Its backed by nothing and will go bust.
Hayes
I find that very hard to believe.
Q5 Where do you see crypto going. where will it be in 5 years
Hayes
Crypto billion asset class. The doom sayers and the noise, will bring people in, even if a small amount of people buy from that percentage, then the market will grow. It will blow up.
Roubini
Thousands of coins have lost 90% of their value, even in this recent rally, Bitcoin is still only 50% of its peak price. There will be museums of these failed coins. People can go there and look at all of the failed crypto and laugh.
500,000 items about these alt coins, which is a sess pool of garbage.
We hope you enjoyed the debate on crypto from two of the biggest names in the industry.
Let us know your thoughts below.
