Cryptocurrency slammed as "dangerous" and "gambling" by World Wide Web inventor Tim Berners-Lee

[midian182]

A hot potato: Another public figure has disparaged cryptocurrency, calling it "dangerous" while comparing digital currencies to gambling. This time, the criticism comes from the inventor of the World Wide Web himself, Sir Tim Berners-Lee.

In March 1989, Berners-Lee proposed an information management system that would eventually become the World Wide Web we know today. The British computer scientist was speaking on a recent episode of CNBC's "Beyond The Valley" podcast about cryptocurrencies, which continue to divide opinion.

Berners-Lee said crypto was "only speculative." He compared it to the dot-com bubble, the stock market bubble of the late 1990s when companies tried to boost their stock and encourage investment by adding .com to their names. Many stock prices skyrocketed before the bubble burst in 2000.

"It's only speculative. Obviously, that's really dangerous," Berners-Lee told CNBC. "[It's] if you want to have a kick out of gambling, basically."

"Investing in certain things, which is purely speculative, isn't what, where I want to spend my time."

Berners-Lee's crypto comments weren't all negative. He highlighted the usefulness of digital currencies for remittances as long as they are converted back into fiat currency as soon as they are received.

Other famous crypto detractors include Bill Gates, who called it 100% based on greater fool theory last year. He's also warned that regular investors should be more aware of crypto's volatile price and shouldn't invest based on tweets from the likes of Elon Musk. In 2018, Gates said crypto is being used to buy drugs, making it a rare technology that has caused deaths in a fairly direct way.

Berkshire Hathaway CEO/chairman Warren Buffett once called Bitcoin "rat poison squared," claiming he wouldn't pay $25 for all the Bitcoin in the world. His long-time business partner and Berkshire Hathaway vice chairman Charlie Munger has been even more critical of Bitcoin in the past, saying that holding onto crypto was "stupid," predicting its value would fall to zero in time, and calling crypto "evil" because it undermines the integrity and stability of the US financial system. Munger also said crypto's use makes the US "look foolish" because China was sensible enough to ban it. Just in case the 99-year-old didn't make his feelings about crypto clear enough, he called it a "venereal disease" that should be banned.

Bitcoin's price since the start of the year

Last year's crypto winter meant 2022 was a nightmare for investors and businesses within the industry, but Bitcoin has seen a bit of resurgence in 2023, rallying 50% since the start of the year to reach almost $25,000, its highest price since August. Some analysts think BTC will continue to rise over the next 10 months, though others believe the thaw will take longer.

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https://www.techspot.com/news/97661-cryptocurrency-slammed-dangerous-gambling-world-wide-web-inventor.html

 

[WhiteLeaff]

The same applies to stocks, which are also subject to fraud and manipulation, the biggest frauds and losses of all time have been in the financial market, although tight control by government and regulatory agencies creates the illusion of safety, while the mess goes on inside of companies. Nobody beyond the top that is in control knows the real situation of these companies, note that their equity is directly linked to the value of the shares in the market, so it is extremely convenient for them to show the best possible situation for investors, even if it is false.

The biggest problem and cause of pointing fingers only at crypto is that they are not sucking money in that market as well.

 

[Uncle Al]

Crypto always has and always will be the most dangerious form of "investment" there is. With nothing backing the money it's an easy loss. At least with the stock markets there is some regulation and accountability as well as severe penalities against those that don't comply. Just ask Bowski .... after you dig him up.

 

[NumberSix]

Anyone with half a brain would only buy some for a bit of fun, the people that are in it desperate to make a fortune want their bumps read.

 

[Jyrkz]

There are very few coins that are very safe. he probably bet high on FTX, LUNA or SOL.
in the end there is only btc that is over the moon

 

[McMurdeR]

The same applies to stocks, which are also subject to fraud and manipulation, the biggest frauds and losses of all time have been in the financial market, although tight control by government and regulatory agencies creates the illusion of safety, while the mess goes on inside of companies. Nobody beyond the top that is in control knows the real situation of these companies, note that their equity is directly linked to the value of the shares in the market, so it is extremely convenient for them to show the best possible situation for investors, even if it is false.

