Move over, Jamie Dimon, because there’s a new contender for the coveted title of “king bear of the bitcoin-bashing brigade”: technologist Nicholas Weaver.
Technologist Nicholas Weaver Rants Against Bitcoin
While he might not have the mainstream name recognition of Jamie Dimon, or Warren Buffett, or even Nouriel Roubini, Weaver – a senior researcher at the International Computer Science Institute at Berkeley – has proven that he can sling bitcoin barbs like the best of them.
Nicholas Weaver is a contender to lead the bitcoin-bashing brigade. | Source: ICSI/Berkeley
Speaking during the latest episode of Bloomberg’s Odd Lots podcast, Weaver, who previously said that blockchain and cryptocurrency should both be “burned with fire,” wasted no time in heaping more insults on the nascent asset class, alleging that anyone with any actual technical knowledge immediately understood that bitcoin was “bovine excrement” when it first appeared on their radars in the early 2010s.
“So what happened when the cryptocurrencies first came out in 2010 and 2011 is most people who looked at it with technical understanding went, “Oh, this is bovine excrement, and walked away.”
Why is bitcoin just bovine excrement? Because while it might use cryptography, it utterly fails as a currency, leaving proponents with “very few non-criminal uses.”
“The big fatal flaw is that it doesn’t actually work as currency. If you can’t use it as a competitor to all the other actual digital currency systems we have, like, oh, PayPal…. All of these payment systems are vastly more efficient than the cryptocurrencies, unless you’re interested in criminal activity.”