Cryptocurrency Miners Are New Central Banks – Instead of Papers, They Create Bytes. Beware

Cryptocurrency Miners Are New Central Banks – Instead of Papers, They Create Bytes. Beware

It turns out that crytocurrencies are not decentralized with one company controlling more than 25% mining capacity of one of the most popular ones. The top miners control nearly half of the total mining capacities. If you look at it the other way round, those guys are the ones “printing the money”. I will prefer government to print my money than 3 people controlling a currency I use. I do believe that crypto is a fraud and an illusion. Yes, it is an illusion to think that you can run away from government when you live under government. No African country has the technical capacity to lead the mining. The miners are the new “central banks” and if you trust them, I simply pity you.

Here, Nouriel Roubini in Milken Global Conference said that cryptocurrency is one of the bigger scams humanity has ever seen.  Two highly regarded blockchain entrepreneurs took the opposite view in what proved to be a highly entertaining cryptobrawl. Watch video below.

 

 

Warren Buffett

Warren Buffett does not like cryptos. He sounds like the man on the right in the video above.

Buffett’s record on tech investments is mixed. He rightfully resisted the excesses of the dot-com bubble, yet calls his decision to bypass on Amazon and Google mistakes. (He was also asked today why he’s not invested in Microsoft, with founder Bill Gates sitting just a few feet away; Buffett said their friendship could breed accusations of insider trading.) But on cryptocurrencies, he is unequivocal.

“Cryptocurrencies will come to bad endings,” said Buffett, 87. He then turned to his business partner, Charlie Munger, another outspoken crypto skeptic (paywall).

“I like cryptocurrencies a lot less than you do,” replied Munger, 94. “To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”


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5 thoughts on “Cryptocurrency Miners Are New Central Banks – Instead of Papers, They Create Bytes. Beware

  1. The guy on the right does not understand the technology. Not just that, he does not provide any evidence to back any of his claims such as the 3 entities which control the majority of the Bitcoin and Ethereum network.

    Reply
      1. What hard data? He has provided absolutely ZERO evidence to back his claims. He has shown an extremely poor understanding of the technology and doesn’t seem to know the difference between proof of work and proof of stake.

        Reply

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