Tim Berners-Lee has made it to the list of public figures who have criticized cryptocurrencies. It should be noted that Burners-Lee is the founder of World Wide Web. As per Berners-Lee, cryptocurrencies are dangerous for being speculative.
Burners-Lee has gone to the extent of discerning cryptocurrencies in the same light as gambling.
It was back in 1989 that Berners-Lee had come up with a recommendation that there should be an Information management System (IMS) in place. This IMS then took the World Wide Web as we know it today.
At one of the recent CNBC podcasts titled “Beyond the Valley”, Burners-Lee spoke of cryptocurrencies which are yet to enjoy unanimous support among public to date.
As per Berners-Lee, crypto has little more to it than being speculative. To highlight his point, Berners-Lee shared the example of dot-com bubble. This was the stock market bubble that appeared into the picture in the late 1990s, at a time when the companies were attempting to boost their stock. To forward their purpose they would add .com to their names.
The bubble did burst in 2000, but before that happened, several stock prices had skyrocketed.
Berners-Lee has emphasized that cryptocurrencies are dangerous for being speculative. He says that cryptocurrencies find one’s favor only if one gets kicks out of gambling. He adds that at a personal level, he would not want to be found investing in cryptocurrencies.
But it would be wrong to conclude that Berners-Lee’s comments on cryptocurrencies were all in a negative light. He has expressed that digital currencies are remarkably useful in the terms of remittances. But this is only while they are converted into fiat currencies as soon as they are received.
It is noteworthy that Berners-Lee is not the only public figure who perceives cryptocurrencies in a negative light. Bill Gates is also included in the list; who has an opinion that cryptocurrencies are one of the finest specimens of greater fool theory.
Bill Gates had issued a stern warning that investors should always keep the volatility of cryptocurrency in mind. If they need to invest in cryptocurrencies, it should not be based on what Elon Musk tweets.
In 2018, Gates had discussed about the use cryptocurrencies for buying drugs. He designated cryptocurrencies as a rare technology that is pretty much direct in leading to deaths.
When discussing the public figures who have criticized cryptocurrencies, it is only fair that we give a mention to Warren Buffett. Buffett is the CEO and chairman of Berkshire Hathaway, and at one time, he called Bitcoin as rat poison squared. Buffett expressed that he wouldn’t spend $25 for owning all the Bitcoins in the world.
Charlie Munger is the vice president of Berkshire Hathaway and Buffett’s business partner across the long term. Munger had categorically expressed that there was no merit in holding on to cryptocurrencies as their value would reduced to null over time. Munger defined cryptocurrencies as evil because cryptocurrencies withhold the potential of de-escalating the US financial system’s stability and integrity.
Munger is not in favor of cryptocurrencies being used in the US, because China has also banned cryptocurrencies. Munger has further gone on to define cryptocurrencies as a venereal disease that needs to be banned.
Pricing information of Bitcoin since 2023
Cryptocurrencies’ performance in 2022 had been nothing short of a nightmare. While the investors suffered, so did the businesses.
Now, when we consider the case of 2023, Bitcoin has experienced resurgence to an extent. Bitcoin has been rallying 50% and has reached almost $25,000, which is its highest price since August.
In the opinion of a few of the analysts, across the 10 months to come, BTC will continue to rise. But a few of the analysts have the opinion that the resurgence will be more or less delayed.
In conversation with Tim Berners-Lee
It will be interesting to know a little bit more about Tim Berners-Lee’s life and career. He’s a computer scientist hailing from Britain and invented the World Wide Web in 1989.
Still, Berners-Lee is dissatisfied with the way that the web’s original vision has come out to be. In partnership with John Bruce, Burners-Lee is looking to reshape internet’s future via Inrupt, which is his startup. Inrupt has been put in place to deliver more control to people over their data.
In CNBC’s “Beyond the Valley” podcast, Bruce was in attendance with Berners-Lee. The podcast touched upon a host of subjects, vastly pertaining to the future of the internet.
Future of Web3
There have been cases in the past wherein proponents have discussed the future of the internet in the terms of Web3. But several proponents also have the opinion that the version of the internet that we currently enjoy operates over blockchain technology that initially came into materialization with the cryptocurrency Bitcoin.
As per their opinion, Web3 is a decentralized internet. But, from giants such as Google and Facebook, this takes away a certain amount of power.
When we consider Berner-Lee’s opinion, he defines the future of the internet as Web 3.0, which he distinguishes from Web3. Web 3.0 is Berner-Lee’s own proposal for reshaping the internet.
But Berners-Lee specifies clearly that Web 3.0 is not Blockchain. He specifies that as a technology, Blockchain is not secure enough or fast enough.
Solid is the web decentralization project that Inrupt has developed. Inrupt is a technology for organizing data, identities, and applications on the web. On the prevailing web standards, this works towards introducing more choices for app developers, organizations, and people.
Last November, at a Lisbon Web Summit, Berners-Lee had specified the Blockchain protocols may be nice for a range of things. But for Solid, they aren’t all that good. It is a must for personal data stores to be private, cheap, and fast.
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