Bitcoin critic Roubini extends attack to blockchain

October 16, 2018
Chris Wheal

Nouriel Roubini

Economist and bitcoin critic Nouriel Roubini: Shutterstock

Controversial economist Nouriel Roubini, a long-time detractor of cryptocurrencies who first warned investors against the “scam” in 2013, now says he believes blockchain and distributed ledger technology (DLT) will soon become obsolete.

Roubini is also a professor at New York University’s Stern School of Business and expanded his attack via a recent post on the non-profit Project Syndicate website.

In an article titled “The Big Blockchain Lie,” he begins his attack on the technology by highlighting the recent cryptocurrency market crash,noting that many cryptocurrencies are down by 80% or more since the end of 2017 and equating the price action of the volatile markets to their adoption and success as fintech products.

Crypto-apocalypse

Roubini dismisses blockchain technology as the “last refuge of the crypto scoundrel,” and the “most overhyped – and least useful – technology in human history.

Developing his theme, he writes: “In practice, blockchain is nothing more than a glorified spreadsheet. Butit has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed.

“Blockchain fundamentalists’ ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralisation.”

Roubini, who has been dubbed “Dr Doom” for his ability to predict financial crisis maintained his attack on cryptocurrencies last week when he appeared before the US Senate banking committee last week.

He said that the crypto market had “now gone into a crypto-apocalypse as the mother and father of all bubbles has now gone bust”.

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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