The Senate has arranged a hearing about the blockchain, and the pet monkeys were released to fight.
The appearance of one of them was quite expected: Nouriel Roubini, whose main skill is to call crypto shit in fifty different ways.
His opponent was Peter Van Valkenburgh, Coin Center’s director of research. Like a sage, he descended from the mountains to speak the truth.
It seems the senators are so retarded and detached from reality, that they need to be told about things that even a child’s capable of finding on the net. The outcome is not hard to predict: the truths were obvious, and the dispute was impotent.
Judge for yourself: this is how Van Valkenburgh responded to Roubini attacks.
1. Blockchain is a revolutionary technology that will change the financial relations between people, — thus replied Van Valkenburgh.
2. Bitcoin is the world’s first globally‐accessible online money, — thus replied Van Valkenburgh.
3. Blockchain now is far from ideal, but it can solve many problems in the future, — thus replied Van Valkenburgh.
4. Crypto market is young and faces a lot of hard challenges; this does not imply that it shouldn’t be taken seriously. Thus replied Van Valkenburgh.
5. Services built by fintech companies are tools of totalitarianism, because they allow governments access to user data. Thus replied Van Valkenburgh.
6. Modern banking infrastructure is concentrated in the hands of large corporate intermediaries; their failures, like the ones already happened to SWIFT, cost hundreds of millions of dollars. That is what’s really unsafe. Thus replied Van Valkenburgh.
7. The blockchain technology itself implies an impossibility of centralized management, — thus replied Van Valkenburgh.
8. The blockchain will do the same thing with the world of finance as the Internet has done with the media: it will remove single points of failure and usher a wave of competition among new systems, — thus replied Van Valkenburgh.
9. No one can surpass blockchain‐based solutions when it comes to microtransactions: take the Lightning Network as an example, — thus replied Van Valkenburgh.
10. If fraudsters and other criminals aren’t using your technology, your technology is not worth anything, — thus replied Van Valkenburgh.
A real revelation for a man who has been sitting in a cave for the past ten years. The senators must be pleased.
However, it is clear what this farce is about: in the USA, they have long and successfully been playing ostentatious democracy.
It would be better if Van Valkenburgh told the senators how blockchain is good for the large corporations. They would’ve instantly lobbied for the necessary changes in the legislation of the United States and other countries.
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