A frequently cited source of discontent amongst cryptocurrency critics is that the technology has not yet reached the desired level of decentralization.
Although it is generally accepted that this will not be a problem once the technology gains more widespread adoption and continues to develop, notorious cryptocurrency critic Nouriel Roubini is out today with a tweet calling cryptocurrency ”more centralized than North Korea”.
This comes as Roubini gears up for a US Senate Committee on Banking, Housing and Urban Affairs hearing on ”Exploring the Cryptocurrency and Blockchain Ecosystem”, scheduled for later this week.
More specifically, Roubini’s tweet alleged that ”developers are centralized dictators”, specifically mentioning Ethereum co-founder Vitalik Buterin as a supposed ”dictator for life”.
In addition to this, Roubini also stated that miners and exchanges are both centralized, and stated that the Gini coefficient – a statistical measure mainly used to gauge income inequality – of Bitcoin is worse than that of North Korea.
Several Twitter commenters have noted that Roubini’s comments are, first and foremost, severely oversimplified – with different cryptocurrencies having a varying degree of decentralization.
Furthermore, commenters have also raised that decentralization is, in general, improving over time as new decentralized exchanges, more developers, investors and innovation occur within the sector.
The self-described Bitcoin evangelist Alistair Milne has also responded to Roubini’s claim that the Gini inequality coefficient for Bitcoin is higher than that for North Korea, calling the statement inaccurate, referencing that the largest Bitcoin wallets are owned by massive groups of people.
This is not the first time that Roubini – nicknamed ”Dr. Doom” after his bearish predictions on the financial crisis – has made his negative bias towards cryptocurrencies known.
He has previously said ...