Top Economist Compares Cryptos To ‘Decentralized’ North Korea
The university tutor has been credited with foreseeing the great depression back in 2008. Two months ago, he dismissed the highly rated blockchain technology stating that the world was better off.
Economists Explain Why Cryptos Are Centralized Than North Korea
A renowned economist from America has caused a storm on Twitter after comparing cryptocurrencies to North Korea. Through a Sunday Twitter post, Nouriel Roubini opined that cryptos are highly centralized than Korea.
In the financial circles, Roubini is referred to as Dr Doom. The expert is believed to have predicted the 2008 economic meltdown that affected the global economy. The New York-based tutor is on record hitting out at allegations that we have decentralized in cryptos.
The former Harvard University scholar through his Twitter stated that any concept about decentralized cryptos is nothing but a myth. He made a comparison of the phenomenon to North Korea which is considered as a dictatorship.
He pointed out that all players in the crypto industries are more centralized than ever. He pointed out that miners, trading platforms and engineers are all centralized. Roubini said that cryptos are centralized dictators.
He continued with his tweets focusing on the Gini index. The Gini index is a tool deployed to find out financial variations in a given jurisdiction. According to Roubini, bitcoin’s coefficient is bad. He compared bitcoin’s case with North Korea once again and the different coefficient of BTC is bad than Korea’s dictator Kim Jug un in terms of centralization.
Back in May, Roubini said that bitcoin was a big predictable bubble that eats itself. He dismissed the notion that bitcoin might be decentralized. Speaking last year, Roubini projected that bitcoin might come to an end since more countries like China were enacting strict regulations that are unfriendly to the cryptos.
Roubini’s Attack On Blockchain Technology
Back in August this year, Roubini launched an attack on the blockchain technology during the BlockShow America’s panel. He alleged that the fintech sector had nothing to do with blockchain. Roubini added that the global population was operating well with the fiat payment system and cryptos will not have an impact.