• Nvidia CTO Michael Kagan has spoken out against cryptocurrencies and their lack of use for society.
• Kagan is a fan of ChatGPT, an AI chatbot developed by OpenAI, and its usefulness in various industries.
• Mellanox, the company founded by Kagan before it was acquired by Nvidia, found success selling products to the crypto industry despite Kagan’s lack of belief in crypto.
Nvidia CTO Speaks Out Against Cryptocurrencies
Nvidia CTO Michael Kagan has stated that crypto has no use for society and lauded the impact of ChatGPT and its usefulness across various industries. The platform has taken the world by storm for its ability to comprehensively search the internet for text, build a statistical model, and come up with relevant content in response to a specific query. This successful acceptance forced Kagan to question the usefulness of cryptocurrency to society.
ChatGPT: An Artificial Intelligence Revolution
ChatGPT is an artificial intelligence chatbot developed by the AI company OpenAI. With ChatGPT, users can create their own machine or program: they just tell it what to do, and it will respond accordingly if it doesn’t work as expected.
Nvidia Never Embraced Crypto Community
Despite selling a high quantity of powerful processors to the sector, Nvidia released software in 2021 which artificially constrained from using its graphic card to mine Ethereum; this was meant to ensure that supply is delivered to its preferred customers – AI researchers and gamers. According to Kagan, this decision was due to the limited value of using its processing power to mine crypto.
All this crypto stuff…they bought a lot of stuff, and then eventually it collapsed because it doesn’t bring anything useful for society. AI does [bring something useful].
Mellanox Success Despite Lack Of Belief In Crypto
The cryptocurrency industry brought success for Mellanox (the company founded by Kagan before he sold it off), however, he admitted that he never believed in crypto himself despite his product being heavily patronized by the sector: We were heavily involved in also trading…I never believed that [crypto]is something that will do something good for humanity.