Anyone who says Bitcoin as a decentralized payment technology is bullshitting, according to noted economist Nouriel Roubini.
The chairman of Roubini Macro Associates called the cryptocurrency a “total flop” because it allocates power to only a handful of people. He claimed that almost every business activity that took place inside the Bitcoin industry has turned centralized. Mining, for instance, is now in the hands of a few big players, as not envisioned in the original Bitcoin whitepaper. Exchanges, too, practice significant control over the cryptocurrency’s liquidity and price.
Roubini also noted that a higher percentage of Bitcoin wealth belongs to a lesser number of people, which means they could move the cryptocurrency trend in any direction based on their preferences. Excerpts:
“Vitalik Buterin [the Ethereum co-founder] spoke about the inconsistent trinity. You can only encrypt something decentralized, scalable, and secure. Crypto does not satisfy even one of them let alone two of them.”