Apple co-founder Steve Wozniak says the hype around blockchain signals a bubble

Apple co-founder and noted bitcoin bull Steve Wozniak says the hype around blockchain is similar to what he saw in the dotcom era, with companies going belly-up at a rapid rate.

“It was a bubble, and I feel that way about blockchain,” Wozniak said Tuesday on stage at the NEX technology conference in New York.

Still, he said blockchain technology has real implementation potential, because it’s “decentralized and totally trustworthy.” But like the internet, it could take longer than expected to catch up to its early hype.

“If you look now you say all that internet stuff happened, we got it, it just took a while,” Wozniak said. “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.”

“All of the sudden it was way down, then way up in the sky,” he said. “I got scared, and sold everything but one bitcoin.”

Wozniak also floated the idea of using blockchain for social networks, and a competitor to Facebook, which he said is ripe for disruption and operating a monopoly at the moment.

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