A fierce critic of the blockchain, bitcoin and cryptocurrency, the famous economist Nouriel Roubini (Nouriel Roubini) has found a new target in Cryptoprotected — smart contracts.
Professor at new York University is also different figurative expressions, used in critical statements. For example, he called bitcoin “the mother of all bubbles”, meaning that it is the largest bubble in the history of mankind.
About the blockchain, he said how about “most overrated technology”, the only use of which for 10 years of its existence remains “a handful of cryptocurrencies”. He later called the blockchain “Excel-table, surrounded by a halo of glory.”
Got it from the economist and Ethereum, a blockchain which, according to Roubini, is vulnerable to manipulation by influential insiders. This time he spoke sharply about smart contracts, which are associated with Ethereum.
“Smart Contracts” are neither smart nor contracts: they are extremely buggy to 100 bugs per 1000 lines of code – & they are not contracts as no court can enforce them. The only courts in crypto land are the crypto developers’ kangaroo courts who randomly decide when to fork or not https://t.co/ZS48y5ZQMu
— Nouriel Roubini (@Nouriel) June 1, 2018
“Smart contracts are neither clever nor contracts: they are extremely stuffed with error — 100 errors per 1000 lines of code — and they are not contracts, because no court can apply them. The only courts in the edge of Cryptoprotected are staging a trial of cryptoprocta that randomly decides when to fork,” wrote Roubini on Twitter.
In the comments under this tweet Roubini was asked to provide evidence of such a large number of errors in the code of smart contracts. However, their existence is beyond doubt — it is enough to recall only certain incidents this year:
- in February discovered a critical vulnerability in 34200 smart contracts on Ethereum;
- in March, the smart contract exchange Coinbase found the vulnerability, which gave users the ability to enroll unlimited number of tokens, Ethereum on its balance sheet;
- in April due to a bug batchOverflow OKEx, Poloniex and HitBTC stopped operations with tokens ERC-20 (Ethereum).
Moreover, a critical vulnerability was detected not only in smart contracts, Ethereum, and other standards. For example, NEO or EOS.