Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
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Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#2Rather than collapsing, Ethereum sought to reduce the energy footprint and they did. Now Nvidia is angry that nobody wants to pay a premium for a 4090 that catches fire.
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#3Reminder: when a corporation says “useful” they mean “profitable.” I’m not on the crypto bandwagon, I just want folks to take anything a corp says with a grain of salt.
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#4I always chuckle when someone claims anything to be good or bad for "society" as if the human experience is somehow uniform across the globe. Oh please
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#5Reminder: when a corporation says “useful” they mean “profitable.” I’m not on the crypto bandwagon, I just want folks to take anything a corp says with a grain of salt.
"Look, shiny and unoptimized AI model code!"
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#6Hilarious, I don't remember them saying this BEFORE their crypto profits evaporated.
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#7Explain this then? https://www.nvidia.com/en-us/cmp/
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#8Most crypto currencies don't and probably never will. But those such as Bitcoin that are the most decentralized and censorship resistant are crucial to those living under authoritarian regimes and whose currencies are going through significant debasement. The mad rush to make a quick buck and the propaganda from those in power have distorted the original intent behind crypto.
Also, corporations such as Nvidia that depends on the good will of the government are motivated to fall in line with the government's stance, which is negative given the threat it poses to the power and control they maintain having USD as the world reserve currency.
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#9Who is "society"? Users of cryptocurrencies obviously find them useful, or hope they will be in future. The alternative to cryptocurrency and blockchain contracts are global alliances that make trading in dollars easy in all important markets and enforce contracts across jurisdictions. Billions of people who are not part of these alliances are left out and the rest are reliant on US/Europe remaining leading superpowers forever, those in power not developing a grudge against one's business and status quo enforced through military violence.
Even if we assume that Western led single market / contract arbitration regime is the way to go, threat of alternatives like crypto is the best way to get its rulemakers to behave, like to not cut off businesses that don't appeal to their sensibilities or devalue dollar with unreasonable speed. It is currently possible to order cannabis with credit card over a cell phone app. Without understanding that people would otherwise just use crypto and also evade taxes and any regulations, I am not so sure that would be the case.
Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia
#10Who is "society"? Users of cryptocurrencies obviously find them useful, or hope they will be in future. The alternative to cryptocurrency and blockchain contracts are global alliances that make trading in dollars easy in all important markets and enforce contracts across jurisdictions. Billions of people who are not part of these alliances are left out and the rest are reliant on US/Europe remaining leading superpowe…
"Users of cryptocurrencies obviously find them useful, or hope they will be in future"
Do they hope they'll be useful in the future because they think they're great technology that everyone should benefit from... or do they want them to be useful because they bought in early and want to get rich?