{"id":236354,"date":"2022-05-09T16:45:57","date_gmt":"2022-05-09T15:45:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=236354"},"modified":"2022-05-09T12:33:29","modified_gmt":"2022-05-09T11:33:29","slug":"cto-of-tech-used-in-bitcoin-qt-wallet-thinks-crypto-is-a-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cto-of-tech-used-in-bitcoin-qt-wallet-thinks-crypto-is-a-ponzi-scheme\/","title":{"rendered":"CTO of tech used in Bitcoin-Qt wallet thinks crypto is a \u201cPonzi scheme\u201d"},"content":{"rendered":"

The CTO of the popular programming framework Qt \u2014 which tech giants like Adobe use, Tesla, Blackberry, Google, and Blizzard \u2014 called cryptocurrency a “Ponzi scheme” on May 6.<\/p>\n

However, the company has blockchain technology mentioned several times on their website and even claims;<\/p>\n

Satoshi Nakamoto\u2014used Qt to create the first Bitcoin wallet, called the Bitcoin Qt wallet, in 2009.<\/p><\/blockquote>\n

Lars Knoll, whose Twitter bio describes him as “Qt Chief maintainer and CTO,” has attacked crypto numerous times through his platform.<\/p>\n

He recently<\/a> tweeted:<\/p>\n

“Going through the arguments, there\u2019s really nothing left that justifies crypto assets.”<\/p><\/blockquote>\n

Yet, his own company has the below graphic in an article<\/a> promoting how Qt can be used within blockchain IoT projects.<\/p>\n

\"\"<\/p>\n

In response to criticisms of his tweets, Knoll replied:<\/p>\n

Note that the statement above is my personal opinion. Having said that, We\u2019re not having anything in our product related to blockchain technology. And I\u2019m not happy about those posts as I don\u2019t believe they are good show\/customer cases.<\/p><\/blockquote>\n

However, it is not just a few blog posts that reference the power of blockchain technology and promote its benefits. At Qt's virtual CES<\/a> booth in 2021, the company discussed “Customer showcases …<\/span> including… <\/span>Blockchain (did you know that a\u00a0<\/span>well<\/span>–<\/span>known<\/span>\u00a0currency\u00a0<\/span>wallet is built with Qt?).”<\/span><\/p>\n

Although its CTO believes that crypto and “smart contracts are simply a bad idea,” it repeatedly uses the fact that Satoshi used Qt in an early Bitcoin wallet. Given that crypto is a “Ponzi scheme,” it would be safe to assume that the publicly-traded company's association with the household name “Ponzi” would need to be revealed as a risk in its annual report.\u00a0<\/span><\/p>\n

However, the company does not make any references to blockchain or cryptocurrency in its risk disclosures.\u00a0<\/span><\/p>\n

Knoll's opinions as the CTO of a technology used in thousands of applications worldwide are highly negative toward crypto.<\/p>\n

\n

I\u2019ve worked with Software professionally for the last 25 years and I fully agree. <\/p>\n

Cryptocurrencies are a Ponzi scheme with huge externalities and the underlying technology hasn\u2019t shown a use case that could not be solved better by other means. https:\/\/t.co\/vgcP4myy2M<\/a><\/p>\n

— Lars Knoll (@LarsKnoll) May 6, 2022<\/a><\/p><\/blockquote>\n