For almost an hour of discussion, taking place in Taipei, CEO of BitMEX Arthur Hayes and the worldwide known economist Nouriel Roubini argued about the value of cryptocurrencies and blockchain technology.

CEO BitMEX Arthur Hayes and well-known economist and ardent opponent of cryptocurrencies Nouriel Rubini took part in the furious discussion during the Asian blockchain summit held in Taipei. Rubini claimed, as usual, that cryptocurrencies are frequently used in criminal activities. Hayes, however, focused his speech on the fact that cryptocurrencies help to ensure financial confidentiality, which other methods of transactions lack.

Roubini began his speech with critics of unregulated cryptocurrency exchanges and BitMEX in particular, which offer very risky margin trading services. The economist compared BitMEX with companies that profit from the stupidity of non-accredited, inexperienced investors. He added that BitMEX is an unregulated cryptocurrency exchange that offers services with a very high level of risk.

“They do not offer 5 times leverage, they don’t offer 10 times either. But they offer 100 times, so even a 0.5 percent move in the price could wipe investors out of their positions. Your business model is all what the cryptocurrency industry is all about: no regulation, no KYC, no audits. You can screw clients financially and it doesn’t matter.”

Roubini added that he knows a lot of people, including students, who have lost all their savings and credit money after buying bitcoins during the 2017 rally. He also chided BitMEX for being registered in the Seychelles.

Hayes responded to the allegations of Roubini, admitting that BitMEX really offers quite risky tools. But he added that this practice is also common among regulated American trading platforms.

“I’m not trying to force anyone to use BitMEX. We don’t even do any marketing… Somehow, a few hundred thousand people who have found other oasis and started trading. We are not making people trade bitcoin. No one said you have to go out and own it. And then send it to us and use it as margins.”