Doctor Doom: Cryptocurrencies Are Worse Than North Korea


Economist Nouriel Roubini, known by the nickname “Doctor Doom,” said that the decentralization of cryptocurrency is a myth, and the Gini inequality coefficient of the Bitcoin network is worse than in North Korea.

“This system is more centralized than North Korea. Mining is centralized, exchanges are centralized, and the developers are dictators (Buterin is a dictator for life),” Rubini said.

He added that the three largest miners [he probably meant pools] control 80% of Bitcoin hashrate.

“All of them are in such pleasant places as Russia, Belarus and China. You must trust a handful of miners in Russia and China, who are our strategic rivals. This is some kind of madness,” he continued.

Roubini is also convinced that no one uses decentralized exchanges, and decentralized trading is “nonsense.”

“99% Of exchanges are centralized.”

The economist’s answer to the question of whether he really compares Bitcoin and the DPRK in terms of the concentration of wealth was affirmative.

Earlier, Roubini criticized the concept of smart contracts.

Smart Contracts are neither smart nor contracts: they are extremely buggy -100 bugs per 1000 lines of code – & they are not contracts as no court can enforce them. The only courts in crypto land are the crypto developers’ kangaroo courts who randomly decide when to fork or not,” Rubini said.

He also called for a carbon tax on all Bitcoin holders.