roubini. >> mr. van valkenburg? >> chairman carpo, ranking member brown, members of the commute. thank you for the opportunity to speak with you. my name is peter van valkenburg a director of research at coin center an independent nonprofit focused on the public policies of cryptocurrency and public block chain networks. what is bit coin? bit coin is the world's first cryptocurrency and it works because of the world's first public block chain network. what does bit coin do? it's simple. it lets you send and receive value. to and from anyone in the world. using nothing more than a computer and an internet connection. now, why is it revolutionary? because unlike every other tool for sending money, over the internet, it works without the need to trust a middleman. the lack of any corporation in between means that bitcoin is the world's first public digital payments infrastructure. and by public i simply mean available to all and not owned by any single entity. now, we have public infrastructure f

years later they did when he was comparing to a fax machine yeah exactly roubini completely missed the significance of the answer not just like paul krugman completely missed the significance of the era now also the east columnist tend to be fall in the category kings eons where they love to spend other people's money they're not really advocates of hard money right and they are accountability and reason with when it is the hardest money ever occur according to safety now most of his book his book the big point standard of it's a task but yet he calls it the hardest money ever so yeah speak about that well because i think that's something that's very important these days of hyper inflated deficits and fragility to the global economy right i use this concept in my talks about why it's time for a new commodity standard globally right it is specially if you look at what q.e. one two and three have done to the hyperinflation of the u.s. dollar and you compare that to the hyperinflation of currencies that have been hyper inflated out of existence right like the venezuelan both of our i mean

how the old line mainstream economists are freaking out and i saw you recently on pound murielle roubini and you know he occasionally starts becoming outraged and he's like a rageaholic or something seems unhandy just well you know and i you're on stage with them and you're just making an eminent sense just going over the basics there what is going on with people like nouriel roubini and paul krugman what why are they having these breakdowns well i think first of all you've got to put it in context right i mean he's an old school economist who's trying to have an up to date modern brit so by attaching him to the crypto space which is not an expert in and being being the naysayer it allows him to have a modern brand which he propagates on social media unfortunately and that having been said some of the points he makes about where because it is from a scalability perspective i think you can actually have if you wanted to an intelligent conversation about those things be chooses not to do that he just uses nonsense in earth because there are areas that are you can be critical of but he choo

makes the new asset class in therefore makes it very confusing for mainstream economists like nouriel roubini oh paul krugman is they don't look at two very important elements to this protocol one being hash rate and how that continues to grow and the other one being the difficulty adjustment which is always at making. things more difficult more or less the trend being that way but that has for a trend we now are somewhere in the magnitude of fifty thousand quadrillion calculations per second that has always been going up throughout the entire history of pickling and that's really more of an indicator of the health of this network and where the project is going then price do you agree for tax lee absolutely it's just a showcase of its network effects you know as trace mayor says it has the seven network effects it is just almost become insurmountable over time and then of course you have the fact that every day that big win survives right it is going to guarantee that it's going to survive more the next day and so as time goes on day one becomes more secure and becomes battle hardened because