In what appears to be a well-constructed plan by the organizers of CC Forum Investment in Blockchain and AI conference held in London, five highly outspoken and volatile men of crypto were put on a stage together.
From Brock Pierce and Tone Vays to the man who claims to have invested in Bitcoin and the Blockchain, Craig Wright, as well as Bobby Lee and anti-Bitcoiner and 2008 financial crisis predictor Dr. Doom Nouriel Roubini – there was always going to be fireworks.
In one of the discussions thrown back and forth between the panel members, Lee and Roubini came to blows when discussing the printing of fiat money. Lee asked Roubini, the ardent anti-cryptocurrency economist, his thoughts on the power central banks have in printing money and devaluing currencies.
For Roubini, this was no problem as his overall opinion was that he would rather have the central banks doing whatever they needed to ensure that there was not another financial crisis as seen in the 1930s Great Depression, and in 2008.
“There is nothing wrong with quantitative easing,” said Roubini. “There is nothing wrong with zero policy rates; there is nothing wrong with negative policy rates, there is nothing wrong with foreign guidance, there is nothing wrong with anything that the central banks have to do.”
However, Roubini also ended up setting himself up for a cataclysmic comparison when it comes to looking at – what he called – S***coins and the devaluation of the US dollar.
Lee began his repost against Roubini’s agreeance towards monetary policy by asking if it was fair to have such high inflation in currency.
“I moved to the United States in 1989, thirty years ago, and I remember that $100 was worth so much money, it could do so much for me, over a weekend. If I hold the same bill for thirty years, is it fair, is it good that today, that same bill is worth much less than thirty years ago – is that fair?” he asked the crowd.
Roubini quickly stepped in to point out that’ S***coins have been known to lose their value by upwards of 80 and 90 percent in two years which saw Lee spring back, saying: “You call this a S***coin?!” holding up a US dollar bill to the economist to make his point.
Made a poor example in this instance as he pointed out that one of cryptocurrencies biggest drawbacks at the moment is their ability to lose value while at the same time expressing no concern about the inflation in fiat currency.