WWW Creator Believes Crypto is a Form of Gambling
- Tim Berners-Lee, the creator of the World Wide Web (WWW), stated that investing in crypto assets is similar to gambling.
- He added that investors should stay away from them since they’re “dangerous” and “speculative.”
- TimBL also compared cryptocurrencies to the dot-com bubble during which many internet-focused companies had sky-high valuations.
- The director of the W3C stated that crypto can be used for remittances but only if they are converted to fiat immediately when received.
One of the biggest inventions of the century, the World Wide Web (WWW), has been around for decades, and its creator, Tim Berners-Lee, also known as TimBL, has now become the director of the World Wide Web Consortium (W3C). Interestingly, in a recent statement, TimBL stated that, as per his beliefs, investing in crypto assets is similar to gambling, adding that these blockchain-based assets are “dangerous.”
According to a report from CNBC, the WWW’s creator believes that these crypto coins can only be used for transactions if they are converted into fiat when received. Furthermore, the British computer scientist issued a warning to crypto investors, stating that they are “speculative” and replicate gambling, and hence, people should stay away from them.
“It’s only speculative. Obviously, that’s really dangerous,” Berners-Lee said. ”[It’s] if you want to have a kick out of gambling, basically. Investing in certain things, which is purely speculative, isn’t what, where I want to spend my time,” he added.
Moreover, the WWW creator added that crypto companies and assets are similar to the dot-com bubble, during which a number of internet-related companies with no solid business had huge market capitalizations based only on the hype they created among the investors. However, TimBL stated that crypto assets are better for transferring remittances, provided they are converted into fiat immediately.
Furthermore, TimBL has also recently stated that he is dissatisfied with the way his creation, the WWW, has panned out in the current times. Therefore, he has teamed up with John Bruce, and is looking to reshape the future of the internet through his startup, Inrupt. He also said in 2022 that the future of the internet is not Web3 but Web 3.0, his own proposal for shaping up the internet in his own vision, where the data belonging to the users’ is not controlled by corporations.
“It’s a real shame in fact that the actual Web3 name was taken by Ethereum folks for the stuff that they’re doing with blockchain. In fact, Web3 is not the web at all,” he said at the Web Summit tech conference in Lisbon in 2022.
TimBL believes that for the creation of his version of the WWW, blockchain technology is not suitable since “they’re too slow, too expensive, and too public.”
The WWW co-founder is not the only one to slam cryptocurrencies recently. The right hand man of Warren Buffett, Charlie Munger, recently termed digital assets “crypto shit,” adding that those who oppose his views are “idiots.”
“Sometimes I call it crypto crappo, and sometimes I call it crypto shit,” he continued. “It’s just ridiculous that anybody would buy this stuff,” Munger said.
However, as per an earlier report from BitcoinWisdom, Munger was called out by CNBC anchor Joe Kernen for his anti-Bitcoin statements.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
