Home / Crypto Currency / Cryptocurrency ‘More Centralized than North Korea’: NYU Economist

Cryptocurrency ‘More Centralized than North Korea’: NYU Economist


Nouriel Roubini bitcoin cryptocurrency

Advertisement

New York University (NYU) economist Nouriel Roubini is scheduled to testify later this week during a U.S. Senate hearing on blockchain and cryptocurrency technology, and the noted bitcoin basher appears to be preparing for his testimony by trying out some new criticisms of the nascent asset class.

Ethereum Co-Creator a ‘Dictator for Life’

Writing on Twitter, Roubini alleged that it is a myth to say that cryptocurrency is decentralized, stating that in this respect the ecosystem is worse than North Korea. In addition to the usual suspects of mining firms and cryptocurrency exchanges, he alleged that developers such as Ethereum co-creator Vitalik Buterin are “centralized dictators.”

“Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is ‘dictator for life’ ) & the Gini inequality coefficient of bitcoin is worse than North Korea,” he said.

It’s not the first time that Roubini, nicknamed “Dr. Doom” for his oft-bearish economic forecasts, particularly in the lead-up to the Great Recession, has taken aim at alleged centralization within the cryptocurrency ecosystem.

Earlier this year, while participating in a heated panel discussion on cryptocurrency at the Milken Institute Global conference in Los Angeles, Roubini said that the idea that bitcoin is decentralized is “bulls–t” and that a blockchain is just a “glorified Excel spreadsheet.”

The Stern School of Business professor has also at various points lambasted cryptocurrency supporters as “Hodl nuts” and “cyber terrorists,” among a variety of other colorful epithets. He has further responded with glee to every major bitcoin price decline, although his most bearish prediction — that bitcoin will go to zero — has not yet been realized.

Dr. Doom to Testify at Senate Blockchain Hearing

Later this week, on Thursday, Roubini will testify before a Senate hearing on blockchain technology. He will be joined by Peter Van Valkenburgh, director of research at cryptocurrency lobbying group Coin Center.

It remains to be seen what epithets Roubini will pull out of his quiver as he seeks to dissuade lawmakers from creating a favorable climate for cryptocurrency development. However, if his Twitter feed is any guide, they will be creative — and they will be colorful.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO

Bitcoin is a “dead man walking” whose price will eventually plunge to zero. That’s the dire prediction of Peter Mallouk, the president and chief investment officer of Creative Planning Inc., a Kansas investment firm that manages $32 billion in assets. The avowed bitcoin skeptic said BTC bulls are delusional saps who don’t realize that their The post Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO appeared first on CCN

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.