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Why This Computer Scientist Says All Cryptocurrency Should Die

By Dr.Dang May 23, 2022, 6:26 p.m.
Why This Computer Scientist Says All Cryptocurrency Should Die

In the world of computer, everything is digital. Investing in crypto assets is risky but also potentially extremely profitable. Infact, it is a good investment if you want to gain direct exposure to the demand for digital currency. Similar to corporate stock buy-backs, it can be beneficial for the trader or backfire, depending on investors and users' sentiments.

Computer Scientist Says All Cryptocurrency Should Die

About a month ago, a blackout emerged in this field of investment, as different opinions arose. Weaver, an expert in crypto for more than 4 years, and also senior staff researcher at the International Computer Science Institute was interviewed on his stand about crypto and he had a lot to say.  In his arguments, the scientist said that cryptocurrency is useless and destructive, and should die in fire. Let's scroll and see his reactions.

Why does Weaver support crypto ban

Cryptocurrencies, although a seemingly interesting idea,cannot be 100% fit for purpose. It has been involved in a number of risks. These include; technical risks an economic risks to participants. Not forgetting systemic risks to the cryptocurrency ecosystem, and societal risks.

There have been problems in keeping someone from adding to the ledger and faking stuff. This causes a mining effect. And leads to wasting tons of electricity by miners to fake that  the record is intact. In fact, those who need to attack will use similar electrical appliances and thus lead to imbalances.

As things stand right now, most payments are not allowed in Bitcoins. Merchants allows customers to price in dollars so that they receive it as actual money. This has been one of the greatest challenges to cryptocurrency. Those who want to purchase but only have Bitcoin may be forced to exchange dollars.

Weaver argued that most modern finance needs to have a rule that anything electronic must be reversible for short periods of time to prevent theft.Traces of above idea is lacking in crypto. Likewise, most customers store their money in a computer. Compromising the computers later  leads to huge losses.

The introduction of a horse track called the Cryptocurrency casino gambling has been designed to fraud. There is a lot of negativity that weaver talked about that may not end.

He talked about a lot of different aspects of what is called the “cryptocurrency. Say space,inefficiency, environmental destruction, the volatility, the “irreversibility”. He argued that the irreversibility is touted as a feature but in fact enables fraud and ransom. In addition to that, it has caused a lot of venture capitalists to uplift security theft as a business model.

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