- Tim Berners-Lee, the creator of WWW, believed that cryptocurrencies are “really dangerous.”
- Berners-Lee compared cryptocurrencies to the dot-com bubble, comparing it to gambling.
Tim Berners-Lee, the man behind the internet as we know it today, believes that cryptocurrencies are “really dangerous.” The World Wide Web producer compared cryptocurrencies to gambling in a recent episode from cnbc Beyond the Valley Podcast.
Crypto reminds Tim of the dotcom bubble
Tim Berners-Lee compares digital currencies to the dotcom bubble as he discusses the future of the web with the podcast hosts. Furthermore, he likened their speculative nature.
The dot-com bubble was a speculative stock market bubble in the late 1990s involving various Internet companies. After years of speculation and investment, the bubble burst in 2000, causing Internet stocks to plummet.
The inventor of WWW said:
“It’s just speculation. Obviously, this is really dangerous. Investing in something that is purely speculative is not where I want to spend my time.
However, Berners-Lee sees some use in digital currencies used for remittances, as long as they are quickly converted into fiat currency.
When it comes to the Web 3 aspect of cryptography, Tim Berners-Lee has his own version of a decentralized internet that gives people control over their personal data. However, the version of it, called “Web 3.0”, which he, he argued, was different from Web 3 as we know it. According to him, Web 3.0 is different from its namesake blockchain. At the Lisbon Web Summit in November 2022, he said:
“It’s a shame, really, that the Ethereum folks have taken the real name of Web3 for the things they’re doing with the blockchain. In fact, Web3 is not the Web at all.
Tim Berners-Lee has worked on some aspects of Web3 in the past. In 2021, Internet Creator converted the original code of the world wide web a non-fungible token (NFT)His description is as follows:
“The latest agile creations in this realm and the most seamless ownership tool out there.”