American Economist Nouriel Roubini has said that cryptocurrencies are more centralized than the reclusive North Korea state. The New York University lecturer made the assertion in a tweet on October 7.
The famed Roubini, also called “Dr. Doom” for his accurate prediction of the 2008 financial crisis, has repeatedly refuted assertions that cryptocurrencies are decentralized when it comes to control.
In his tweet yesterday, the Harvard-educated economist said cryptos’ so-called decentralization is nothing but a “myth”. He further provocatively compared the control over cryptos with the way the Asian communist North Korea is governed. In his tweet, Roubini said:
“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.”
The alleged Gini index is also a measure of distribution, frequently used to assess economic inequality in a specific nation or district. Roubini followed that tweet with another one a few minutes later where he argued that Bitcoin’s (BTC) inequality coefficient was the most awful on the planet:
“Miners, exchanges, developers are centralized […] the inequality coefficient of BTC is worse than North Korea that has the worst inequality on earth. Crypto beats Kim Jong-un in regards to centralization and inequality.”
As Cointelegraph announced in May of this year, Roubini considered BTC a “gigantic speculative bubble” that “feeds on itself,” calling claims crypto could be decentralized “just bulls**t.”
Back in November 2017, Roubini predicted that Bitcoin would see its end as more nations set up stricter controls, pointing to China’s way of dealing with cryptos.
Speaking at a BlockShow Americas event in August, Roubini attacked blockchain innovation, saying that FinTech had “zero” to do with blockchain or crypto, contending that individuals were doing fine and dandy with customary fiat digital payment systems.