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Bitcoin [BTC] is North Korea, Buterin is dictator; says the oracle that predicted 2008 recession

Priyamvada Singh



Bitcoin [BTC] is North Korea, Buterin is dictator; says the oracle that predicted 2008 recession
Source: Pixabay

Nouriel Roubini aka Dr. Doom, the man who is best known to have predicted the financial market collapse of 2008 three years in advance recently shared an opinion on the cryptocurrency space. In one of the tweets, Roubini stated that the crux of the cryptocurrency world, decentralization, is a myth. The economist displayed much aggression and further compared the blockchain space with North Korea, citing centralization in crypto-mining and exchanges.

In the same post, he also marked Vitalik Buterin as a dictator, along with a generalization that all the developers in the cryptocurrency space are dictators. In his words:

“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”

This is not the first time that Roubini has initiated a thought process of the sort. Previously, a series of his posts have implied a similar viewpoint on the cryptocurrency world. A few days ago, Dr. Doom shared a notion that most of the cryptocurrency and blockchain media is PR that, like ‘crypto-con parasites’, lives off a bubble.

Furthermore, he stated the journalists in the cryptocurrency space are sycophants who have been bought by the ‘crypto-con artists’. He added that the people working in the crypto-media have no shame and regurgitate the content put forth by ‘scammers’.

Roubini has also gone as far as to compare Bitcoin to a drunk hippopotamus. Here, he wrote:

“…this sluggish lame BTC dinosaur barely cranks 5 transactions per second…even Visa can deliver 25K per second…”

The economist does not have a cynical approach towards the crypto-world alone. He called out the blockchain technology exclusively, stating it to be over-hyped where cryptocurrency is considered to be the biggest bubble and scam in the human history.

FAMUAce, a Twitter user and a blockchain space follower also synced an opinion into the comments thread and stated:

“Crypto was never as democratic as it was purported to be. It is an attempt to shift power from one set of elites to another set of elites. The ultimate lack of scalability is the main indicator of this power shift.”

Another crypto-follower stated against the opinion of Roubini and said:

“This is pretty ridiculous. Going by this logic, “decentralized” basically has no meaning at all.”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions




Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
Source: Unsplash

Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,

“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”

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