One of the better journalists at FT, glad to see you writing here.
Mr Sketerzen Bhoto
2 years ago
“These include, to name just a few, the de-neutralisation of the dollar because of Russian sanctions, the rise of a multi reserve-currency world, growing authoritarianism, war, de-globalisation and the emergence of “friendly” and “unfriendly” trading counterparts. Many parts of the crypto world are well positioned to take these challenges on.”
This is where an explanation of how crypto could help here would be expected to be forthcoming.
It’s clear that crypto isn’t a hedge against either inflation (despite the artificial mining restrictions) or world events, but the opposite. I’m not seeing the utility.
Last edited 2 years ago by Mr Sketerzen Bhoto
Ian Barton
2 years ago
“providing privacy to financial transactions” sounds remarkably like a euphemism for “money laundering”.
Every invention has its dubious applications.
What is missing from this analysis is the bulwark crypto provides against ‘digital fiat money’ that is slowly being foisted upon the public. Digital dollars, euros, or yen can be turned off at will by the government. In this authoritarian cancel culture you can imagine even quite wealthy people (J K Rowling, Trump, etc.) being shut out of access to their funds by noxious political opponents. China is already far down this path. It leads to the most repressive society imaginable.
Long Bitcoin.
I dunno. I’m putting my money in tulip bulbs, the market is rocketing and the supply limited
Jon Hawksley
2 years ago
This article needs to distinguish between the utility of crypto currencies as a medium of exchange and as a form of saving. As a form of saving they are a greater fool investment – you give your money to one neighbour in the hope that another neighbour buys your digital asset. That depends on the availability of a succession of optimistic neighbours. The one certainty is that the money you gave away is not available to buy you out. As a medium of exchange the utility is in the mechanism of the blockchain which in the case of bitcoins is cumbersome, slow for secure payments in large sums, has risks on value fluctuations whilst transactions proceed and depends on a community of computers being turned on.
One of the better journalists at FT, glad to see you writing here.
“These include, to name just a few, the de-neutralisation of the dollar because of Russian sanctions, the rise of a multi reserve-currency world, growing authoritarianism, war, de-globalisation and the emergence of “friendly” and “unfriendly” trading counterparts. Many parts of the crypto world are well positioned to take these challenges on.”
This is where an explanation of how crypto could help here would be expected to be forthcoming.
It’s clear that crypto isn’t a hedge against either inflation (despite the artificial mining restrictions) or world events, but the opposite. I’m not seeing the utility.
“providing privacy to financial transactions” sounds remarkably like a euphemism for “money laundering”.
Pop a link up to your last bank statement then please Ian.
If you work for the taxman Stevie, I expect you already have it 🙂
Every invention has its dubious applications.
What is missing from this analysis is the bulwark crypto provides against ‘digital fiat money’ that is slowly being foisted upon the public. Digital dollars, euros, or yen can be turned off at will by the government. In this authoritarian cancel culture you can imagine even quite wealthy people (J K Rowling, Trump, etc.) being shut out of access to their funds by noxious political opponents. China is already far down this path. It leads to the most repressive society imaginable.
Long Bitcoin.
I think Bitcoin is digital.
I dunno. I’m putting my money in tulip bulbs, the market is rocketing and the supply limited
This article needs to distinguish between the utility of crypto currencies as a medium of exchange and as a form of saving. As a form of saving they are a greater fool investment – you give your money to one neighbour in the hope that another neighbour buys your digital asset. That depends on the availability of a succession of optimistic neighbours. The one certainty is that the money you gave away is not available to buy you out. As a medium of exchange the utility is in the mechanism of the blockchain which in the case of bitcoins is cumbersome, slow for secure payments in large sums, has risks on value fluctuations whilst transactions proceed and depends on a community of computers being turned on.
Indeed, I get the feeling that the unscrupulous list the capabilities of blockchain as though they were justifications for holding Bitcoin.