[Economist Nouriel Roubini slams Bitcoin’s decentralization as “nonsense”]
Renowned economist Nouriel Roubini recently issued another scathing criticism of Bitcoin (BTC). He questioned Bitcoin’s decentralization, security and scalability, making his case during a May 3 debate hosted by financial news aggregator Zerohedge.
Roubini noted that although he accurately predicted the 2008 financial crisis, he believed Bitcoin was far inferior to traditional currency systems in terms of security and scalability. He emphasized the risks faced by Bitcoin holders after their private keys are compromised. Unlike traditional banking systems that provide recourse options when theft occurs, the loss of private keys can lead to permanent loss of funds.
Additionally, Roubini challenged the idea of Bitcoin’s decentralization as “nonsense” and pointed out the high concentration of mining power, which goes against the principles of decentralization. He pointed out: "In the traditional financial system, we have a centralized system, yes, but Bitcoin is neither decentralized, nor secure, nor scalable. Those are three nos."
Roubini also expressed doubts about seeing Bitcoin as a replacement for the traditional financial system, citing its inefficiency in processing large volumes of transactions, and likened storing Bitcoin to burying gold underground, believing it to be a cumbersome and cumbersome solution in the digital age. Impractical solution.
He has an extremely pessimistic view of cryptocurrencies in general, once calling them "complete corruption" and "the greatest criminal robbery in human history" and warning that cryptocurrencies may face a crisis as regulators step up their crackdown on the industry. "Doomsday".
