BTC NEWS: Ray Kurzweil Criticized Bitcoin's Instability
Ray Kurzweil, head of Google's engineering laboratory and well-known futurist, believes that bitkoyn is too unstable to become a global digital currency.
Comparing bitcoin with the US dollar and other reserve currencies, Kurzweil said:
"Such currencies as the dollar provide reasonable stability. Bitcoin is not. And I do not understand how the paradigm of its extraction can provide any stability. What we see is the extreme instability of bitcoins, so I did not invest my money in it. Of course, I think that in the future there may be alternatives to national currencies, algorithmic alternatives - but I do not think that at the moment we have reached the right algorithm."
From the arguments of Kurzweil it is not clear exactly how the bit-kooka extraction paradigm ensures the instability of its network.
When comparing bitcoin versus the dollar in terms of stability, it is not clear whether Kurzweil has in mind the currency volatility coefficient or its mining ecosystem, because if it is the latter, in this respect Bitkoyn was extremely stable and safe immediately from its launch in 2009.
Any digital currency at an early stage will experience extreme volatility and fluctuations. While Bitcoin does not reach the later stages of development and a fixed volume of 21 million, it will constantly grow exponentially in terms of user base, market capitalization and cost. The price increase is also considered an instability, and in this sense bitcoin will remain unstable while it continues to grow.
