Nvidia CTO Claims Cryptocurrencies are Useless: AI Chatbots a Better Use of Processing Power

cryptonews.com:

It is not unusual for tech giants to have strong opinions on emerging technologies, and Nvidia CTo Michael Kagan is no exception.

In a recent interview with The Guardian, Kagan dismissed cryptocurrencies as providing no real value to society, suggesting AI chatbots like ChatGPT are a better use of the company's resources.

However, Kagan's arguments warrant a closer look, as they may not hold up to scrutiny in their entirety.

First, Kagan's comparison between AI chatbots and cryptocurrencies is inherently flawed.

While AI chatbots offer undeniable benefits, their use case and purpose are distinct from that of cryptocurrencies.

Cryptocurrencies, such as Bitcoin, were initially designed to operate as a decentralised, secure, and private means of conducting transactions.

Comparing these two technologies would be akin to comparing apples and oranges – their utilities are simply too different to warrant a direct comparison.

Second, Kagan's dismissal of cryptocurrencies as a "craze" that "doesn't bring anything useful for society" is an oversimplification of a multifaceted issue.

Cryptocurrencies have indeed transformed the financial industry, enabling faster and more efficient transactions across borders.

Moreover, they have empowered individuals in countries with unstable currencies to protect their wealth and access global markets, as witnessed in countries like Venezuela and Zimbabwe. Kagan's dismissive stance overlooks these substantial societal benefits.

Furthermore, blockchain, the underlying technology behind cryptocurrencies, has potential applications far beyond the realm of finance.

Smart contracts, supply chain management, and secure data sharing are just a few examples of how blockchain technology can revolutionise various