Renowned for the earlier reviews criticizing the DeFi & cryptocurrency ecosystem, economist Nouriel Roubini recently posted fresh negativity against the crypto-assets sector.
“DeFi was vaporware from its onset,” he added within his recent official tweet on 24th Sept. “Now totally faltering as blockchain was always the foremost over-hyped technology in human history.” A slang term, Vaporware essentially refers to a highly touted product, service, etc. that holds no actual value or technology behind it.
Roubini’s tweet came in response to a post from cryptocurrency & blockchain industry author David Gerard. “DeFi is out of fashion, finance CryptoKitties are the new hotness for the basement pink works,” Gerard added, referencing a meme illustrating “crushing regret and self-hatred among those that invested heavily in crypto assets & might be facing an impending crash,” consistent with an official web-blog post from the IDEX exchange.
CryptoKitties surfaced near the peak of crypto’s last major Bull Run earlier in 2017 when people paid obscene amounts of cash for online cats built onto the Ethereum blockchain. The fad largely faded in subsequent months, via the project continues to adopt new means of kindling intrigue amongst its core user base.
For now, today’s DeFi craze resembles CryptoKitties & other passing fads. Some industry participants have posted comments seemingly in line with this school of thought. A variety of these comments, however, compare DeFi to other bubbles already in the hype, but not necessarily in the actual structure. They believe that DeFi’s decentralized technology & ideals hold great future potential.