Vitalik Buterin Replies to ‘Lack of Decentralization and Dictatorship’ Claims

Vitalik Buterin Replies to ‘Lack of Decentralization and Dictatorship’ Claims

Vitalik Buterin responds to Nouriel Roubini, a US economist, after he posted on Twitter calling Vitalik a dictator and decentralization in crypto a myth

Roubini compared the system involving cryptocurrencies to North Korea. He says that miners and exchanges are centralized. He labeled developers, particularly the ETH co-founder, as centralized dictators. He also called Bitcoin’s Gini inequality coefficient as worse than that of North Korea.

On Decentralization as a Myth

Vitalik expresses the same opinion as Roubini that there is a problem with centralization in cryptocurrencies. This is why Ethereum is currently working on a system that will prevent centralized situations.

On Being Called a Centralized Dictator

The programmer and Ethereum co-founder countered Roubini’s comparison. He said that there are technical elites in Ethereum governance, like in every cryptocurrency, but his involvement in Ethereum is not as pivotal as it is to an outside observer.

On the Gini Inequality Coefficient

Vitalik says the 0.88 estimate for Bitcoin’s Gini coefficient is misleading. He gave a two-point response to explain why this is:

  1. He correlates the Gini coefficient of cryptocurrency to cello ownership. Though people owning cellos are more than 0.88, it does not make the musical instrument plutocratic.
  2. He iterates that each wallet address signifies a user. And the addresses that belong to big exchanges have beneficial owners.

Bitcoin evangelist Alistair Milne also responded to Roubini.

Roubini’s twitter post occurred as he prepares for this week’s hearing on Exploring the Cryptocurrency and Blockchain Ecosystem held by the US Senate Committee on Banking, Housing and Urban Affairs.

Update

BTC

3,599 USD
1.17%

ETH

118.87 USD
1.36%

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Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.
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