Why does Nicholas Weaver hate cryptocurrency?
Weaver is a UC Berkeley professor and one of the staunchest, if not the staunchest, crypto critic. Back in 2018, he said: “Cryptocurrencies, while an intriguing concept, are simply unsuitable for their intended purpose. They do not function as currencies, are inefficient, and are not widely distributed in terms of trust. Cryptocurrency risks are classified into four categories: technical risks to participants, economic risks to participants, systemic risks to the cryptocurrency ecosystem, and societal risks.” He believes crypto is a giant Ponzi scheme akin to gambling and primarily used in crimes.