The surge in bitcoin's value, which started all of this, comes despite the fact that bitcoin's underlying utility remains debatable. While it has been used as a form of payment in some investment deals, relatively few merchants who sell things to consumers in the real world accept it.
There is little doubt blockchain – which is being used by the big banks, the ASX and others to speed up and reduce friction in transactions – is a big innovation. But no one has been able to explain what any crypto-currency using it actually achieves. If you aren't engaged in secret cross-border transactions, normal money still seems to work.
As people who are better versed in this world than me have said, bitcoin still looks like a solution in need of a problem. And if the biggest crypto-currency of them all still has this question hanging over it, then what does it say for the rest of them?
Friday, September 01, 2017
My crypto currency skepticism maintained
From an article in SMH:
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