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Blockchain is 'one of the most overhyped technologies ever,' Nouriel Roubini says

Blockchain is 'one of the most overhyped technologies ever,' Nouriel Roubini says

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  • And why would anyone buy shoes online, when it’s so much easier to buy them at the mall?

    And who in their right mind would trust some random guy enough to get in his car, when the streets are already filled with cabs that are licensed by the Taxi Commission?

    And why the hell would I ever hand over

    And why would anyone buy shoes online, when it’s so much easier to buy them at the mall?

    And who in their right mind would trust some random guy enough to get in his car, when the streets are already filled with cabs that are licensed by the Taxi Commission?

    And why the hell would I ever hand over so much personal information to a bunch of Silicon Valley nerds that they can build wildly accurate psychographic profiles of me, my family and my friends?

    And who’s going to bother typing out emails on a tiny keyboard on their damn phone?

    And who would ever waste their time watching videos of other people playing video games?

    And what right-minded consumer would ever send money to a stranger across the country after winning an “auction” for something they’ve never even held in their hands?

    Who needs more than three TV channels?!?

    —> Mass adoption usually starts with hype that looks overly enthusiastic from the outside.

  • Says the crypto currency investor. You’ve got a conflict of interest there, Jeff.

    Plenty of people are bearish on blockchain. Plenty are bullish. What is empirically true is that in the years of hype, we haven’t seen what we were promised - the replacement of whole complex industries by this technology

    Says the crypto currency investor. You’ve got a conflict of interest there, Jeff.

    Plenty of people are bearish on blockchain. Plenty are bullish. What is empirically true is that in the years of hype, we haven’t seen what we were promised - the replacement of whole complex industries by this technology. Does that mean those industries won’t be disrupted? No. Does it mean it mean blockchain won’t be the disruptor? No. It does mean that the hype blockchain folks were wrong and like most people who deeply and publicly committed to something, you see them doubling down on their rhetoric. Like cultists whose apocalyptic predictions didn’t come true, they just say it will be next year.

    If blockchain arrives (outside the speculative penny stock investing), you’ll know. It won’t happen overnight and it’ll feel like things you already do getting slightly better. Just like, using Jeff’s examples, people slowly migrated to Uber over cabs, online shopping over offline, etc. You won’t miss out and ignoring the hype is the right thing for 99% of people.

  • Anyone that says blockchain transactions are too slow to be useful has never visited a notary or waited for a property registry in Central Europe...

  • I plan to ask NR more about this later this week. I personally get a little worried if a celebrated economist is this bearish on blockchain.

  • Someone should organize a public debate.

  • Totally agree with Nouriel here.

  • In today’s world, hype is everything. Look at the sneakers hype. It’s a culture that’s growing and bringing in more creativity because of demand and growth. So in this case, since there’s so much hype, there ought to be more that’s going to come out from block chain technology than we think. The reason

    In today’s world, hype is everything. Look at the sneakers hype. It’s a culture that’s growing and bringing in more creativity because of demand and growth. So in this case, since there’s so much hype, there ought to be more that’s going to come out from block chain technology than we think. The reason is simple. Wherever there’s hype, you have demand. With demand you have individuals who take the opportunity to build and cater to these people looking for a solution. Once solution starts getting adapted, the hype grows and then it becomes a cultural phenomenon.

  • I don’t have all the details in my back pocket to push back but I have listened to some very smart people on the subject in recent weekend who strongly disagree with Dr. Doom. I hope for quite selfish reasons that he is indeed wrong

  • Block chain technology is one of the greatest inventions people don't understand how to use. It's meant to help society but our society isn't educated so they don't use it. That's a fundamental problem.

  • cool