- Nicholas Weaver calls Ethereum a “self-assembled Ponzi scheme.”
- “From a processing viewpoint, Ethereum’s process power is 1/5000th a little Raspberry Pi compute module,” says the scientist.
- Weaver also criticizes crypto in general claiming that the technology is not innovative.
Skerry Technologies’ “Chief Mad Scientist” Nicholas Weaver calls Ethereum a “self-assembled Ponzi scheme.” Speaking to hosts Kailey Leinz and Matt Miller on Bloomberg Crypto, the crypto critic, and cyber security expert expressed strong opinions about several entities in the crypto space.
Criticizing the Ethereum network, Weaver claims that economically, it is a self-assembled Ponzi scheme. When asked about Ethereum’s transition to proof of stake, Weaver replies, “But proof of stake doesn’t solve Ethereum’s problems.”
So first of all, Ethereum has been promising proof of stake since it started. And it’s always been six months out. So wake me up when the transition happens.
The computer scientist adds that when looking at the throughput of the system, it is unaffected by the proof of work or proof of stake. Weaver explains that from a processing viewpoint, Ethereum’s process power is 1/5000th a little Raspberry Pi compute module and that shifting to proof of stake doesn’t solve that problem. According to him, it also creates another hardship ‘he who has the gold makes the rules.’
