Crypto asset: Difference between revisions

Crypto asset (view source)

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+===Crypto as an asset class===
+So we are agreed no-one trusts the governments — seen and unseen — anymore and the shadowy systems which beam coronavirus from 5G towers and
+===Crypto as a settlement system===
+*This is [[distributed ledger technology]], which is a handsome idea; sound; and certainly helps ameliorate a problem — namely how to transact safely when you don’t trust the motives or solvency of intermediaries — but this is rather like solving the problem of weeds in your garden by concreting it over. [[Trust]] is a feature, not a bug, of the financial system — not just the financial system, but society at all levels from family to the united nations: if you don’t have it, you are better investing in shotguns and tins of corned beef than crypto-assets on a [[blockchain]]. And if the community can’t safely reach a consensus about the bona fides of its central institutions, what sort of consensus is it going to reach on the value of cryptographic tokens which are not backed by anyone?
+In times of peace and relative tranquility, the now “mature” bitcoin has demonstrated 700% price swings in a year. That is not a currency, and it’s a lousy commodity.
+Better solution: ''refine your system to value and reinforce trust''.
 {{Sa}}