It is incorrect to call blockchan-based contracts smart, as they mostly have no legal status and are often subject to multiple vulnerabilities, wrote a famous economist.

New York University economist Nouriel Roubini, famous as Dr. Doom, who predicted the financial crisis of 2008-2009, once again attacked with criticism the blockchain technology. This time the object of his ridicule were smart contracts.

 

To his tweet, he attached the statement of Stephen D. Palley, lawyer and partner of the Washington-based lawyer firm:

 Previously, Roubini called cryptocurrencies a bubble. According to him, crypto investors are fools, and the blockchain is just a “glorified Excel spreadsheet.”

“There is no decentralization, it’s just bulls–t,” Roubini said during a panel discussion on cryptocurrencies at the annual Milken Institute Global conference in Los Angeles.