Economist Nouriel Roubini Rages About Ethereum (ETH)’s Vitalik Buterin on Twitter
Economist Nouriel Roubini Rages About Ethereum Co-Founder Vitalik Buterin on Twitter
American economist Nouriel Roubini has been a major critic of the cryptocurrency industry for quite some time. However, his latest target has been Vitalik Buterin, who is widely known as the co-founder for Ethereum. Rather than confronting him in person or at a conference, he decided to take to Twitter.
The online exchange between the two parties began with a tweet from Buterin, who predicted that the market would see a financial crisis between now and 2021. During the tweets, he said that he didn’t come from a place of analysis of the market or even from volatility, but to simply be the “guru” to expose the crisis. This could’ve been a jab at Roubini for his housing bubble prediction for 2007 to 2008, which is exactly what Roubini took it to mean.
Quickly, Roubini replied, saying,
“Vitalik, just shut up & speak about stuff that you can claim u know 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.”
Buterin retorted that,
“Design is basically done and we’re in development stages now, referring to the proof-of-stake protocol.”
This was hardly the end of the exchange, as it went on for quite a while, bringing out other personalities in the crypto world. Some of them compared the two as an old skeptic of the industry (Roubini) versus a creator of “fake money” (Buterin).
Ultimately, Roubini said,
“@VitalikButerin was the ring-leader – together with Joe Lubin – of the criminal pre-mining sale/scam that created Ether. They stole 75% of the Ether supply and became instant “billionaires” of fake wealth.”
He even said that these two individuals were stealing about 75% of the current Ether supply, leading them to their current fortune.
During this whole exchange, the market took a dive on Wednesday, with the overall market cap reaching a low of under $205 billion. Ethereum, Ripple, Stellar Lumens and Bitcoin Cash lost the biggest percentages, and all of the top 30 coins lost out as well.
Despite being credited with the decline, Roubini refused to take credit. His Twitter post said,
“ETH fell 9% in the last day while BTC fell 5%. I don't take any credit or blame for it & I have ZERO positions, long or short, on any crypto-currencies. Unlike the sleazy con men, self-interested scammers & price manipulators in crypto land I never talk my book as I have none.”