The biggest problem and cause of pointing fingers only at crypto is that they are not sucking money in that market as well.

So the traditional financial market has problems too. Absolutely. But this doesn't address the argument that Crypo produces nothing of value beyond speculation in of itself. Say what you like about them, but at least traditional stocks have worth predicated on the fact that the companies that they're valued upon produce tangible goods and/or services

 

[Puiu]

The same applies to stocks, which are also subject to fraud and manipulation, the biggest frauds and losses of all time have been in the financial market, although tight control by government and regulatory agencies creates the illusion of safety, while the mess goes on inside of companies. Nobody beyond the top that is in control knows the real situation of these companies, note that their equity is directly linked to the value of the shares in the market, so it is extremely convenient for them to show the best possible situation for investors, even if it is false.

The biggest problem and cause of pointing fingers only at crypto is that they are not sucking money in that market as well.

Fraud aside, stocks have real value behind them. You are not paying for air, there is a real company behind them.

 

[wiyosaya]

The same applies to stocks, which are also subject to fraud and manipulation, the biggest frauds and losses of all time have been in the financial market, although tight control by government and regulatory agencies creates the illusion of safety, while the mess goes on inside of companies. Nobody beyond the top that is in control knows the real situation of these companies, note that their equity is directly linked to the value of the shares in the market, so it is extremely convenient for them to show the best possible situation for investors, even if it is false.

The biggest problem and cause of pointing fingers only at crypto is that they are not sucking money in that market as well.

I love it when people compare apples to oranges and try to make an equivalency between the two (other than, of course, the fact that they are fruit). Crypto and stocks/bonds/mutual funds, etc have virtually nothing in common, as I see it. At best, crypto is the worst rated possible of the junk category in any investment type. Thinking otherwise, is delusion.

At least Berners-Lee is calling a Duck a Duck, IMO.

 

[WhiteLeaff]

Fraud aside, stocks have real value behind them. You are not paying for air, there is a real company behind them.

In fact, crypto can be seen as various means of decentralized payment, and there are companies and people behind it, whether you believe in the potential or not.

The paper you use as a means of payment also only has value because society believes it does.

 

[3volv3d]

Most hilarious ironic statement ever award goes to this guy right here!
I mean fuuuuu..... really ?

As far as I am aware this WWW is literally the war machine globalized bastardized and deployed.
It was the stepping stone to smart phones and big brother in your pocket.
It has connected a world full of hateful people to share their hatred for the world and those around them, to show that people really are not worth saving.
Global fake news, global propaganda.

Tim, hate to say it dude, but I think you invented the most dangerous thing to ever grace the planet. That and the retarded cloud. Save all your pointless photos and videos to a data complex which will run 24/7, just in case you wanna show people your holiday snaps, or what you ate last Thursday.

 

[brucek]

So the traditional financial market has problems too. Absolutely. But this doesn't address the argument that Crypo produces nothing of value beyond speculation in of itself. Say what you like about them, but at least traditional stocks have worth predicated on the fact that the companies that they're valued upon produce tangible goods and/or services

Not to mention they often pay dividends, and pay or at least file taxes.

 

[brucek]

The paper you use as a means of payment also only has value because society believes it does.

It's not just belief, it's a functioning legal and regulatory framework built over generations, and the universality of basically 100% of citizens and residents being in the same boat you are if something goes wrong with that paper. If there was ever a serious threat to the value of paper money, the entire weight of all the country's resources would be focused on fixing it and keeping people fed in the meanwhile.

Whereas crypto is still seen by many as a pretty niche mechanism popular mostly with fools and/or criminals, outside of government's responsibility, and with the stigma that whoever is complaining about having lost their crypto might have themselves have had it primarily for trying to avoid compliance with tax, reporting, or other legal requirements. Shoulders will shrug.

 

[3volv3d]

Not to mention they often pay dividends, and pay or at least file taxes.

