The chief technology officer (CTO) of US chipmaker Nvidia, Michael Kagan, is skeptical of crypto’s benefit to society, according to a report.
Comparing the use of Nvidia’s graphics to mine crypto assets versus powering artificial general intelligence tools such as ChatGPT, The Guardian quotes Kagan as saying that the former has no benefit to society while the latter does.
“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best, so people just programmed it to use for this purpose. They bought a lot of stuff, and then eventually it collapsed because it doesn’t bring anything useful to society. AI does.
With ChatGPT, everybody can now create his own machine, his own program; you just tell it what to do, and it will. And if it doesn’t work the way you want it to, you tell it ‘I want something different’.”
On crypto mining creating demand for Nvidia’s graphics cards, Kagan tells The Guardian,
“I never believed that [crypto] is something that will do something good for humanity. You know, people do crazy things, but they buy your stuff, and you sell them stuff. But you don’t redirect the company to support whatever it is.”
Last year in May, the U.S. Securities and Exchange Commission (SEC) announced it had settled charges with Nvidia over the chipmaker’s failure to adequately disclose the significant revenues it had generated from crypto mining in the 2018 fiscal year.
Announcing the settlement, the SEC accused Nvidia of underreporting the revenues generated from crypto mining while attributing the significant sales increase to gaming.
Nvidia settled with the SEC for $5.5 million, according to a report by The Verge.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report appeared first on The Daily Hodl.