Acne Buterin: Centralization exists, but I’m not a dictator

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Acne Buterin: Centralization exists, but I’m not a dictator

Nouriel Roubini, the famous American economist and critic of cryptocurrencies, recently tweeted about the “myth of decentralization”. Moreover, he called the co-founder of Ethereum Vitalik Buterin “dictator for life”. According to Roubini, in “pure” p2p ecosystem cannot exist any cryptocurrency or Protocol. Roubini wrote:

Decentralization in cryptosphere is a myth. This system is more centralized than North Korea: the miners are centralized, centralized exchange, the developers — centralized dictators (Buterin — “dictator for life”), and the Gini coefficient (measure of inequality of different options of the income distribution) is worse than in North Korea.

Twitter users began to respond to the comment Roubini, pointing out that the economist simplifies things, since different cryptocurrencies have different degrees of decentralization. Also, it was felt that, in General, the latter figure is gradually increasing as the sector comes a new decentralized stock exchanges, investors, developers and innovative technology.

Acne Buterin, never missed an occasion to debate about cryptocurrencies, Roubini responded to the accusations of “dictatorship”:

I don’t think that’s a fair characterization; if you take a closer look at management processes Ethereum, you will see that, although the technical elite do exist (as with all cryptocurrencies), my personal involvement is not so crucial as it seems to outside observers.

Further Buterin recognized that the problem of the Gini coefficient is indeed the case, noting, however, that the announced figure is 0.88 misleading. He wrote:

Inequality in cryptosphere also includes the inequality of “degree of interest” in cryptocurrencies, which remain niche. I’m sure the Gini coefficient among owners cellos more of 0.88, but that does not mean that there is a plutocracy.

However, he agrees that centralization of developers, exchanges and miners/validators really is a problem. However, according to him, the Ethereum team is actively seeking funds to cope with it (through decentralized exchanges, algorithm changes, etc.).

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