Cryptocurrency ‘Nothing More Than A Pyramid Scheme’, Says Browser Boss

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Vivaldi has become the latest browser maker to take a stand against cryptocurrencies, arguing that they are “nothing more than a pyramid scheme presented as a currency”.

Broadside comes in a blog post from Vivaldi’s CEO, John von Tetzner, in which he clarified the company’s position on cryptocurrencies in no uncertain terms.

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“Cryptocurrency has been touted by many as the revolution in currency, the future of investment, and a breakthrough technology,” writes von Tetzchner. vivaldi-blog, “But if you look beyond the hype, you will find nothing but a pyramid scheme presented as currency.”

He criticized the way cryptocurrency was sold to budding investors. “Since cryptocurrencies are too volatile to be used as real currency, people see it as a sort of investment scheme,” he writes.

“The problem is that in order to withdraw real money from the system you have to find someone who is willing to buy the tokens you hold. And that is likely to happen as long as they believe they can give them something like that. Will be able to sell to the person who will pay even more for them. And on and on.”

“If at any point one stops being able to find people willing to buy those tokens, only on the promise of more value to them in the future, the whole scheme may well crash, the value of all tokens. will be zero.”

environmental disaster

Von Tetzner also attacks the environmental damage caused by cryptomining. “The energy use of bitcoin alone is staggering, consuming as much electricity as some countries,” he writes. “And that has the potential to grow because the technology behind it doesn’t and won’t scale in any reasonable way.”

“While many of us are doing our best to reduce our carbon footprint, it seems counterproductive to engage in that hard-earned reduction technology,” he says.

Although other browser makers such as Opera – which von Tetzner co-founded before splitting from the company – offer support for cryptowallets, the Vivaldi boss says there is no chance Vivaldi will go down the same path.

“By creating our own cryptocurrency or supporting cryptocurrency-related features in the browser, we will help our users participate in the best gambling and the worst scams,” they write. “It would be immoral, plain and simple.”

mozilla block

Vivaldi’s stance follows a similar decision from Firefox-maker Mozilla earlier this month.

Mozilla drew criticism when it posted a tweet reminding followers that they can donate in cryptocurrencies, prompting the company to quickly suspend such donations.

“Starting today we are reviewing how our current policy on crypto donations fits in with our climate goals,” The company tweeted “And as we conduct our review, we will be stopping the ability to donate cryptocurrency.”

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