Monday, March 27th 2023
NVIDIA Executive Says Cryptocurrencies Add Nothing Useful to Society
In an interview with The Guardian, NVIDIA's Chief Technical Officer (CTO) Michael Kagan added his remarks on the company and its cryptocurrency position. Being the maker of the world's most powerful graphics cards and compute accelerators, NVIDIA is the most prominent player in the industry regarding any computing application from cryptocurrencies to AI and HPC. In the interview, Mr. Kegan expressed his opinions and argued that newly found applications such as ChatGTP bring much higher value to society compared to cryptocurrencies. "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 for society. AI does," said Kegan, adding that "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, you sell them stuff. But you don't redirect the company to support whatever it is."
When it comes to AI and other applications, the company has a very different position. "With ChatGPT, everybody can now create his own machine, his own programme: 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," he added, arguing that the new AI applications have usability level beyond that of crypto. Interestingly, trading applications are also familiar to NVIDIA, as they had clients (banks) using their hardware for faster trading execution. Mr. Kegan noted: "We were heavily involved in also trading: people on Wall Street were buying our stuff to save a few nanoseconds on the wire, the banks were doing crazy things like pulling the fibers under the Hudson taut to make them a little bit shorter, to save a few nanoseconds between their datacentre and the stock exchange."
Source:
The Guardian
When it comes to AI and other applications, the company has a very different position. "With ChatGPT, everybody can now create his own machine, his own programme: 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," he added, arguing that the new AI applications have usability level beyond that of crypto. Interestingly, trading applications are also familiar to NVIDIA, as they had clients (banks) using their hardware for faster trading execution. Mr. Kegan noted: "We were heavily involved in also trading: people on Wall Street were buying our stuff to save a few nanoseconds on the wire, the banks were doing crazy things like pulling the fibers under the Hudson taut to make them a little bit shorter, to save a few nanoseconds between their datacentre and the stock exchange."
88 Comments on NVIDIA Executive Says Cryptocurrencies Add Nothing Useful to Society
Crypto isn't dieing, Eth went proof of stake.
So Nvidia can't make money via it's back door anymore, so it's now dead to them.
Until another coin makes it worth mining again.
You still paying in hard cash or via numbers, PayPal apple or Google pay.
I know the answer, governments are working on their crypto so your elation is that of the deluded.
And it's certainly higher than shares of Sillicon Valley or Credit Suisse banks, as crypto enthusiasts like to point out.
This low and Ethereum switch to proof of stake are some promoting as an opportunity - minable coin that will replace Ethereum could jump by a much larger amount that is normal, and the hype is already building. So without an active effort to eliminate mining on their cards by Nvidia these are all just empty words.
Get ready to see prices going even higher because AI performance is about to get into the price equation.No, no no. Gamers should continue to buy Nvidia stuff, because for everything Nvidia does, AMD is to blame.
Also AMD stuff is slow, buggy, power hungry, incompatible and has a tendency to explode.
We usually expect companies to react to negative public behavior towards them in a way that suits us consumers, like lower their prices even at levels where their products are barely profitable. We don't expect companies to just lose interest and let us enjoy the monopolistic dictatorship of one powerful brand. Well, here we are at today.
AMD don't do RTX or dlss at all because your fave company has those techs behind a paywall(proprietary tech reqd)
AMD do free alternatives just fine.
In my head this reply was far far more insulting because that's some silly troll like SHIT to say.
Like Nvidia's FSR is pathetic, oh wait, no it isn't, because it's open source, no buy in required.
Yeah yeah but AMD are shit soooo , the imagination that took eh.
Only negative on amd goodies is driver nightmare stories :fear:
Of course, crypto and NFT's, etc. are mostly useless if you know how government systems such as currency, car titles, land deeds, etc. work.
And I'm not sure you do, also fiat goes up and down in value, look at the rubble then rethink your next reply because my short answers are due to phone not knowledge.
Gov coins wil be no different yet people like you Will sign up still, go figure.
7900XTX is 50% faster than 6900XT in 4K, for the SAME PRICE of $999.
4080 is also 50% faster than 3080 in 4K, but 4080 is 71% more expensive at MSRP $1,200
7900XTX is less expensive, it it faster than 4080 in 4K, gives 8GB of VRAM more (24GB) and new DP 2.1 video ports at 54 Gbps.
It's no brainer. If you enjoy being milked, you buy 4080.
I don't enjoy being milked by Nvidia and I bought 7900XTX.
Fantastic card for those who want to enjoy 4K gaming, especially on 4K/120Hz OLED TVs.
I've owned AMD parts before and I have loved them but this gen in particular doesn't have frame generation. Frame generation is SO POWERFUL, making games nearly double FPS. Am I the only one who's seen this in person? No one is talking about frame generation this gen.
Executive at Nvidia: "Cryptomining very bad"
Everyone:
Because it may be a fact that Nvidia does Raytacing better on the upto 30 games I might use it on a bit better not dramatically, but is worse at running the other 556 games I own.
And AMD fsr2.1 IMHO makes any dlss point moot , simple as, and I use both GPU vendors with no blinkers on every day.
How's about you re read the OP and stop waffling defensive balls about your precious, don't reply I won't be listening, your on ignore.
As for Fiat: Fiat all around the world is an inflationary currency. You won't find a country with fiat currency that doesn't work on keeping their currency inflationary(lowers in value over time). Again, this makes sense if you know how economies work because if currency is deflationary(increases in value), the incentive to spend it is lowered as you're already making money by just simply holding onto it. This would in turn cause the economy to stall because less people are spending it, etc. Just look at every single country on this list as an example.
When the $ was a gold standard it was simple now mostly gov tax base and natural gov controlled resources oil/...
Crypo has no mineral value so I have no idea why it's lasted this long guessing mostly get rich quick greed is why most politicians come in broke and leave wealthy lol
So even if a gov renamed it's currency "crypo" it's at least backed by the same substance.