It's good to pay taxes isn't it? Funds the war machines.
Does nothing for the people other than fleeces them.
Personally, I think that Crypto by its very ability to exist shows that money or capitalism is a massive fail.
Too many people overpaid for doing nothing tangible, and yet will be taxed a lower percentage than someone working two jobs and more hours to provide for their struggling family.

 

[BuckarooBonzaii]

Crypto should have never became speculative but a 1:1 value that Satoshi of bitcoin intended it to be, an alternative payment system.

 

[BadThad]

It's good to pay taxes isn't it? Funds the war machines.
Does nothing for the people other than fleeces them.
Personally, I think that Crypto by its very ability to exist shows that money or capitalism is a massive fail.
Too many people overpaid for doing nothing tangible, and yet will be taxed a lower percentage than someone working two jobs and more hours to provide for their struggling family.

That's the most distorted view of reality I've seen in a week! CONGRATS!

 

[OortCloud]

Tim Berners Lee also said that people who talk about cryptocurrency are some of the most stultifyingly dull humans he'd ever had the misfortune to meet.

 

[amghwk]

In fact, crypto can be seen as various means of decentralized payment, and there are companies and people behind it, whether you believe in the potential or not.

The paper you use as a means of payment also only has value because society believes it does.

At least, you can hold and feel the "paper" and you can keep it.

 

[Puiu]

In fact, crypto can be seen as various means of decentralized payment, and there are companies and people behind it, whether you believe in the potential or not.

The paper you use as a means of payment also only has value because society believes it does.

That paper is backed by many things, not just "promises". It's useless to compare it to crypto, which is exactly the same as religion (blind faith).

And no, crypto doesn't have companies "backing" them, you only have companies "making" crypto. When you buy stock you buy a pice of a company, very big difference.

 

[wiyosaya]

It's good to pay taxes isn't it? Funds the war machines.

I suppose you see it as taxes only fund the war machines? It does, however, fund things that are inherently good. I'll leave it to you as an exercise to list those.

Does nothing for the people other than fleeces them.
Personally, I think that Crypto by its very ability to exist shows that money or capitalism is a massive fail.

I agree that capitalism is a massive fail. Until someone comes up with something better... Got any ideas?

Too many people overpaid for doing nothing tangible, and yet will be taxed a lower percentage than someone working two jobs and more hours to provide for their struggling family.

That's a failure of the laws that empower taxes, not taxes in and of themselves.

Most hilarious ironic statement ever award goes to this guy right here!
I mean fuuuuu..... really ?

As far as I am aware this WWW is literally the war machine globalized bastardized and deployed.
It was the stepping stone to smart phones and big brother in your pocket.
It has connected a world full of hateful people to share their hatred for the world and those around them, to show that people really are not worth saving.
Global fake news, global propaganda.

Tim, hate to say it dude, but I think you invented the most dangerous thing to ever grace the planet. That and the retarded cloud. Save all your pointless photos and videos to a data complex which will run 24/7, just in case you wanna show people your holiday snaps, or what you ate last Thursday.

Just like other inventions, he has and has had no control over how it was used. What other inventions? For instance, atomic fusion and atomic fission to name just two. And, as I see it, we can also ad Crypto, too. While the intent behind crypto's invention may have been admirable, other humans have bastardized it and perverted it well beyond what its inventor(s) envisioned. The fact is, crypto has no inherent value and is backed by no one. Inventors have no control over how humanity uses their inventions.

But I guess it's acceptable to only call out the ill conceived uses of inventions and ignore anything good that they have been used for, isn't it?

So far, I have not seen crypto used for anything good. Enlighten me if it has.

 

[AxelAminoff]

In fact, crypto can be seen as various means of decentralized payment, and there are companies and people behind it, whether you believe in the potential or not.

The paper you use as a means of payment also only has value because society believes it does.

But cryptocurrency is generally not used for payments (except for illicit drugs). People buy it in the hope of selling at a profit in an endless cycle until the cryptocurrency deflates/crashes. And then the cycle starts all over again. IMO it is a scam and nothing else.

