Tech Company CTO Slams Cryptocurrencies as Useless for Society

In a recent talk show with Bloomberg, US chip-maker Nvidia’s CTO, Michael Kagan, has criticized cryptocurrencies for not bringing any useful contribution to society. Instead, Kagan believes that processing power used for artificial intelligence (AI), such as chatbots, is more worthwhile than mining cryptocurrencies.

Kagan defended the company’s decision to limit the use of its graphics cards for mining Ethereum in 2021, stating that the limited value of using processing power for mining cryptocurrencies was not justified. Despite the company being a major provider for mining equipment, he championed the development of AI, particularly the chatbot ChatGPT, which allows everyone to create their machine and program by simply telling it what to do.

Kagan went on to compare cryptocurrencies to high-frequency trading and described the latter as an industry that has led to a lot of business for Mellanox — multinational supplier of computer networking products based on InfiniBand and Ethernet technology — the company he founded before Nvidia acquired it. However, he further stated that he never believed cryptocurrencies would benefit humanity. Instead, they were more like “crazy things” that people buy, and companies sell to them.

Nvidia, originally known for producing powerful graphics cards for PC gamers, now finds its products at the heart of the AI boom. This is because the computationally intensive work of training a new AI system, which can cost millions of billions of dollars, can be done significantly faster on the processors gamers adopted.

As a result, the company has sold tens of thousands of its AI-focused processors, the A100 GPU, to companies such as Microsoft and Amazon for their cloud computing services. Kagan’s comments come as Nvidia CEO, Jensen Huang, describes the company as the engine behind “the iPhone moment of AI.” He believes that the “generative AI” his firm powers will “reinvent nearly every industry.”

Nvidia’s focus on AI and the development of powerful processors has positioned the company as a leader in the tech industry. However, Kagan’s comments show that the company is unwilling to fully embrace the cryptocurrency community despite the sector’s potential for growth. Instead, the company is more interested in supporting technologies that bring tangible benefits to society, such as AI.

Comments

Post a Comment

Popular posts from this blog

Binance Australia raided by regulator just weeks after Europe HQ raid

Binance Australia’s offices have been raided by the nation’s finance regulator in an ongoing investigation into unlawful derivatives dealings — just weeks after the crypto exchange’s offices in France were raided as part of a money laundering probe. The Australian Securities and Investments Commission (ASIC) searched Binance locations on Tuesday, according to Bloomberg. The outlet cited anonymous sources familiar with the matter, who chose to keep their identities concealed. An ASIC spokesperson said it could neither confirm or deny the reports. Binance stated that it’s “fully cooperating” with local authorities. The news comes after Binance Australia had its derivatives license revoked in April. According to ASIC, it’s investigating the “extent of consumer harms” caused by the crypto exchange to local users. ASIC is probing allegations of Binance incorrectly classifying retail and wholesale investors in its derivatives business. Binance Australia ’s fiat on-ramp services we...
Read more

Toncoin (TON) Rallies 15% After Binance Listing: $10 Soon?

Image
The world’s largest crypto exchange by volume, Binance, has announced that it will begin spot trading for Toncoin (TON) from today. The development has led to a significant price rally for TON, which witnessed a 15% price bump following the news. The daily charts show that the asset is currently up by 8.4%. TON continues to glow red in the other time frames, falling 7.8% in the last week, 5.7% in the 14-day charts, and 14.2% over the previous month. Also Read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024 Current Performance and Market Position Source: CoinGecko TON is currently the second-best performing cryptocurrency among the top 100 projects by market cap in the daily charts, following XRP. Recent Price Movements TON has displayed incredible performance this year. The asset was trading at around $2 in late February but has since risen to over $6. Based on the Telegram network, TON saw a significant price increase after integrating into the Telegram messaging plat...
Read more

copycat Stars Arena patches exploit on Friend.tech following a financial drain

Image
The Stars Arena has made a significant announcement, revealing that malevolent forces have been siphoning funds through a cunning loophole. However, the team has swiftly taken action, successfully patching the contract to avert any further harm. As per reports circulating on social media, the Stars Arena Web3 social media platform on the Avalanche network has fallen victim to a malicious attack. This unsettling incident was brought to light by a Stars Arena user, Lilitch.eth, on October 5, who took to X (formerly Twitter) to declare that over $1 million had been lost as a result. The Stars Arena team has unequivocally acknowledged this audacious attack, characterizing it as nothing short of a “war” waged against their platform. Surprisingly, they assert that the actual losses incurred amount to a mere $2,000, affirming that they have successfully plugged the exploit . Stars Arena, much like the popular Friend.tech, empowers users to acquire “shares” in the f...
Read more