Economist Nouriel Roubini “ " blockchain is the biggest fraud of the century”

[KatrinSmile]

Professor of Economics School of business Leonard N. Stern and the CEO of Roubini Macro Associates, Nouriel Roubini, criticized the cryptocurrencies and blockchain technology.

According to Forbes, Rubini stated the following:

"Blockchain is just a Scam, or even worse — the biggest Scam of the century.”

The drawbacks of the blockchain
Rubini called the blockchain "a useless and overrated technology", primarily due to scaling issues. According to him, the blockchain is too slow, and this is a drawback that can not be blocked.

The drawbacks of the blockchain
Rubini called the blockchain "a useless and overrated technology", primarily due to scaling issues. According to him, the blockchain is too slow, and this is a drawback that can not be blocked.

Other drawbacks of the blockchain noted by the economist are security and decentralization. Rubini noted that cryptocurrency exchanges are constantly becoming victims of hacker attacks, while almost all of them remain centralized, despite the emphasis of technology on decentralization. However, the economist did not mention that the hacked exchanges have become such because of the shortcomings of not the blockchain per se, but because of the vulnerabilities of its own security protocols. The cause of rampant centralization is the extreme youth of blockchain technology.

The Roubini about the ICO
No less sharply Rubini spoke about the ICO:

“This is a Scam. The whole ICO industry is Scam. People are being robbed, raising money for projects with a zero value.”

And although we can not agree with a large number of scams in the field of ICO, we can not discount the really valuable projects implemented thanks to the innovative financing model.

Nouriel Roubini is an economist, and therefore he sees blockchain and cryptocurrencies through the prism of the economy. Perhaps, with the emergence of new opportunities use technology in economic relations Rubini can look at it with other hand, and can and at all will change its opinion about it.

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[BQ]

That's stupid to say, clearly blockchain is in early stages! Just as the internet was slow initially, surely we can find one method capable of properly scaling. I wonder how much knowledge this "economist" has? An economist knows economy and not programming technology.

[LuckyOctopus]

Such bad comments are very common in this market. Bitcoin has experienced such comments many times in the past. We have found some drawbacks for his comments and the market should solve such drawbacks earlier. He will also be in favor of the market and blockchain technology in future.

[fuathan]

This idiot said very similar things about the internet. 

[kevoh]

Before opening the thread, I anticipated I was going to see something new but it's the same 'Blockchain is scam' Bitcoin is scam narrative! Nothing new here!

[butka]

Other drawbacks of the blockchain noted by the economist are security and decentralization.

This is really lame. If anything, the decentralization is one of the main advantages of the blockchain.

Rubini noted that cryptocurrency exchanges are constantly becoming victims of hacker attacks, while almost all of them remain centralized, despite the emphasis of technology on decentralization.

The same argument about being susceptible to hacking can be made for the current technology,e.g., for companies that accept credit cards. A very recent example is the British Airways Hack:

https://www.telegraph.co.uk/news/2018/09/07/british-airways-hacking-customers-cancel-credit-cards-airline/

Perhaps, with the emergence of new opportunities use technology in economic relations Rubini can look at it with other hand, and can and at all will change its opinion about it.

We couldn't care less if he changes his opinion or not, but he definitely needs to educate himself if he is going to criticize the cryptocurrencies.

[tippytoes]

This is really lame. If anything, the decentralization is one of the main advantages of the blockchain.

Perhaps, with the emergence of new opportunities use technology in economic relations Rubini can look at it with other hand, and can and at all will change its opinion about it.

We couldn't care less if he changes his opinion or not, but he definitely needs to educate himself if he is going to criticize the cryptocurrencies.

Well-said here. He needs to learn about blockchain, cryptocurrencies and everything surrounding it. We are in a different era now. Maybe, up until now, he doesn't understand the huge benefits that the blockchain may bring to the humanity. He will just be the laughingstock of those who really understand the significance of blockchain.

[larkscrypto]

This is not a new thing. In the past we have heard such comments from famous industrialists and businessmen also. Now many of them are in favor of crypto currency and blockchain. I hope that he will also understand the importance in future and the market should focus on the drawbacks mentioned here.

[NervousWolf]

This is actually old news. We have seen comments like this from people who are well known in the industry or are good business people. And a lot of them are willing to be a part of the market or the blockchain.Teh sole reason could be that they know the importance of the marekt that will hold in the future.

[Wale777]

This didn't take me by surprise because we have been having many big personalities saying negative things about crypto, I totally disagree with him because I think he doesn't have a full fledged knowledge about technology as a economist not to talk of Blockchain technology...  Crypto is still in its infancy stage and it has been growing significantly but because of the volatile features it has make some that are inexperienced about crypto in it's entirety say all sort of things because they can't predict it but with time I think there will be more regulations and crypto will be considerably stable

[MarshMagpie]

If it was real then no one would had become milliner by using crypto currency. Like many other critics Nouriel Roubini has criticized about crypto currency and Blockchain. According to him blockchain is a total scam which is ridiculous to believe.