Fascinating discussion from Bank for International Settlements (BIS) about crypto currencies:
“Cryptocurrencies promise to replace trusted institutions with distributed ledger technology. Yet, looking beyond the hype, it is hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand. The decentralised consensus behind the technology is also fragile and consumes vast amounts of energy. Still, distributed ledger technology could have promise in other applications. Policy responses need to prevent abuses while allowing further experimentation.”
The backlash against crypto has n0w moved from critiques on speculative coins to thoughtful analyses on the fundamentals of cryptocurrencies on a very basic, fundamental level.
The entire piece is worth your time to read…
Cryptocurrencies: looking beyond the hype
Bank for International Settlements, Annual Economic Report | 17 June 2018
Full report after the jump . . .