Sometime this month, Arthur Hayes, owner of the Hong Kong-based but Seychelles registered bitcoin exchange Bitmex, agreed to a discussion with seasoned market analyst Nouriel Roubini in Taipei. With Andrew Neil as their moderator, the coordinators of the competition dubbed it “The Tangle in Taipei.”
Immediately after the discussion finished, Roubini took to Twitter to cry foul. “Crypto is a mafia quiet-cash racket,” he lashed out. “The blockchain debate coordinators cowed and surrendered to BitMEX’s censorship and didn’t tape or communicate my discussion with @CryptoHayes; He had his subordinates make just one tape of the discussion and is concealing it from public view. Release that tape, weakling!” he added.
“Don’t stress, our tapes will introduce [sic] your little grasp of economic and innovation to the world. After seeing these tapes myself, I would be shocked in the event that you were permitted into any higher learning institution.”
At that point, he proceeded to brag. “Since I won @Nouriel it’s an ideal opportunity to party. I will see everybody at AI club around 11 pm. You ain’t seen nothing yet.” he added.
After postponing for a while, the video was released. However, Roubini was still not convinced, blaming them for concealing the entire video and also adding:
“These people are worse than parasitic bloodsuckers.”
Roubini, who said all through the discussion that Bitcoin is “shitcoin,” is against the entire idea of digital currency. All the more, at the middle of the debate is Roubini’s conviction that the BitMEX model, which permits leverage of up to multiple times over bitcoin contracts, is exploitative for retail financial specialists, and that their system works without adequate regulation, being that it is registered in Seychelles.
Hayes himself said in a recent interview that the counterparties to vast numbers of the exchanges BitMEX matches are passionate investors who represent an open door for proprietary shops. “The sort of counterparties that we are managing are individuals who are believers or haters,” he said. “They are joining this marketplace and trading in all respects inwardly, which is obvious in the instability. That is stunning for even-tempered statistical arbitrate-type shops.” It’s less astounding for retail on the opposite side.
There wasn’t many composed minds after the discussion ended which is without a doubt. By July 8, Hayes wrote to Roubini:
“You are boring me.” Roubini also called him “a scum bucket… who’s covering up in his Seychelles cavern.”
It’s satisfying to take note of the fact that the better uses of digital currencies are happening in the deliberate tones of more insightful individuals.