Cryptocurrency

Bitcoin

<div class="finbold">
 <p class="paragraph">Renowned economist Nouriel Roubini has once again delivered a scathing critique of Bitcoin (BTC), questioning its <a rel="noopener noreferrer nofollow" title="decentralization" href="https://thebittimes.com/tag/decentralization.html">decentralization</a> and doubts about security and scalability.&nbsp;</p>
 <p class="paragraph">Notably, Roubini has maintained a dismissive stance towards Bitcoin and the broader cryptocurrency space, often branding them as scams.</p>
 <p class="paragraph">In a May 3 debate organized by financial news aggregator <em>Zerohedge</em>, where Bitcoin was pitted against gold, Roubini dismantled the foundational principles of the leading cryptocurrency.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Cryptocurrency investor loses $70 million in six hours: Address poisoning attack <span class="self-center text-xs text-slate-500">52 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    U.S. billionaires now have a lower effective tax rate than working-class <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    U.S. economic apocalypse imminent? Government debt market collapse begins <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Michael Saylor warns these popular cryptocurrencies will be deemed securities <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Drawing on his reputation for accurately predicting the 2008 financial crisis, he argued that Bitcoin’s security and scalability promises are less fulfilled than those of traditional monetary systems.</p>
 <p class="paragraph">Roubini underscored the vulnerability of Bitcoin holders, stressing the irreversible nature of transactions once private keys are compromised. Unlike traditional banking systems that offer recourse options in case of theft, he pointed out that the loss of private keys results in permanent loss of funds, painting a bleak picture of Bitcoin’s security landscape.</p>
 <h2 class="wp-block-heading" id="h-questioning-bitcoin-s-decentralization-nbsp">Questioning Bitcoin’s decentralization&nbsp;</h2>
 <p class="paragraph">Furthermore, Roubini challenged the concept of Bitcoin’s <a rel="noopener noreferrer nofollow" title="decentralization" href="https://thebittimes.com/tag/decentralization.html">decentralization</a>, dismissing it as “<a rel="noopener noreferrer nofollow" title="nonsense" href="https://thebittimes.com/tag/nonsense.html">nonsense</a>.” He highlighted the concentration of mining power among a few significant players, which, in his view, undermines any claim to <a rel="noopener noreferrer nofollow" title="decentralization" href="https://thebittimes.com/tag/decentralization.html">decentralization</a>.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“In the traditional financial system, there’s massive scalability. Yes, we have a centralized system. Bitcoin, first of all, is not secure. &lt;…&gt; It’s not even decentralized. &lt;…&gt; This idea of decentralized is <a rel="noopener noreferrer nofollow" title="nonsense" href="https://thebittimes.com/tag/nonsense.html">nonsense</a>. It’s neither decentralized, secure, nor scalable. It’s three NOs,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Roubini raised concerns about the dominance of mining operations, particularly in regions with tax regulatory oversight, which threatens the network’s integrity.</p>
 <h2 class="wp-block-heading" id="h-alternative-to-traditional-finance">Alternative to traditional finance</h2>
 <p class="paragraph">In addition, he rejected Bitcoin as a viable alternative to traditional financial systems, citing its purported inefficiency in handling large transaction volumes.&nbsp;</p>
 <p class="paragraph">The financial expert also likened storing Bitcoin to burying gold in the ground, describing it as a cumbersome and impractical solution in the digital age.</p>
 <p class="paragraph">His sentiment comes amid his continued bashing of cryptocurrencies. The economist has termed crypto “totally corrupt” and the “biggest criminal heist in human history.”&nbsp;</p>
 <p class="paragraph">The expert has also warned of a possible “crypto apocalypse” for the industry, mainly due to regulators cracking down on the sector.&nbsp;</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/economist-nouriel-roubini-blasts-bitcoin-s-decentralization-as-nonsense-tbt87459.html">https://thebittimes.com/economist-nouriel-roubini-blasts-bitcoin-s-decentralization-as-nonsense-tbt87459.html</a></p>

Economist Nouriel Roubini blasts Bitcoin’s decentralization as ‘nonsense’

Inhaltsverzeichnis

TheBitTimes

Weitere Artikel, die am 4. Mai 2024 veröffentlicht wurden

Former Cred Executives Indicted for Wire Fraud and Mismanagement

Shiba Inu (SHIB) Soars as Top US Exchange Expands Trading Options

XRP Withstands Crypto Market Volatility

Whales Focus on IMX Coin and Nine Others: A Deep Dive into Crypto Market Trends

Experts Caution: Avoid Trading with GAL Coin and These Two Others Next Week!

Price Analysis: Comparing the Performance of Crypto Giants WIF, DOGE, PEPE, FLOKI, BONK, SHIB

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!