Following up on my article earlier today about the Senate hearing on cryptocurrencies and blockchain, below are additional comments from blockchain experts about Roubini’s testimony. See their comments below
Ken Lang, ndau Collective Member, the world’s first buoyant digital currency designed and optimized for a long-term store of value:
“Roubini’s testimony and prepared remarks offer an incorrect characterization of the cryptocurrency and blockchain space. Some of his critiques are legitimate – no one is disputing that volatility is presents a barrier to cryptocurrencies becoming a true store of value. However, he ignores the potential for the industry to adapt and evolve over time. We can now create solutions by approaching economics and monetary supply in a way traditional economists have not considered before, because they didn’t have blockchain technology to solve their issues with.
What we’re creating at ndau is in response to some of the shortcomings as outline in Roubini’s testimony. Blockchain allows us to build an ecosystem using the properties of blockchain tech to create accountable governance and hopefully, price stability. Cryptocurrencies can vary in their use cases – it’s possible to have one cryptocurrency that’s a better unit of account than the dollar, one that’s a better store of long term value, and another that’s a superior means of payment. All three of these concepts can work together to exceed the utility of a fiat currency. It will take time to get this right, but judging a new technology so soon is foolish when you look at the long history of the many such disruptions.”
Salman Habib, CEO & Co-Founder of Hellofriend, a forthcoming blockchain-based social platform that incentivizes authentic, in-person interactions:
“We are in a battle between innovation and legislation. There are naysayers in the space who have vested interests in the existing financial systems and innovative new players that are challenging existing rules in productive ways. Blockchain technology is at the same critical point in adoption that television, film, and internet once were. There is no escaping the fact that there are severe challenges that exist to mainstream adoption, but one cannot dismiss the revolutionary nature of this technology. We have to focus on real use cases and recognize its long-term potential.”
Kalin Stoyanchev, Project Lead and Head of Blockchain at RNDR, a blockchain-based graphics rendering platform:
“Blockchain technology is much more than just a “glorified database” – it provides the ultimate luxury for users, companies, and institutions – trust. Centralized infrastructures are easy to use and widespread today, however, they lack the element of indisputable and consensus driven trust in the overall system. Blockchain is still in its early days – naturally, there will be some scams and bubbles here and there as there were in the early internet days, or really any young industry. However, as a whole, blockchain represents the next revolution in the tech space, and can even help alleviate issues surrounding social change, resource allocation, and countless other fields.”