The teacher of the University of California at Berkeley criticizes cryptocurrencies as a “pyramid scheme” designed for criminals.
- Professor Nicholas Weaver says cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. model is not investment
- He argues that crypto is basically “gambling.”
- He calls them a “self-assembled Ponzi scheme” designed for criminals.
- He says he only shows them to make fun of them.
There have been many critics of cryptocurrencies, especially from traditional investment sectors. People like billionaire, Warren Buffet who has called Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. “rat poison squared”. followed by other rich people who are on the same path . Lo que sí ha resultado menos común es que los académicos e investigadores se expresen en términos peyorativos con respecto al mundo cripto. De hecho, solo some Nobel laureates in economics have dedicated words against crypto, while other awardees peeked the idea that they would invest investing is when you put money in a financial scheme with the intent of making a gain. to test.
Now, the media emphasized the words pronounced by Dr. Nicholas Weaver of the University of Californi a at Berkeley, who had some harsh criticisms of cryptocurrency on the podcast Cryptonite presented by Rich Goldberg and published on June 26.
Weaver llamó al mercado de criptomonedas “a self-assembled Ponzi scheme.” y “ rubbish so tasteless that I can only show it in order to make fun of it”,
He also highlighted what he considers a cryptocurrency to be and why one cannot speak of “investment” in reference to it:
“Cryptocurrency at its heart starts with zero sum. So it starts with a model that’s not investing, that’s basically gambling and betting. So it doesn’t really work in what its supposed purpose is, which is use in payments. And there are systems and features that make it a profoundly negative sum.”
Earning at the expense of others
Weaver clarified that this means that every person that “dung” did “at the expense of an equal amount of loss elsewhere.” but also that “the system has certain inefficiencies that mean it literally burns billions of dollars a year. And as a result, it resembles nothing more than a pyramid scheme.”
“Every dollar that comes in is sucked out by someone else. You don’t make money in cryptocurrencies. You do it at the expense of other people . And within this overall Ponzi scheme, the only real applications seem to be gambling, unlicensed security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. and, surprisingly, many more Ponzi schemes.”
When asked by the host what he meant when he says cryptocurrencies don’t work as a payment system, Weaver said that their value “it was going up and down all the time.” as if it were a “ataque epiléptico”.
According to him, due to the lack of central entities such as banks, a limitation of “three to seven transactions per second worldwide [and] because it takes one Bitcoin transaction to create a Lightning network a network refers to all nodes in the operation of a blockchain at any given moment in time. channel and fund it, and if the funds go to zero, you’ll have to repay the channel, so the net result is – it just can’t work for legal payments. It only works for criminal activity.”
One of their conclusions is that cryptocurrencies should “die in a fire”.
????New Episode Alert???? @ncweaver joins Cryptonite to explain why all cryptocurrencies should “die in a fire” and why he views them all as Ponzi schemes. Bonus: The little-known story of Pirate@40.
This interview will blow your mind. https://t.co/3ycJvmPOh9
– Richard Goldberg (@rich_goldberg) June 27, 2022
Nicholas Weaver received a B.A. in Astrophysics and Computer Science in 1995, and a Ph.D. in Computer Science in 2003, both from the University of California at Berkeley. His main research focus is on network security, in particular worms, wormware, malware malware or malicious software refers to harmful programs utilized by bad actors to illegally access and/or compromise a computer, network or server. and botnets and other Internet-scale attacks, and network measurement.
Version of DiarioBitcoin
Imagen de Unsplash