Economist Nouriel Roubini: Vitalik Buterin Is Lifelong Dictator
Nouriel Roubini, a well-known economist and professor at New York University, sharply criticized cryptocurrencies, calling their decentralization a myth, and Vitalik Buterin, one of the creators of the Ethereum network, in his words, is “dictator for life.” He stated this on his Twitter and in a video presentation on Twitter of Share Talk.
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— Nouriel Roubini (@Nouriel) 8 октября 2018 г.
Roubini considers the crypto sphere more centralized than social and political life in North Korea. In his opinion, miners and trading platforms can be considered centralized, while developers can be easily called dictators. The economist added that Vitalik Buterin is a vivid example of a “dictator for life.”
Vitalik Buterin (source: wikipedia.org)
The Gini coefficient, which reflects the statistical indicator of the degree of social stratification, is worse in the Bitcoin blockchain than in North Korea, the analyst claims. The three largest mining pools have under control up to 80% of the first cryptocurrency hashrate, and they are located in Russia, China, and Belarus. Roubini calls madness the credibility to a group of miners from these countries, which are considered perennial opponents of the United States.
Decentralized crypto exchanges practically do not exist since almost one hundred percent of the trading platforms are centralized, Roubini stated.
Smart contracts can be called neither smart nor contracts, as they include many errors, and no judicial authority in the world will force a person to fulfill the conditions of such a contract. Especially in the crypto sphere, where the developers make decisions themselves, the economist claims.
Earlier, Christopher Giancarlo, Chairman of the US Commodity Futures Trading Commission, stated that existing regulations on cryptocurrencies are subject to significant adjustments.