NYU Prof. Nouriel Roubini: Ethereum Smart Contracts only Good in ‘Kangaroo Courts’
New York University (NYU) professor Nouriel Roubini has gained overnight fame for his comments and his remarks on Ethereum Smart Contracts and the community has given him the name of “Dr. Doom”.
In fact, he is better known for his remarks and utter disdain for everything that is nothing but exclusively blockchain – the technology on what Bitcoin runs. It is not what he says that has gotten such a name, but rather the colorful manner in which he has elucidated his distaste.
In the very latest episodes of his distastes and his remarks, Dr. Doom has turned all his attention to smart contracts. Smart contracts are best known for their association with Ethereum, but it is not limited to just Ethereum, it is applied to other blockchain projects as well.
He wrote, “‘Smart Contracts’ are neither smart nor contracts: they are extremely buggy -100 bugs per 1000 lines of code – & they are not contracts as no court can enforce them. The only courts in the crypto land are the crypto developers’ kangaroo courts who randomly decide when to fork or not.”
Roubini’s critical take on this note has left him with an unlikely ally in a bitcoin developer known as Jimmy Song.
Song states, “The dirty secret of smart contracts is that they’re of very limited usefulness and extremely hard to secure. More limitation is required here, not more ways to screw up. The hype and the engineering reality are extremely divergent”.
Roubini has been gleefully predicting the sad demise of the bitcoin ever since it was at USD 58. He still is waiting. Seems like it is going to take a long while now for the bitcoin to touch to a level that is that low.