Nvidia’s chief technology officer Michael Kagan believes cryptocurrencies are “useless” to society. He instead favors AI solutions such as ChatGPT, which, among its other uses, have been employed with the help of Nvidia’s graphic card hardware with billions of dollars in revenue for the sophisticated chip’s manufacturer.
Nvidia chipsets trained the first version of the AI tool ChatGPT and analysts have labeled this as the world entering a new phase of AI disruption. This milestone was achieved with over 10,000 Nvidia chipsets.
BeforeBefore Ethereum transitioned to a proof-of-stake model, Nvidia GPUs were extensively used by miners relying on specialized equipment for mining cryptocurrencies through a proof-of-work process. GeForce video cards, part of the Nvidia chipset family, were the primary choice of such miners.
The cards are still used for mining the Ethash-dependent networks, such as Ethereum Classic. This is being done to power the same.
Due to the high demand for chipsets, Nvidia limited users’ opportunities to access the full capabilities of their graphic cards solely for crypto mining.
Their graphic cards powered other sectors of the economy, such as gaming or design, allowing advanced graphic card capabilities to be used when rendering and guaranteeing smooth operations.
Nvidia’s superior quality made them highly sought after by miners, and they quickly bought up many of the company’s graphic cards. However, users had to be limited to prevent a market collapse, which Kagan acknowledged.
Kagan says:
“Crypto stuff needed parallel processing.”
“It doesn’t bring anything useful for society,”
“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 eventually, it collapsed because it didn’t bring anything useful to society. AI does.”
He insists that although high-frequency trading has brought a business opportunity for traders trying to capture nanoseconds of advantage, crypto does not benefit humanity in any way. Comparing crypto to high-frequency trading, he continues to be critical of it.
Kagan went on to say:
“I never believed that [crypto] is something that will do something good for humanity. 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.”
Kagan’s words support the White House’s report that cryptocurrencies create challenges for regular users and have no determining worth. Kagan noted that these issues should be addressed since they impact people financially and interfere with traditional investments.
AI and ChatGPT can potentially revolutionize various industries, from healthcare to transportation to education. As we continue to explore the possibilities of this technology, it’s clear that AI and ChatGPT offer significant benefits that should not be overlooked.
While crypto may have its uses and limitations, it’s important to consider the benefits of alternative technologies like AI and ChatGPT. By embracing these solutions, we can create a more efficient, secure, and prosperous future for all.
Source: crypto. news