 

[WhiteLeaff]

But cryptocurrency is generally not used for payments (except for illicit drugs). People buy it in the hope of selling at a profit in an endless cycle until the cryptocurrency deflates/crashes. And then the cycle starts all over again. IMO it is a scam and nothing else.

Large movements of narcotics sales are mostly paid for with paper money or other methods such as obscure accounts in tax havens.

It's actually used a lot, you should do some research, XRP is used by major financial institutions, Ether, BTC and other currencies are accepted in many places, and there are even some great crypto-based credit and debit cards with very good benefits, I have one included. Here in my country, Brazil, a blockchain-based digital currency will soon be launched by the central bank.

So regardless of what you think blockchain is here to stay.

 

[3volv3d]

I suppose you see it as taxes only fund the war machines? It does, however, fund things that are inherently good. I'll leave it to you as an exercise to list those.

I agree that capitalism is a massive fail. Until someone comes up with something better... Got any ideas?

That's a failure of the laws that empower taxes, not taxes in and of themselves.

Just like other inventions, he has and has had no control over how it was used. What other inventions? For instance, atomic fusion and atomic fission to name just two. And, as I see it, we can also ad Crypto, too. While the intent behind crypto's invention may have been admirable, other humans have bastardized it and perverted it well beyond what its inventor(s) envisioned. The fact is, crypto has no inherent value and is backed by no one. Inventors have no control over how humanity uses their inventions.

But I guess it's acceptable to only call out the ill conceived uses of inventions and ignore anything good that they have been used for, isn't it?

So far, I have not seen crypto used for anything good. Enlighten me if it has.

Well. The problem you have with the current world is greed. And those who have money refuse to relinquish it, because it buys an illusion of freedom. It's not the money they want but the power behind it, to do as they please, and if they have enough left over, to convince people to allow them to stay rich.

Capitalism, and democracy are a fail, and the fact people say they live in a democratic country, is absurd. It is communism, with again, a deluded idea that you get to have a say.

You would honestly need to etch a sketch the world, start again, or have enough money to take some land begin again, and show people a different way.

But like you say, it will get turned on its head, because corruption always wins. The thing is the corruption is so so bad. Its in every level of government and law enforcement.

Look at Putin right now, one of if not the richest person ever, no-one knows what he has, but he basically has all of Russias chips. And he hoards them, and that money needs to be within the system constantly moving hands, thats the idea of money, bartering, exchange of an item or service for credit which can be used elsewhere. But if you stash it, in its greedy bank form, it fails to do its job, to keep the world moving, it stagnates.

And in a democratic country where many more people are rich, because hell we need so many unworthy people to be singers, writers, actors, footballers, people who once famous get money and free items for simply existing, but get to live the life of riley, while those key workers who teach your kids, fix your daily white goods, nurses and doctors, are in some cases poor as, and can literally work to exist.

But this all goes back to this argument and my point stands, while you say " this guy didnt get to choose how the internet got used ", it does not change the fact that because of it, countries are connected 24/7. Servers 24/7, peoples crappy holiday snaps and photos of their dogs on 1 cloud server for example, sucking up 200,000 homes worth of energy a year.
Youtube videos, great if you need to learn something, and yes we love those hilarious fails, but do they get purged ? No, how many years old are these videos? Instagram, FB, all these pointless sites. Most of this technology we have being made in sweatshops...

And I ain't worried if I sound mad, I think humans are insane, and not worth saving.

 

[rsmith222]

I think humans are insane, and not worth saving.

The irony is that the best hope humanity has is for AI to take over governance.

 

[rsmith222]

At least, you can hold and feel the "paper" and you can keep it.

Not for long.

Governments don't want people to have paper money. Even Japan, the bastion of paper money, is going about getting rid of it.

Paper money is more difficult for surveillance and those in power don't need to bring briefcases with cash to do underhanded things as much as they used to.

 

[Tetr1s]

Tim Berners is kinda right but also kinda wrong in a sense, he's correct in saying that cryptocurrencies are basically gambling, what he fails to realize is that the stock market and other investments are literally just like crypto where you have to gamble to make more money. Regardless I still mostly agree with what he said.