Nouriel Roubini Claims That the DeFi Revolution was a Vaporwave From the Very Beginning

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Nouriel Roubini in a tweet has suggested that the DeFi carnival was vaporwave from its very onset
  • Nourel Roubini, is a renowned American economist born in Turkey
  • Roubini accused the cryptocurrency technology of providing zero cyber security

DeFi is a growing sector in the cryptocurrency industry. Everyday new DeFi protocols come to the market and become a headline of the industry. The total locked value in these DeFi protocols amounts to tens of billions of dollars. However, DeFi has an equal number of non-believers and fans. A recent post by Nouriel Roubini in a tweet has suggested that the DeFi carnival was vaporwave from its very onset. He adds that DeFi seems to lose its value gradually  and that Blockchain has always been the most hyped technology in the history of humans. 

Response to David Gerard’s Tweet on Similar Lines

Nourel Roubini, is a renowned American economist born in Turkey. He specializes in the field of International economics. He is currently a professor at New York University’s Stern School of Business and also the chairman of the Roubini Macro Associates LLC which apparently is an economic consultancy firm. He has done a commendable number of researches in macroeconomics, international finances, growth theory and so on. His tweet came in response to another tweet from David Gerard. Gerard in his tweet has mentioned that DeFi has become out of fashion. Gerard isn’t a big supporter when it comes to the DeFi revolution. According to him cryptocurrency and blockchains are bad. 

Why Roubini Prefers Traditional Payment System Instead of the Unsecured Crypto

Again Nouriel Roubini isn’t someone who endorses Blockchain technology. Previously, we have seen many instances where Roubini has upholded his belief of preferring a credit card instead of Bitcoin. Back in June, an innocent crypto holder Eric Savics lost all his 12 BTC in a malicious software attack. Consequently Roubini accused the cryptocurrency technology of providing zero cyber security. He added that billions of dollars and pounds are lost everyday, owing to such similar malicious activities. He elaborates that if his credit card or bank account were also to get stolen, he would have got cent percent information and it would get refunded.

Why are DeFi Protocols Lucrative and Not Secured at the Same Time? 

Coming to DeFi, it has been an eyecatcher of the cryptocurrency sector for the last several months. These protocols are highly lucrative and lure in a larger number of investors simply because of its high gain ratios. However, the fact that such protocols are highly dangerous must not be ignored. We have seen many such events where a handful of investors have lost their savings to these DeFi protocols. Investors must be very careful in trading with such and they must be prepared to lose or gain all. To some extent it is because of DeFi’s security that some investors are turning their back to the protocols. 

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