By Vitalik Buterin, the co-founder of Ethereum, recently threw shade a well-known economist & crypto nay-sayer Nouriel Roubini. This came in response to a statement by Roubini where he called Buterin a “dictator” and described the decentralization in Crypto as a “myth”.
Buterin, through use of a Tweet, subtly hinted that Roudini has no idea what he speaks of and therefore should not comment on cryptocurrency related affairs.
Buterin said:
I officially predict a financial crisis sometime between now and 2021.
Not because I have any special knowledge or even actually think that but so that I can have a ~25% (or whatever) chance of later being publicly acclaimed as “a guru who predicted the last financial crisis”.
Roubini’s Response:
Vitalik, just shut up & speak about stuff that you can claim u know a lil about. You have promising Proof of Stake since 2013 & we are still waiting for a system that is scalable, decentralized & secure. But that is impossible as your inconsistent trinity principle proves.
During the time of these tweets, Roubini was, in fact, dealing with other fires on Twitter with crypto supporters in an effort to double down on his musings that crypto is a scam & pertains to fake wealth.
If you’ve been following this the aptly nicknamed Doctor Doom aka Roubini you’ll know that it was statements made by the economist who sparked this rivalry as a result of his negative predictions around crypto. The crypto pessimist recently took to Twitter tweeting that the decentralization of crypto is a myth & went as far to say that “North Korea” is more decentralised than that of crypto. He went to describe Buterin & other crypto developers as “dictators”.
The aftermath following his tweets, saw many a Twitter user responding and saying that Roubini’s tweets were grossly oversimplified, especially since we all know that decentralization has different levels of degree depending on the cryptocurrency.
Buterin Responded By Saying:
“I don’t think that’s a fair characterization; if you look more deeply at the actual processes of Ethereum governance you’ll find that while a technical elite does exist (as in all cryptocurrencies), my own involvement is much less pivotal than it seems from the outside.”
Buterin may have agreed with Roubini’s statements that the centralization of exchanges, validators, developers & miner are an issue that needs to be addressed but he also went on to state that many are currently doing the necessary heavy lifting in order to mitigate these issues, for example through the use of multiple client implementations, decentralized exchanges and a variety of protocols features within Point of Stake.
Roubini’s Claim That Blockchain Is Overhyped:
Roubini spent a great deal of his day delivering a testimony at a Senate hearing surrounding cryptocurrencies & was quoted by Bloomberg calling blockchain tech “the most overhyped technology ever”, which is “nothing better than a glorified spreadsheet or database.”
Roubini continued his Twitter assault towards crypto by tweeting:
“99% of crypto land is one shitcoin traded for another shitcoin. And the average shitcoin lost 90% or more of its value in the last year. So Crypto Land is Crap Land, a cesspool of lunatics with severe Freudian scatological obsessions that swim 24/7 in their own stinking shit.”
Wow. It seems that this economist doesn’t really have enough of a strong argument here. Perhaps he’s just another traditional economist who can’t grasp the simplicity and innovation of crypto? What are your thoughts on Doctor Doom? Let us know by commenting below.
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