„Much ado about nothing“ – economics professor Roubini criticizes DeFi

The notorious crypto critic Nouriel Roubini also does not have a good hair on the DeFi.

Economics professor Nouriel Roubini, known for his fierce and persistent criticism of blockchain technology, recently reiterated his negative stance on the crypto industry, this time targeting Decentralized Financial Services (DeFi)

„DeFi was a lot of ado about nothing from the start,“ as Roubini wrote in a tweet on September 24th. To this end, he adds: „Now they are collapsing, because blockchain technology has always been the most overrated technology in human history.“

The Twitter entry from Roubini was a response to the blockchain book author David Gerard, who for his part had previously also sarcastically criticized Bitcoin System: „DeFi are no longer in, financial CryptoKitties are now all the rage for all basement children.“

With this, Gerard alluded to a meme that, according to a blog entry by the IDEX crypto exchange, „depicts the depression and self-hatred of those who have invested excessively in cryptocurrencies and are now facing the crash“

The CryptoKitties were a fad that emerged during the big crypto hype of 2017. Back then, some crypto fans paid absurd sums of money for digital kittens that were immortalized in the form of a crypto coin on the Ethereum blockchain. The trend around the „crypto kittens“ subsided quickly, but the project still exists and is always finding new ways to maintain the interest of the sworn fan base.

The current hype surrounding decentralized financial services is reminding parts of the industry of the CryptoKitties and similar short-lived fads, hence the comparison by Gerard. Other market participants had recently in the same beaten notch . Most of them only criticize the hype surrounding the DeFi and not the idea behind it. There are voices who nevertheless believe in the future potential of the DeFi concept.

Roubini has repeatedly criticized crypto and blockchain heavily in recent years . Here railed he among others against the crypto-trading platform BitMEX.