Wikipedia co-founder Jimmy Wales believes that regulatory measures would do little to negatively impact the development of cryptocurrency and blockchain. He shared his views about blockchain technology when he addressed crypto developers at last month’s Berlin Blockshow, according to CoinTelegraph.
When asked about regulation, Wales argued:
“You can’t ban math. You can’t ban blockchain. It’s math. At the same time, we see a lot of things going on that it’s very difficult to say they’re anything other than just scams. People are making millions of dollars of other people’s money with no accountability and that deserves law enforcement for investigation.”
Wales is an American internet entrepreneur who co-founded online encyclopedia Wikipedia, and who founded web hosting company Wikia.
Wales was addressing both investors and regulators at the conference. In most countries across the globe, regulators have been tasked with attempting to make space for blockchain and cryptocurrencies in financial systems, while also addressing government concerns about misuse in the space.
When Wales was asked if he still thought cryptocurrency was a bubble, the question referring back to an earlier stance on digital currency, he replied:
“I’m old now, and I was in the internet world during the dot-com bubble, so when I say something is a bubble, it doesn’t mean that I think there’s nothing of value there. It means there’s a lot of noise and there’s a lot of investment money flowing in, and a lot of things are being invested into what does not actually make sense.”
He added that due to scams, some failed ICOs, and other “crazy stuff”, people should just take care when investing, saying that he had some crypto in the past, but had no plans to become an investor.
When asked about the current data protection situation, and blockchain’s role in that, Wales was somewhat reticent to promote blockchain, arguing that were certainly pluses and minuses in using the technology:
“I think that the biggest thing that is happening, is that consumers are beginning to wake up to the idea that sharing all of your data has consequences that you might not have thought about. There are good consequences. One of the good consequences is that advertising is more relevant, and I think consumers appreciate that.”
“…but, you know, the first person who comes by and [tells you] “We’re going to put all of your health records on the blockchain”, [you need to ask them] “Really? What does that mean exactly? How exactly is that going to help? What exactly does that entail?” ”
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