Nvidia CTO Michael Kagan recently claimed that cryptocurrencies are useless and that AI chatbots are a better use of the company’s resources. However, his arguments may not hold up under scrutiny.
Comparing AI chatbots and cryptocurrencies is flawed since their purposes are different. Cryptocurrencies have transformed the financial industry, enabled financial inclusion, and have the potential to revolutionize other industries through blockchain technology.
Kagan’s assertion that crypto mining is similar to high-frequency trading is misleading since their societal impacts are not comparable. Nvidia’s decision to limit its graphics cards’ mining capabilities risks stifling innovation and contributing to centralization. Ultimately, dismissing cryptocurrencies as useless is oversimplified and dismisses their potential benefits. Cryptocurrencies and AI chatbots can coexist, and it is unwise to dismiss one for the sake of the other.
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