Economist “Dr Doom” Compares Crypto Centralization to North Korea’s Kim Jong-un
Dr Doom: Crypto Is More Centralized Than North Korea
Nouriel Roubini, better known as the Dr. Doom, has made some striking affirmation about the crypto market. Roubini, which is a New York University professor known for prediction the 2008 Financial Crisis, has repeatedly criticized people that affirm that the crypto market is decentralized. Today, he has tweeted about it.
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) October 8, 2018
According to the tweet of the Harvard-educated economist, decentralization is a myth and cryptos are less decentralized tha North Korea, a comparison that was mostly made to provoke and cause controversy.
He has affirmed that miners are centralized, exchanges are centralized and developers are dictators, comparing Vitalik Buterin, the co-founder of the Ethereum network, to a dictator for life. According to the professor, the Gini inequality coefficient of Bitcoin is worse than North Korea.
The Gini Index is a measure of distribution that is often used to measure economic inequality in countries or regions in particular. Nouriel Roubini has continued to hit at the inequality point by claiming that Bitcoin’s inequality coefficient was the worst in the whole world and that crypto “beat Kim Jongpun in regards to centralization and inequality”.
Roubini Is Known For His Anti-Crypto Stance
The professor has recently affirmed that Bitcoin is a gigantic speculative bubble that “feeds on itself” and claimed that decentralization is “just bullshit”. Last year he also predicted that Bitcoin would eventually end as most countries decided to follow China’s current approach to cryptos.
Last month, Dr. Doom decided to attack the blockchain technology once more as he spoke at the BlockShow Americas. According to him, the fintech had “zero” to do with the blockchain or cryptos and that people were fine with digital payment systems.
While one may call Roubini biased against cryptos and talk about the aspects in which the decentralization actually works, it would be dangerous to simply dismiss his criticism.
The Gini Index is used for economists as a trustworthy way to calculate inequality and this is a issue that Bitcoin definitely has to solve in order to grow and become mainstream while keeping its goal of decentralization.