Apple co-founder: blockchain or lead a wave of bankruptcies

    2018/06/28 17:48 Joey huang Created with Sketch.

Apple co-founder and famous Bitcoin(BTC) investor Steve Wozniak stated on Tuesday, the hype around the blockchain is much like the Internet bubble at the beginning of this century, which led many companies quickly went bankrupt.


Wozniak also proposed the idea of using blockchains for social networks to compete with Facebook. He considered that Facebook is currently a monopoly and it is the time to subvert it.

Wozniak once bought in a large amount of BTC when the price was $700, but when BTC price was close to $20,000, he almost sold out and kept only one. When he first bought BTC, he said that he hoped he could travel without cash or credit cards. “When Bitcoin suddenly fell and then soared up to heaven, I was scared and I sold all but one,” he stated.

“It was a bubble, and I feel that way about blockchain.” 

During the NEX technology conference in New York, Wozniak said that the Internet era created a similar kind of hype around companies.

“It doesn’t change in a day, a lot of the blockchain ideas that are really good by coming out early they can burn themselves out by not being prepared to be stable in the long run.”

Nevertheless, he also stated that because of the "decentralized and totally trustworthy" features of blockchain technology, blockchains do have application potential in reality. But like the Internet, it takes longer to meet the high expectations of early hype.

    Adapted from: CoinTime Executive editor: Nino
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