It’s just a few days to Christmas, and we can see New York University professor Nouriel Roubini playing spoilsport to the crypto party. He has hurled fresh attacks on his twitter comments since morning 6:34 describing crypto as the most fabricated financial market in the human history. Describing bitcoins as shitcoins with a value not worth a penny, he added on to say that these so-called assets” have made the wolf of wall street, i.e., seasoned men look like a bunch of inexperienced bunches of people without wisdom or judgment. He went on to say that in spite of the corrupt activities it has not managed to hold ground losing 95% of its value.
In his next tweet, the economist expressed his contempt and ridiculed the employees of Ethereum bigwig ConsenSys who of late, fired employees because of the prolonged down pricing cryptocurrency. He added that he felt no sympathy towards the laid off staff as they just wanted to make some quick money. He mocked further saying that it would not be surprising enough if ConsenSys fires another 39% of its employees, rising the layoff to 99%. He happily remarked that the crypto bubble had eventually burst and employees who left their real jobs to join these digital assets were mere fools. Economist Roubini based his twitter remarks to a ‘verge’ article which revealed that ConsenSys, a blockchain startup, that commenced with 1200 employees handed over the pink slip to 50% to 60% of its support staff to reduce its expenses in the wake of lower crypto prices.
According to a CCN report, to bring the unprofitable ConsenSys business back to a profit-making venture, it needs to reconstruct by closing down poorly performing projects, due to the bearish crypto market. Its CEO Joseph Lubin wrote a letter after the layoffs that it needed to gain ground again just in the manner they had started.
It is to be noted here that since February this year ConsenSys doubled its employees capturing 29 countries. Lubin, the co-founder of Ethereum with net crypto worth of more than $1 billion, had himself financed the company to expand. But as of now, it has not been giving adequate returns even after a great start.
This sorry state of affairs did not stop Roubini from further declaring that these stranded employees should now find themselves jobs where growth would be slow and steady. His joyous statements did not end when Bythe Masters called it quits as the CEO of Digital Assets Holdings who was one of the highly esteemed Wall Street bankers to join the blockchain industry long back in 2015.
Roubini is not the only one to have raised his voice against the crypto market, but his continuous agitation cannot go unnoticed. His rants have thus made him win the lines like “Nouriel is the biggest troll.”