UC-Berkeley’s Nicholas Weaver has been studying cryptocurrency for years. He thinks it’s a terrible idea that will end in disaster.

  • Sarcasmo220
    6·
    3 years ago

    I always find it interesting that many of the harsh criticisms of cryptocurrency can be said of traditional currency and other assets. In the interview he even stated that the crypto world is speeding through the growing pains traditional markets had when they were not regulated.

  • hanabatake
    65·
    3 years ago

    So the stock market and the bond market are a positive-sum game. There are more winners than losers. Cryptocurrency starts with zero-sum. So it starts with a world where there can be no more winning than losing. We have systems like this. It’s called the horse track. It’s called the casino. Cryptocurrency investing is really provably gambling in an economic sense. And then there’s designs where those power bills have to get paid somewhere. So instead of zero-sum, it becomes deeply negative-sum.

    • angarabebesi
      72·
      3 years ago

      anyone who thinks the stock and bond markets to be a positive sum game have skipped the last 100 years of financial history :)

  • angarabebesi
    512·
    3 years ago

    What I do with my own time and money does not concern Mr Nicholas Weaver.

      • angarabebesi
        49·
        3 years ago

        But it’s true. I don’t need to justify how and why I spend my money.

          • angarabebesi
            14·
            3 years ago

            It’s the attitude I have a problem with: some people are so arrogant that they think it’s ok to decide for others.

            • MerchantsOfMisery
              4·
              3 years ago

              I don’t think anyone is deciding for you. Someone commenting on a subject doesn’t inherently imply they’re making decisions for the people related to said subject.

        • zksmk
          61·
          3 years ago

          You don’t need to, but it would be healthy.

    • morrowind
      84·
      3 years ago

      It absolutely does, because if you’re dabbling in crypto, it affects others too