Crappy Blockchain: Bitcoin technology is a ‘medieval hellhole’, says top economist Nouriel Roubini Posted on : Apr 10 - 2018

While blockchain has received considerable attention of late, with some users saying that it's the technology of the future, top economist Nouriel Roubini has come down hard on all such claims and termed it as ‘crappy technology,’ even calling it a ‘medieval hellhole.’

While blockchain has received considerable attention of late, with some users saying that it’s the technology of the future, top economist Nouriel Roubini has come down hard on all such claims and termed it as ‘crappy technology,’ even calling it a ‘medieval hellhole.’ In a very strongly worded tweet, Nouriel Roubini said, “Blockchain is not only crappy technology but a bad vision for the future: Pseudo crypto paradise is actually a medieval hellhole. Read this more brilliant critique of the most over-hyped and faddish technology ever: blockchain.”

Interestingly, Roubini had tweeted about blockchain while attaching an article authored by Kai Stinchcombe, the CEO of True Link Financial. The article goes on to  say that no matter how much blockchain improves, it is still headed in the wrong direction.

Nouriel Roubini’s comments come amid steeply crashing Bitcoin prices. The most noted cryptocurrency which is based on the blockchain technology has seen a sharp correction and have fallen below $7,000. A recent report by Bank of America Corp has called likened Bitcoin’s fall to the biggest bubble in history. In a note on Sunday, analysts at Bank of America Corp, said that the cryptocurrency is tracking the downfalls of the other massive asset-price bubbles in history less than one year out from its record. Bitcoin has fallen by more than 65 percent since from its all-time high at $19,511 in December-17, says a Bloomberg report.

Nouriel Roubini has earned the reputation of being referred to as Dr Doom for his accurate prediction of the US housing bubble crash of 2007-08. Taking note of his predictions, nobel laureate Paul Krugman said that his once “seemingly outlandish” predictions have been matched or even exceeded by reality.

Earlier, nobel laureate Robert Shiller too had predicted that ‘Bitcoin’ will not be a permanent feature in the financial world. “I tend to think of bitcoin as an experiment. It is an interesting experiment, but it’s not a permanent feature of our lives,” Robert Shiller said at the recently held World Economic Forum in Davos. Interestingly, while Roubini has shunned even Blockchain as a ‘crappy-technology,’ Schiller said that blockchain can have various applications. Source