Vitalik Buterin responds to American economist Nouriel Roubini calling him a ‘dictator’
Nouriel Roubini, an American economist who is also a proclaimed critic of the crypto space recently took to Twitter stating that decentralization is a myth. Not only that, he went on to call Ethereum co-founder Vitalik Buterin ‘dictator’. He claimed that no system, currency, or protocol can exist in a peer-to-peer ecosystem.
“Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is ‘dictator for life’ ) & the Gini inequality coefficient of bitcoin is worse than North Korea,” Roubini tweeted on October 8.
Several Twitter users commented stating that Roubini’s comments are severely oversimplified especially because different cryptocurrencies have different degree of decentralization. Moreover, several users have also raised that in general, decentralization is improving over the time as new decentralized exchanges, investors, developers, and innovation are coming up within the sector.
Vitalik Buterin, who is known to be quite vocal about crypto issues responded back to Roubini stating, “I don’t think that’s a fair characterization; if you look more deeply at the actual processes of ethereum governance you’ll find that while a technical elite does exist (as in all cryptocurrencies), my own involvement is much less pivotal than it seems from the outside.”
Buterin admitted that Cryptocurrency Gini is a problem, stating that taking the 0.88 statistic directly is misleading for several reasons. He wrote, “Crypto inequality also includes inequality of *level of interest* in crypto, which is still niche. I’m sure the Gini of cello ownership is more than 0.88, but that doesn’t mean cellos are plutocratic.”
Vitalik also agrees that centralization of developers, exchanges and miners/validators is a problem. However, he added that they are actively implementing multiple routes to mitigate this (eg. multiple client implementations, decentralized exchanges, various protocol features in PoS).
Image via Shutterstock
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