What to do with crypto? 'Burn it with fire' says crypto skeptic

06 Apr, 2019 | Updated: 07 Apr, 2019
by Joeri Cant
Bitcoin
What to do with crypto? 'Burn it with fire' says crypto skeptic

Nicholas Weaver, a senior researcher at the International Computer Science Institute believes Bitcoin is not a viable currency and that the best thing one can do with cryptocurrencies in general is 'Burn it with fire'.

The senior researcher began his talk on cryptocurrency at January’s Enigma security and privacy conference by saying that his presentation is not investment advice and that his advice to anyone who says you should invest in cryptocurrencies is 'you should just kick them.'

Obviously the man is not a fan of Bitcoin or any other cryptocurrency really, still to advice people to go around and kick those who say you should invest in crypto, seems just a few steps too far into crazy land.

Read more: Is Bitcoin at $1 million really possible?

One reason Nicholas Weaver, believes Bitcoin is not a viable currency is that the transaction cost of Bitcoin is significantly higher than using a debit or credit card, especially for small ticket items where the cost of transaction dwarfs the cost of the actual goods or services.

The crypto skeptic told Breakermag, that cryptocurrencies don’t actually work as a currency.

'That’s the big deal. They’re hard to buy because they are deliberately incompatible with the rest of the financial system. They’re incredibly hard to hold on to because, well, something goes wrong it’s “Sorry for your loss.” That’s a function of the irreversible design.'

Weaver continued by claiming that crypto is actually really hard to spend.

'Most merchants who accept cryptocurrency aren’t actually accepting cryptocurrency, they’re using a service that turns it into dollars.'

Mr. Weaver, why don't you take a minute to read the following article.

Read more: What can you buy with Bitcoin?: 2010 vs 2023

Much like Nouriel Roubini, AKA Dr. Doom, Weaver doesn't have a lot of positive things to say about blockchain or crypto, as you can deduct from the title of this article, the only thing crypto is good for, according to Weaver, is to burn it, with fire ... (wow, overkill much?).

However, he does seem to 'like' a few crypto figures.

'I like Emin Gün Sirer. He’s a real serious academic. I think he’s wrong about the future on some of these distributed systems. But he’s doing interesting research, and he points out problems when they occur. He, for example, pointed out that reentrancy bugs are going to be a problem in Ethereum. And Ethereum folks ignored him and ended up having the DAO fiasco. I also really respect Matthew Green and company at Johns Hopkins. They do good research.'

We can only speculate about the level of happiness this must bring to them.

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