Waze Nagivation App Co-Founder Says Bitcoin And Blockchain Solve Nothing, Is A Coin Of Crime
Uri Levine is known most popularly as one of the founders of Waze, a navigation software app. Recently, he attended Campus Party 2018, a massive tech event with over 120,000 people in attendance in São Paulo. While speaking with Criptomoedas Fácil, a Brazilian news outlet at the event, Levine was asked about what he thought of blockchain technology and cryptocurrency.
At first, it would be safe to assume that his reply would be positive, considering the instant transition to speaking on his app. However, he soon told the publication his true feelings on Bitcoin. After saying that the Waze app solves issues with traffic jams while driving, he commented that cryptocurrencies have no purpose, because they solve no problems.
Specifically, he said,
“When you look at cryptocurrency and bitcoin and things like that the I would ask you: what exactly is the problem they were trying to solve? The answer is I don’t know, no one knows. They were not trying to solve a problem.”
Levine also added that, without solving any problems,
“they aren’t creating value.” Simply stating his lack of faith in the future of cryptocurrency, he broadened his reply, saying that he just doesn’t “see a future for anything that is not creating value.”
Cryptocurrency and blockchain technology have progressed to a point in the industry that it is possible for blockchain to be seen independently. In fact, many companies have grown to appreciate the transparency and immutability that it affords, but Levine is an exception. Remaining bearish on both advancements, he said, “Technology by itself means absolutely nothing.” He added, “The only use of that [blockchain technology] today is really bitcoin. Bitcoin is the coin of crime, and I don’t want to support that.”
The views of Levine have been shared by many bears in the market that have focused only on the damage that hackers have done on the dark web with the use of cryptocurrencies. They could easily focus on the integration of blockchain into supply chain management, food and agriculture, or any other industry that they have progressed it, but that would not support their bitterness towards this game-changing technology.